APEC leaders agree to stronger cooperation in joint declaration


LEADERS of Asia Pacific Economic Cooperation (APEC) agreed to the joint declaration under the 2020 APEC Malaysia themed Optimising Human Potential towards a Resilient Future of Shared Prosperity. Pivot. Prioritise. Progress.  

In recognising the unprecedented challenges the region’s economies face amid the Covid-19 pandemic, they pledged to work together to support the following priorities:

  • Combatting and mitigating the impacts of COVID-19
  • Improving the narrative of trade and investment
  • Inclusive economic participation through digital economy and technology
  • Driving innovative and inclusive sustainability
  • Strengthening stakeholder engagement

“We will continue to work together to use all available policy tools to support an inclusive, effective and sustained response to COVID-19, minimising its impact on people’s livelihoods,” the leaders said in a declaration issued last night.

”We recognise the need to enhance stimulus measures that facilitate economic recovery and job creation.  In facilitating economic recovery, we underscore the importance of improving fiscal sustainability and transparency to support long-term resilient economic growth and future financing needs,” the declaration added.

The leaders also officially launched the new APEC Putrajaya Vision 2040 that will chart the future of the region.  

They envision an open, dynamic, resilient and peaceful Asia-Pacific community by 2040, for the prosperity of all of the people and future generations.  

Prime Minister Tan Sri Muhyiddin Yassin in his speech last night called for unity in combating the pandemic and highlighting the need for an affordable, accessible and equitable access to the Covid-19 vaccine.

“As a grouping whose economies constitute about 60 percent of the global economy, APEC assumes a central role in spearheading post-pandemic economic recovery,” Muhyiddin said in his opening remarks at the virtual APEC Economic Leaders’ Meeting.

Read our previous report here 

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