KUALA LUMPUR: Asia Pacific Economic Cooperation (Apec) is poised to enhance trade and investment within the bloc for its economic recovery post-COVID-19 pandemic.
International Trade and Industry Minister Datuk Seri Mohamed Azmin Ali said Apec's commitment to the pursuit of free and open trade and investment would be more imperative amid the challenging time.
"This underscores the will and conviction of the Asia Pacific to continue to resist the forces of protectionism, in whatever form that they may come," Azmin said in his opening remarks at a virtual ceremony for the Apec Ministerial Meeting (AMM) here on Monday.
The region, he said, would also strengthen support for a well-functioning, rules-based multilateral trading system, while remaining steadfast to advancing the development agenda of the World Trade Organisation.
"This year, we also made it a priority to improve the narrative of trade and investment, by translating these elements into inclusive economic growth that brings palpable benefits and greater wellbeing to all our people," he added.
Azmin said Apec had placed particular emphasis on shared prosperity, to enable more effective and meaningful economic participation by all segments of its societies.
"The year also saw us reinvigorating our efforts towards regional economic recovery and growth, while bringing Apec closer to the people. We exchanged views and shared information regarding our policy responses and intervention measures that were aimed at reopening our economic activities," he said.
This includes returning workers to employment and allowing the people to move across borders through the introduction of travel bubbles, while managing Apec's collective concerns regarding the health, safety and wellbeing of the people.
"The travel bubbles that are emerging within the region are a crucial development as these could possibly redefine the future of travel and tourism. These bubbles are also central to revitalising the essential movement of people within Apec," he said.
Azmin said Apec had pivoted, prioritised and progressed work on a number of initiatives, despite the challenging circumstances brought about by the COVID-19 pandemic.
This includes the completion of Apec's work in formulating the post-2020 Vision, which is set to build on the success of Bogor Goals and will chart the long-term strategic direction for the region, in the years to come, at least for the next two decades.
"I am tremendously honoured that Malaysia is the lead penholder for this crucial document, one that envisions an open, dynamic and resilient Asia Pacific community built upon Shared Prosperity."
"I am also equally humbled by the resounding support, flexibility and cooperation rendered to Malaysia, by all economies, in finalising the vision," he said.
Apec has also advanced its work on the regional trade and investment agenda, remaining true to the crux of the economic forum.
"We have done so while simultaneously managing the challenges unleashed by the COVID-19 pandemic, which has caused massive disruption to supply chains and wreaking havoc to the global economic landscape," he said.
Azmin said Apec had reaffirmed its support for economic and technical cooperation, particularly for micro small and medium enterprises, women and vulnerable groups.
"We also recognised the need to continue to enhance capacity building and technical assistance to those most impacted by the pandemic," he added.
Established in 1989, Apec is a regional economic forum that leverages the growing interdependence of the Asia-Pacific with 21 members and aims to create greater prosperity for the people of the region by promoting balanced, inclusive, sustainable, innovative and secure growth and accelerating regional economic integration.
This year marks the second time Malaysia is hosting Apec; the first time was back in 1998. However, what makes it even more special is that it's the first time in history that this regional economic forum is happening online. On November 20, the APEC Economic Leaders' Meeting (AELM) will be held virtually, bringing together economic leaders from all 21 Apec member economies. The AELM will be chaired by Prime Minister Tan Sri Muhyiddin Yassin and organised by the APEC 2020 National Secretariat, under the Ministry of International Trade & Industry (MITI).
Apec members are Australia, Brunei, Canada, Chile, China, Hong Kong, China, Indonesia, Japan, South Korea, Malaysia, Mexico, New Zealand, Papua New Guinea, Peru, the Philippines, Russia, Singapore, Taiwan, Thailand and the United States of America.