KUALA LUMPUR – The Asia-Pacific Economic Cooperation (Apec) grouping has pledged to refrain from backtracking and resorting to protectionist measures to keep markets and borders open, said Prime Minister Tan Sri Muhyiddin Yassin.
The Apec 2020 chair said this includes ensuring the smooth cross-border movement of essential goods, including food, medicines and medical supplies, as well as other necessities during the Covid-19 pandemic, making for an unobstructed supply chain within the region.
“Apec’s immediate priority is to ensure the readiness of health and medical care institutions to provide critical treatment and manage public health policies to contain the spread of Covid-19.
“From the economic perspective, the impact has been severely devastating, with a significant number of companies and businesses going into distress, or even folding. Furthermore, the region has seen a record number of job losses,” he told a virtual press conference on the sidelines of the Apec Economic Leaders’ Meeting yesterday.
He said Apec’s work this year has been focused on post-pandemic economic recovery.
“Equally important is to accelerate work towards developing a Covid-19 vaccine and making it a global public good that is available and affordable to all, that is, multi-lateralising the vaccine.”
He said the colossal impact of the pandemic on Apec economies could result in regional growth declining by 2.7% this year, against a 3.6% increase last year, making it the most significant drop since the near-zero growth rate recorded in 2009 during the global financial crisis.
On the coronavirus vaccine, he said all Apec leaders have noted their commitment to collaborate and support one another for equitable access to the jab.
An important call for action is the Declaration on Facilitating the Movement of Essential Goods in Apec, pioneered by Malaysia, said Muhyiddin.
“This declaration seeks to ensure that essential goods are able to move across borders without being subjected to unfair trade measures.
“It will lead to more conducive trade and investment flows among the Apec economies through open, vibrant, transparent and sustainable trading systems.”
He said the leaders recognise the needs of those most impacted by the virus crisis, and the importance of empowering economic sectors.
“We also welcome the contribution of additional resources across Apec to combat the pandemic and support workers and sectors through the recovery process.”
He said this year’s Apec meetings are a pivoting point for the organisation as it moves beyond the agenda of the Bogor Goals.
“It will go much further than the Bogor Goals, as the latter focus only on trade and investment.” – Bernama, November 21, 2020
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