By Elishya Perera
KUALA LUMPUR, Malaysia (CWBN)_ Malaysia hosted the first ever, “virtual summit” of the Asia-Pacific Economic Cooperation (APEC) CEO Dialogues, during which, Prime Minister Muhyiddin Yassin delivered the keynote address, earlier today.
Titled “APEC Re-imagined”, this year’s summit aimed to discuss priorities in the aftermath of the Covid-19 pandemic with the participation of 21 leaders, representing half of the world’s global trade, around 60% of the global GDP and almost 40% of the global population, met virtually for the first time this year.
During his speech, PM Muhyiddin discussed the importance of boosting the digital economy and technological innovations in order to achieve economic development and enhancing regional recovery following the economic downturn owing to the pandemic.
The PM also addressed the power of inclusive economic growth, especially in the case of women and youth. Muhyiddin stressed the importance of youth development and said that the economy would significantly grow if the barriers against women are removed.
Chinese President Xi Jinping also addressed his fellow leaders during the summit today and said that all countries need to act “in the spirit of partnership” in order to overcome the Covid-19 pandemic. He added that “we can defeat the virus at an early date and achieve robust, sustainable, balanced and inclusive growth for all” by keeping the global economy open.
Under US President Donald Trump’s administration, the tensions between the US and China have continued to grow and the Coronavirus further aggravated frictions between the two nations. While the United States continues to build partnerships with nations concerned about Beijing’s growing influence, especially in the Indo-Pacific region, Xi has sought to position China as an advocate of open trade and multilateralism.
“Openness enables a country to move forward, while seclusion holds it back” he said. “In today’s world, where economic globalization has become an irreversible trend, no country can develop itself by keeping its doors closed.”
On the other hand, it is reported that President Trump will also be participating in the forum this year. Even though there were doubts about his participation in the last few weeks, a US official who did not want to be identified had told Reuters News “POTUS is doing APEC”, using the acronym for the President of the United States.
The Trump administration has been criticised for less participation in international cooperation, especially following the Regional Comprehensive Economic Partnership (RCEP), the world’s largest free trade agreement, which was signed last week by China, Japan, Australia and 12 other nations, excluding the United States.
Following the signing of the RCEP, ministers of the APEC issued a joint statement on Monday (Nov 16), pledging to cooperate and support economic recovery between member states.
“We will continue to cooperate, and act swiftly to foster quality growth, safeguard the lives and livelihoods of our people to enhance the resilience of our economies and support strong and inclusive economic recovery,” the statement read.
The statement also addressed the impact of the pandemic on national economies, and also focused on free trade and investment within the region.
Edited By Chathushka Perera
