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KUALA LUMPUR: The Asia Pacific Economic Cooperation (APEC) Ministerial Meeting, which begins tomorrow, is expected to outline extraordinary measures to drive post-Covid-19 recovery and prosperity.
This year’s virtual meeting, which will be chaired by Chief Minister and Minister of International Trade and Industry, Datuk Seri Mohamed Azmin Ali, will be a continuation of the region’s efforts to drive economic prosperity for all.
After all, this was a vision that was agreed upon at APEC’s 26th Meeting of Economic Leaders in Papua New Guinea two years ago; when APEC economies fell short of their strong prospects for economic growth.
But today, the region’s health and economic systems have been affected by the effects of the Covid-19 pandemic, resulting in millions of small businesses struggling to survive and countless job losses.
Some analysts even expect the real gross domestic product of APEC economies to contract 2.7% this year, worse than the near-zero growth recorded in 2009 amid the global financial crisis of 2008-2009.
Given the challenges, observers praised the APEC economies for doing a commendable job, as governments acted quickly to address the problem.
Its exceptional fiscal and monetary measures helped strengthen health systems while providing direct support to households and businesses, including micro, small, and medium-sized enterprises.
Malaysia, for example, has allocated 1.8 billion ringgit this year to implement Movement Control Order (MCO) measures and meet the needs of public health services related to Covid-19, and has allocated 1 billion ringgit. additional for the same purposes in the 2021 budget.
The government had also launched four economic stimulus packages worth a total of RM305 billion to protect the welfare of the people, while ensuring business sustainability and job retention.
Meanwhile, in July, APEC Ministers Responsible for Trade also agreed on a Joint Declaration to facilitate the movement of essential goods during a meeting that was also chaired by Mohamed Azmin.
The declaration recognizes the importance of ensuring a continuous flow of trade during the pandemic and facilitating the flow of essential goods, such as essential medical supplies and equipment.
In a recent interview with Bernama, Mohamed Azmin urged APEC trade ministers to continue working towards greater and coordinated multilateral cooperation to achieve a sustainable economic recovery.
“I am aware of the need for Malaysia to lead APEC to address this crisis through collective regional commitment and strength,” he said.
The meeting will also discuss post-Covid-19 economic recovery to ensure the sustainability, resilience, and development of APEC economies.
He said the pandemic has become a catalyst for APEC to adapt to the new rules and accelerate the adoption of technology in regional economic recovery efforts.
On the Post-2020 Vision, Mohamed Azmin said that it is currently being refined, adding that as the host, Malaysia will propose that the vision name be based on a place or location in the country.
He noted that the name will become a benchmark, similar to the Bogor Goals that were introduced in Bogor, Indonesia in 1994.
“The Post-2020 Vision will become a long-term guide to revitalize trade, investment and regional cooperation,” he said. – Called
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