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KUALA LUMPURMalaysia boldly addressed the challenges posed by a health pandemic by hosting and concluding its one-year presidency of the APEC with a strong commitment to free, open and non-discriminatory trade and investment.
The vital wake-up call to the 21-member economies made via webcam to webcam at the regional economic forum that ended yesterday is much more necessary now than ever amid the common interest in safeguarding lives and livelihoods against Covid- 19.
It was evidence when the chair of APEC’s 27th Economic Leaders Meeting (AELM), Malaysian Prime Minister Tan Sri Muhyiddin Yassin, said there were no sticking points this year despite the US-China trade war.
“Apec’s immediate priority is to ensure the readiness of medical and health care institutions to provide critical treatment, as well as manage public health policies to contain the spread of Covid-19.
“From an economic perspective, the impact has been severely devastating, with a significant number of companies and businesses getting into trouble or even going under.
“In addition, the region has seen a record number of job losses,” he said during a virtual conference with the media after the meeting closed.
Among the leaders of the EFTA this year were the President of the United States, Donald Trump, and the President of China, Xi Jinping. In 2018, APEC leaders did not issue a joint statement for the first time amid the trade dispute between Washington and Beijing.
Last year, the AELM meeting scheduled in Chile was canceled due to anti-government protests in the country’s cities.
However, this year, both leaders agreed to put differences aside and recognized the importance of a free, open, fair, nondiscriminatory, transparent and predictable trade and investment environment to drive economic recovery at such a challenging time.
Xi said economies should move towards closer regional economic integration, as well as accelerate innovation-led growth, enhance regional connectivity and achieve inclusive and sustainable development.
Reiterating China’s stance on the multilateral agreement, during the CEO’s dialogue session in conjunction with APEC, he said that China has not stalled in its quest to open up its economy amid instability and uncertainty in the world economy this year, as well as the increase. protectionism and unilateralism.
“Openness allows a country to advance while isolation slows it down. In today’s world, where economic globalization has become an irreversible trend, no country can develop by keeping its doors closed.
“China is already deeply integrated into the global economy and the international system. We will not reverse course or run against the historical trend by ‘disengaging’ or forming a small circle to keep others out, “he said.
Amid the ongoing pandemic, which has claimed 1.34 million lives worldwide, Muhyiddin called on member economies to accelerate work towards the development of the Covid-19 vaccine and make it a global public good. that is available and affordable for all, that is, that it is multilateral. the vaccine.
The 21 member economies comprise 60% of the world’s gross domestic product (GDP).
All leaders had taken note of their commitments to collaborate and support each other for equitable access to the vaccine against the new coronavirus.
Malaysia’s prime minister said that an important call to action was the Declaration on Facilitating the Movement of Essential Goods in APEC, which was promoted by Malaysia.
This declaration seeks to ensure that essential products can cross borders without being subject to unfair trade measures.
He pointed out that the colossal impact of the pandemic on APEC’s economies could result in a decrease in regional growth of 2.7% in 2020, compared to 3.6% last year, making it the most significant drop since growth rate close to zero recorded in 2009 during the global financial crisis.
The 2.7 percent contraction would represent a loss of production of US $ 2.1 trillion and 23 million additional unemployed workers across the region.
Meanwhile, Apec 2020 also witnessed the adoption of the “Putrajaya Vision 2040”, a new vision that replaced the Bogor Goals announced in 1994.
Putrajaya’s Vision is for an open, dynamic, resilient and peaceful Asia-Pacific community for the prosperity of all people in the region and future generations.
Asian economies have emerged at the forefront of global free trade agreement activity, though Asian regionalism appears to hold up amid slow progress in the WTO Doha negotiations.
The recently signed Regional Comprehensive Economic Association agreement would also remove obstacles to free trade and investment.
Next year, New Zealand will host APEC 2021, and is tasked with planning and crafting the new agenda that is expected to take place online.
New Zealand Prime Minister Jacinda Ardern emphasized that APEC economies must not repeat the mistakes of history in retreating to protectionism amid the greatest economic challenge of this generation.
“APEC must continue to commit to keeping markets open and trade flowing. We are doing practical things to show that determination, “he said.
Malaysia hosted the 10th AELM in November 1998.
The theme of this year’s Apec 2020 meetings was “Optimizing Human Potential Towards a Resilient Future of Shared Prosperity: Pivot. Prioritize ”, which will guide the development and implementation of key policies.
APEC, established in 1989, aims to develop and strengthen the multilateral trading system and promote regional economic integration and sustainable economic growth.
The 21-member group is comprised of Australia, Brunei, Canada, Chile, China, Indonesia, Hong Kong, Japan, Malaysia, Mexico, New Zealand, Philippines, Singapore, South Korea, Thailand, Taiwan, USA, Papua New Guinea, Peru, Russia and Vietnam.-Called
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