APEC COUNCIL CALLS FOR 'COHERENT AND TIMELY SOLUTIONS' TO GLOBAL CHALLENGES

KUALA LUMPUR, Aug 3 -- Asia-Pacific Economic Cooperation (APEC) economic leaders should work together to find coherent and timely solutions to complex global challenges for the region to continue thriving.

Chair of APEC Business Advisory Council (ABAC) for 2021 Rachel Taulelei said a prosperous, peaceful and resilient future would only be achieved through collective efforts as the challenges faced were profound,   but also shared.

“The pandemic is the most urgent problem, but we also need to navigate climate change, faltering economic growth and digital disruption,” she said in a statement today, adding that standing alone and turning inwards would not be the right strategy in a deeply interconnected world.

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She said the council has finalised its annual letter and report to APEC economic leaders, and made a broad set of recommendations, reflecting the range of complex issues facing the region at the virtual meeting held today.

“A collective response to the pandemic is the most critical priority. If we want to put COVID-19 behind us, we need faster, more equitable and universal vaccination, complemented by freeing up trade in vaccines, essential medical supplies and services,” she said.

Vaccination is key to the safe and seamless reopening of borders which would, in turn, enable economic recovery, she added.

“APEC should develop a coherent regional framework for this,” she said.

As for the region’s prosperity, she said APEC could demonstrate real leadership as it has done so effectively in the past through championing a credible and relevant World Trade Organisation, putting in place some of the building blocks towards the eventual Free Trade Area of the Asia-Pacific.

It will also leverage on the digital economy, and ensure more accessible infrastructure and seamless digital trade flows across the region.

“The time for action is now. Our key takeaway for leaders is that we need to start seeing results in all of these areas. This will help us kickstart the implementation of the Putrajaya Vision 2040 that leaders agreed to last November, which is obviously important and will enable us to look to 2022 with a greater sense of optimism about the future,” she added.

-- BERNAMA