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PETALING JAYA: Tan Sri Muhyiddin Yassin has urged the leaders of the Asia-Pacific Economic Cooperation (APEC) to work constructively to navigate the region on a path of solid, inclusive and sustainable economic growth and recovery.
The prime minister said the Covid-19 pandemic has had a lasting impact on the way trade and economic priorities were viewed within Apec.
“Today, as we work together as a region to mitigate the impact of Covid-19, the relevance of Apec has become even more pronounced.
“As we seek regional solutions that help us strike a delicate balance between our health priorities and economic needs, we are reminded not of our divergences, but of our similarities and the fundamental fact that, even in a calamity, humanity will find a path .
“That being said, we have to be united in the fight against Covid-19 and therefore it is of the utmost importance that people around the world have access to vaccines and health technologies in an affordable, accessible and equitable way,” he said during his inauguration. comments at the Apec Economic Leaders Meeting (AELM) that was held for the virtual first time on Friday night (November 20).
Muhyiddin, who is the president of Apec 2020, added that Apec took a central role in spearheading the post-pandemic economic recovery, as their grouping made up about 60% of the world’s gross domestic product (GDP).
He stressed the need to trade and invest to get out of the current economic downturn.
Muhyiddin also shared three key priorities APEC member economies could adopt, such as reaffirming their support and commitment to the rules-based multilateral trading system, boosting the digital economy, and inclusive economic growth.
“The responsibility lies with us, as leaders, to bring the distributional effects of trade and investment to all of our people,” Muhyiddin said, adding that, in Malaysia’s view, this can be achieved through shared prosperity, which it consisted of incorporating economic development and the center. staging of prosperity.
To date, Malaysia’s trade with APEC member economies has increased more than sevenfold in the last decade.
In 2019, the Apec economies collectively contributed 78% of Malaysia’s total trade.
Similarly, the APEC economies as a group were the largest source of foreign direct investment (FDI) in Malaysia, accounting for 91% of Malaysia’s total FDI flows over the past year.
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