On June 4-5, the Asia Pacific Economic Cooperation (APEC) Ministers Responsible for Trade (MRT) met virtually to discuss the progress made on implementing the 2020 APEC Declaration on Facilitating the Movement of Essential Goods, the role of trade in combating the impacts of the COVID-19 pandemic, and enabling a strong economic recovery. The meeting was chaired by Damien O’Connor, New Zealand’s Minister for Trade and Export Growth.
The meeting also saw the participation of the Director-General of the World Trade Organization (WTO), the Chair of the APEC Business Advisory Council (ABAC), the Pacific Economic Cooperation Council (PECC), the Association of Southeast Asian Nations (ASEAN), and the Pacific Islands Forum (PIF) Secretariat.
The ministers agreed that “bold action” was necessary in the following three areas: trade as a tool to respond to the COVID-19 pandemic, a rules-based multilateral trading system, and shaping future prosperity. In this regard, participants decided that they would consider facilitating trade in medical supplies such as those included in the World Customs Organization (WCO) COVID-19 list, cooperate to “further enhance the role of the WTO in establishing rules that support a free, fair, predictable, non-discriminatory, transparent, and open trade and investment environment,” and “create an enabling, inclusive and non-discriminatory digital economy that fosters the application of new technologies, allows businesses and entrepreneurs to thrive, facilitates the flow of data, strengthens consumer and business trust, and allows goods and services to move seamlessly across borders.”
Furthermore, member economies also discussed the need to increase transparency and “deregulate trade-restrictive measures to strengthen the supply chain system and shared views on measures to foster fair competition for vulnerable groups such as women and small-sized enterprises.” Importantly, the ministers also agreed that the implementation plan for the Putrajaya Vision 2040 includes measurable objectives. The Vision focuses on 3 main economic drivers: trade and investment; innovation and digitalization; and strong, balanced, secure, sustainable, and inclusive growth
“As we face the biggest health and economic crisis of our lifetimes, I was greatly heartened to see how we united to make progress. We represent half of global GDP and wanted to use trade as a force for good. It is encouraging to see APEC trade ministers working together to respond in practical, concrete terms to the COVID pandemic and rebuild our economies.” New Zealand’s Damien O’Connor said regarding the discussion.
The APEC is a multilateral forum that was established in 1989. It is dedicated to “promoting free trade and investment, economic growth and development, and cooperation in the Asia-Pacific region.” Comprising 21 member economies worldwide, the forum’s primary goal is to support sustainable economic growth and prosperity in the Asia-Pacific region.
APEC Leaders Agree To Strengthen WTO to Aid Post-Pandemic Economic Recovery
The trade ministers of the Asia Pacific Economic Cooperation (APEC) met on June 4-5 to discuss post-pandemic economic recovery and multilateral trade.
June 7, 2021
SOURCE: AFP