KUALA LUMPUR – Prime Minister Tan Sri Muhyiddin Yassin today called on Asia-Pacific leaders to work constructively towards navigating the region along a path of robust, inclusive and sustainable economic recovery and growth.
He said Asia-Pacific Economic Cooperation (Apec) members, whose economies constitute about 60% of global gross domestic product, assume a central role in spearheading post-pandemic economic recovery.
“We need to trade and invest our way out of the current economic downturn,” he said in his opening remarks at the first fully virtual Apec Economic Leaders’ Meeting.
While highlighting the importance of unity, he also urged leaders to fend off distractions and concentrate on pursuing regional solutions to address Covid-19.
“Today, as we work together as a region to mitigate the impact of Covid-19, the relevance of Apec has become even more pronounced.
“We have to stand united in combating Covid-19, and it is therefore of utmost importance that people around the world have access to vaccines and health technologies in an affordable, accessible and equitable basis.”
Muhyiddin, who is the chair of this year’s meeting, said total trade between Apec economies and the rest of the world has increased more than fourfold since the adoption of the Bogor Goals.
The Apec region now represents almost 50% of world trade, he said, adding that Malaysia’s trade with fellow members has shot up more than sevenfold in the past decade.
Last year, Apec economies collectively contributed 78% to Malaysia’s total trade.
The grouping is the largest source of foreign direct investment (FDI) for the country, representing 91% of Malaysia’s total FDI flow in 2019.
The prime minister outlined three areas that Apec economies can embrace, one of them being to reaffirm support for and commitment to the rules-based multilateral trading system.
“This is essential for our businesses, as market stability and predictability are the central pillars that ensure trade and investment continue to flow, even during times of crisis.”
The other two areas are bolstering the digital economy and ensuring inclusive economic growth.
Earlier today, Muhyiddin discussed cooperation in various fields with his New Zealand counterpart, Jacinda Ardern, in a phone call.
In a Facebook post, he said the conversation focused on the economy and tourism, as well as efforts to boost bilateral ties.
He said he thanked New Zealand for its support for Malaysia that culminated in the Apec Post-2020 Vision.
“Malaysia is confident that this long-term strategic document will drive Apec towards becoming a more open, dynamic, resilient and prosperous region in the years to come.
“I shared Malaysia’s challenging journey of being the organiser of Apec 2020 during the Covid-19 pandemic.”
He expressed hope that New Zealand will support efforts to reach an agreement on the Kuala Lumpur Declaration at the end of tonight’s forum.
“This declaration is important to address the economic and health crises plaguing the region.”
He said he hopes that the Regional Comprehensive Economic Partnership Agreement, signed by 15 nations on Sunday, will facilitate and strengthen trade and investment relations between member countries, among them New Zealand.
Muhyiddin also congratulated Ardern, who was re-elected prime minister for a second term last month. – Bernama, November 20, 2020
