APEC Economic Leaders joined by big names including President Joe Biden, President Xi Jinping, Presidnt Vladimir Putin, Joko Widodo and Prime Minister Yoshihide Suga convened for the Leaders Informal Retreat held virtually and stood united on the war against Covid-19 with the acceleration of equitable access to safe, effective, quality-assured, and affordable COVID-19 vaccines. They have also agreed to redouble efforts to expand vaccine manufacture and supply, support global vaccine sharing efforts, and encourage the voluntary transfer of vaccine production technologies.
A fine day for the planet, for it really needs such constructive come-togetherness as we try to quell the pandemic and bring a sense of normalcy back into our daily lives. The event which was chaired by Jacinda Ardern, Prime Minister of New Zealand had the presence of Ms. Kristalina Georgieva, Managing Director, International Monetary Fund (IMF) and Dr. Michael Ryan, Executive Director, Health Emergencies Program of the World Health Organisation (WHO), these are powerful people who can help accelerate recovery and lift nations out of its current predicament. Its this reason when a meet of this nature takes place, the narratives sets the tone for the outcome. The group discussed on various issues including assessing the global economy and public health status and policy recommendations. IMF, a regular expert guest at APEC meetings, is urging APEC Economies to implement more targeted policy responses in ensuring an even and inclusive recovery. Meanwhile, WHO reiterated the importance of global vaccination efforts and community-focused methods in speeding up the inoculation and prioritising vulnerable group vaccination.
In support of the discussion that took place at APEC 2020, the leaders issued a statement at the end of the session themed ‘Overcoming COVID-19 and Accelerating Economic Recovery”. Reiterating their commitment in realising the Putrajaya Vision of an open, dynamic, resilient and peaceful Asia-Pacific community by 2040, the statement focused on three main areas, namely, Strong, Balanced, Secure, Sustainable and Inclusive Growth; Innovation and Digitalisation; and Trade and Investment, which are also the key drivers of the Vision. In his intervention, Prime Minister regarded the Informal Retreat as an “important occasion to reflect on any missed collaborative opportunities that could reinforce the efforts towards rapid, sustainable and even economic recovery.” He also remarked that “while it is comforting to witness the return to normalcy in some Economies, many of us are still grappling to regain economic stability,” referring to developing and nonvaccine-producing Economies in APEC.
The Malaysian PM also emphasised the positive correlation between the success of vaccination programme or increased rate of inoculation and the ability to speed up the economic recovery process. He further added that, “Malaysia supports global initiatives undertaken to boost global vaccines capacities, including through
negotiation at the WTO on the temporary waiver of certain provisions of the TRIPS Agreement. This is a step in the right direction because extraordinary circumstances call for extraordinary measures.
Since the issuance of the Statement on COVID-19 by APEC Ministers Responsible for Trade during Malaysia’s hosting year in 2020, APEC has introduced numerous policies formulated to address the challenges arising from the health and economic crisis, which is expected to last for the foreseeable future.
