The Asia-Pacific Economic Cooperation (Apec) should pursue deeper regional economic integration to tap into opportunities in order to tackle the challenges brought upon by the US-Chine trade war.
International Trade and Industry Minister Datuk Seri Mohamed Azmin Ali said the role of Apec as an incubator to new ideas and efficient platform for capacity building programmes should be utilised to bridge differences.
“While the free trade area of Asia Pacific mooted by Apec is a far fetched reality, it should not hinder economies from focusing on common grounds and working towards the convergence of ideas by emulating best practices learned from each other,” he said.
Azmin said robust economic growth, enhanced Apec-wide trade and deeper regional integration had resulted in wealth and stability for member countries.
He said poverty levels in Apec had been reduced to 8.6 per cent in 2018 from 62.6 per cent in 1990.
In addition, he said the real gross domestic product of the regional grouping had increased from US$19 trillion in 1989 to US$46.9 trillion in 2018.
However, he said prosperity as a result of economic growth has not permeated across all segments of the communities, and this has led to a growing sense of disenchantment concerning regionalism as being ineffective.
“The path to a more prosperous Asia Pacific is founded on our resolute determination for a free, fair, non-discriminatory and predictable trade and investment environment.
“Apec has always come down on the side of liberalisation, rather than protectionism. Regionalism must remain the most effective means to redress the inequities and socio-economic disparities among our economies.
“But more than ever, as we slowly but surely emerge from this crisis, the idea of ensuring that prosperity is felt by all our people has become mandatory,” he said, when chairing the first Apec Ministers Responsible for Trade meeting today, with Malaysia making history by organising the meeting virtually.
Meanwhile, Azmin said the Covid-19 pandemic had challenged Apec to act fast in a coordinated manner.
“This health crisis is a real test for Apec in signifying its unity and steadfastness in responding towards revitalising the economy post-pandemic.
“As we resolved at the meeting today, Apec economies will continue working in solidarity to mitigate the impact of the Covid-19 crisis,” he said.
Azmin said the commitment recognised the importance to keep the market open to deliver free trade and investment in the current environment.
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