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PETALING JAYA: The leaders of the Asia-Pacific Economic Cooperation (APEC) are committed to collaborating and supporting each other for equitable access to the Covid-19 vaccine, says Prime Minister Tan Sri Muhyiddin Yassin.
He stressed the vital need to accelerate work to develop the vaccine and make it a global public good that is available and affordable for all.
Muhyiddin also said that an important call to action was the Declaration to facilitate the movement of essential goods in APEC, which was promoted by Malaysia.
It tried to ensure that essential products could cross borders without being subject to unfair trade measures.
This will lead to a more conducive flow of trade and investment between APEC economies through open, vibrant, transparent and sustainable trading systems.
“All Apec leaders reaffirm their concerns related to the impact of Covid-19 in developing economies, with a strong emphasis on protecting the well-being of people, in
at the same time, keep economic activities moving so that people’s lives and livelihoods can be protected.
“They also recognize the critical need of those most affected by the pandemic and the need to empower economic sectors.
Meeting with colleagues: (From left to right) Muhyiddin and Foreign Minister Datuk Seri Hishammuddin Hussein waiting to give opening remarks at Apec’s virtual leaders summit in Kuala Lumpur. – AP
“We also welcome the contributions of additional resources in Apec to combat the pandemic and support workers and sectors through the process of economic recovery,” said Muhyiddin during a press conference on Friday night after chairing the Meeting. Economic Leaders of Apec (AELM), held virtually for the first time.
At the meeting, Apec leaders agreed to the 2020 Kuala Lumpur Declaration, which must stand together to allow the Asia-Pacific region to successfully recover from the pandemic and its economic impacts.
Overall, Muhyiddin said regional cooperation was crucial to contain the impacts of the pandemic and that APEC economies have come together to collect and share information, keep food and medical supply chains open and coordinate policy responses.
“We have seen increased spending on healthcare among member economies to expand hospital capacity, obtain more resources for treatment, prevention and testing materials.
“Perhaps the most interesting opportunity to emerge from the pandemic crisis is the emergence of the digital economy.
“We have seen how the innovation of digitization has served where households and businesses in the region have turned to technology to function efficiently on a daily basis.
“On a larger scale, digital tools have assisted in Covid-19 surveillance, contact tracing, and tracking trends and developments related to the virus,” Muhyiddin said.
He added that Apec would encourage its member economies to share best practices to seize the opportunities of the digital economy and foster an enabling environment to facilitate the flow of data and strengthen consumer and business confidence in digital transactions.
Muhyiddin noted that the scale of the colossal impact of the pandemic on APEC economies may result in a regional growth drop by 2.7% this year, against a growth of 3.6% in 2019, making it the most significant drop since growth rate close to zero recorded in 2009 during the global financial crisis.
Many companies and businesses also struggled or closed, along with a record number of job losses.
Meanwhile, Apec has also pledged to refrain from backing down and resorting to protectionist measures to keep markets and borders open.
This includes ensuring the smooth cross-border movement of essential goods such as food, medicine and medical supplies and other necessities during the pandemic to ensure an unimpeded supply chain within the region.
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