We, the Economic Leaders of APEC, stand united in our determination to enable the Asia-Pacific region to successfully recover from the COVID-19 pandemic and its economic impacts. We are committed to protecting our people’s lives and safeguarding their health. We resolve to further navigate the region towards recovery along the path of strong, balanced, inclusive, sustainable, innovative and secure economic growth. Our coordinated action and cooperation are more important than ever to overcome the challenges of COVID-19 and realise new and emerging opportunities for prosperity for all.
COVID-19 is one of the most challenging health and economic crises of our times. We express our deepest condolences to those who have suffered and lost loved ones. We are saddened by the devastation to jobs and livelihoods as a result of widespread economic disruption and we are grateful to those serving on the frontline.
We are meeting virtually for the first time in our history under the APEC 2020 theme of Optimising Human Potential towards a Resilient Future of Shared Prosperity. Pivot. Prioritise. Progress. We have aligned our efforts along the priorities of: Improving the Narrative of Trade and Investment; Inclusive Economic Participation through Digital Economy and Technology; and Driving Innovative Sustainability.
Combatting and Mitigating the Impacts of COVID-19
We will continue to work together to use all available policy tools to support an inclusive, effective and sustained response to COVID-19, minimising its impact on people’s livelihoods. We recognise the need to enhance stimulus measures that facilitate economic recovery and job creation. In facilitating economic recovery, we underscore the importance of improving fiscal sustainability and transparency to support long-term resilient economic growth and future financing needs. We acknowledge the need to support developing economies in combatting COVID-19. We also welcome the recent establishment of a digital platform for coordinated information sharing on policy responses related to COVID-19. We commend the varied and continued efforts as well as the contribution of additional resources across APEC to combat the pandemic and support workers and sectors through the economic recovery process.
We will cooperate to facilitate the movement of essential goods and services, as well as the essential movement of people in a safe manner, identifying and resolving unnecessary barriers to trade and strengthening the resilience of our supply chains. We recognise the importance of working together to ensure trade and investment can continue to flow in these trying times. We are encouraged by the implementation of measures that facilitate trade and urge Economies to ensure emergency trade measures designed to tackle COVID-19 are consistent with World Trade Organisation (WTO) rules.
We recognise that science, technology and innovation are important to the region’s post-COVID-19 recovery. We reaffirm the need to cooperate constructively on COVID-19 including the research and development, production, manufacturing and distribution of diagnostic tests, essential medical products and services, therapeutics and vaccines. We highlight the importance of facilitating equitable access to safe, quality, effective and affordable vaccines and other medical countermeasures that are vital to safeguard people’s health and well-being, while incentivising innovation. We acknowledge that the role of extensive immunisation against COVID-19 is critical in order to bring the pandemic to an end.
We recognise the importance of the development and contribution of digital technologies in safeguarding people’s health and protecting the region from health threats, and enhancing resilience, scalability and sustainability of health systems, thereby moving towards universal health coverage.
APEC Putrajaya Vision 2040
We proclaim the APEC Putrajaya Vision 2040, a new vision that primarily charts the future of our region. Our Vision is an open, dynamic, resilient and peaceful Asia-Pacific community by 2040, for the prosperity of all our people and future generations. We task our Senior Officials to complete a comprehensive implementation plan for our consideration in 2021.
Improving the Narrative of Trade and Investment
We welcome the significant progress made under the Bogor Goals, including the final review of APEC’s Progress towards the Bogor Goals, in facilitating trade and investment, and recognise more needs to be done in fostering an enabling environment for trade and investment in the Asia-Pacific region.
We recognise the importance of a free, open, fair, non-discriminatory, transparent and predictable trade and investment environment to drive economic recovery at such a challenging time. In this regard, we reaffirm our support for agreed-upon rules of the WTO in promoting the stability and predictability of international trade flows. We take note of the call of the APEC Business Advisory Council (ABAC) for APEC to continue supporting the multilateral trading system.
We will continue to support the on-going work at the WTO, including through its necessary reform aimed to improve its functioning, and will continue to work on appropriate capacity building initiatives to implement WTO agreements. We call for expedited progress in the on-going WTO negotiations on fisheries subsidies. APEC member participants in Joint Statement Initiatives (JSI) call for progress in the lead-up to the 12th WTO Ministerial Conference (MC12), recognising the e-commerce initiative is particularly important in supporting COVID-19 recovery.
We will further advance the economic integration in the region, in a manner that is market-driven, including through the work on the Free Trade Area of the Asia-Pacific (FTAAP) agenda, which will contribute to high quality and comprehensive regional undertakings. We underscore the importance of improving regional connectivity through quality infrastructure development and investment based upon relevant APEC work.
Inclusive Economic Participation through Digital Economy and Technology
Innovation and digitalisation enable governments, businesses and people to carry out their activities and empower inclusive economic participation by all. We will foster an enabling environment for the development of the digital economy, including to open new opportunities for Micro, Small and Medium Enterprises (MSMEs). We aim to promote innovative technologies and foster a reliable, interoperable, open, accessible and secure ICT environment, narrow the existing digital, skills and regulatory gaps, and encourage development in digital infrastructure and transformation. We acknowledge the importance of cooperation in facilitating the flow of data and strengthening consumer and business trust in digital transactions.
We recognise the disproportionate impacts of COVID-19 on MSMEs, women and others with untapped economic potential. We intend to pursue inclusive economic policies that support their recovery and growth through effective and equal participation in economic activities and opportunities to contribute to economic recovery efforts. We support and welcome the implementation of the La Serena Roadmap for Women and Inclusive Growth.
COVID-19 has transformed the way we work and accelerated the transitions to the future of work setting. We recognise the need for continued structural reforms to improve the ways of doing business and unleash economic prosperity for our people, including accelerating cooperation on digital literacy and skills development to harness technological transformation, and encouraging the use of digital technology to resolve cross-border business-to-business disputes. We aim to advance efforts to promote human resource development, and strengthen economic and technical cooperation, to ensure all affected economic sectors and workers are afforded appropriate support in expediting their economic recovery. We are encouraged by the broader on-going efforts on economic, financial and social inclusion that contribute to narrowing the gap in economic development, and advance the well-being for all, in support of global efforts, including the 2030 Agenda for Sustainable Development.
Driving Innovative and Inclusive Sustainability
We will foster comprehensive quality growth and advance work to this effect, including on the APEC’s human security agenda, in order to recover from COVID-19.
We reaffirm our support for economic and technical cooperation, as well as structural reforms, that drive innovation, productivity and sustainable growth. We encourage inclusive recovery from COVID-19 that increases employment and economic activity. Recognising the impact of COVID-19 on global food supply chains, we will work to ensure food security through sufficient, safe, and nutritious food that continues to be available and accessible to people across the region, while reducing food loss and waste.
We will collaborate to facilitate access to affordable energy, enhance energy resilience and energy security using the widest variety of fuels and technologies to support sustainable economic growth and promote transitions to cleaner energy as part of a strong and inclusive economic recovery.
We are hopeful that new technologies are available and accessible to allow us to handle resources and waste more sustainably, and in a holistic manner. We will promote economic policies and growth that support global efforts to tackle climate change, extreme weather and natural disasters, and strengthen emergency preparedness.
Strengthening Stakeholder Engagement
We note the recommendations from ABAC and welcome partnership with the private sector to support efforts towards economic recovery. We also welcome the contributions of the Pacific Economic Cooperation Council, and the value that the ASEAN Secretariat, Pacific Islands Forum, stakeholders, and other international and regional organisations bring to APEC.
We welcome the outcomes of the APEC Ministerial Meeting as well as Sectoral Ministerial Meetings for Trade, Health, Finance, Women and the Economy, Small and Medium Enterprises, and Food Security.
We thank Malaysia for its able leadership in this particularly challenging year. We look forward to New Zealand’s chairing in 2021.
Media Statement
Fri Nov 20 2020
Prime Minister Tan Sri Muhyiddin Yassin at the 2020 APEC Economic Leaders' Meeting on Friday. - Astro AWANI photo
ISIS Malaysia's perspective of Budget 2025
An excellent rakyat-centric budget under the overarching principle of a caring and humane economy.
Budget 2025: Record increase in STR, SARA aid initiatives
The government will provide a significant boost to the Sumbangan Tunai Rahmah (STR) and Sumbangan Asas Rahmah (SARA) initiatives next year.
Budget 2025: EPF contributions to be made mandatory for foreign workers – PM Anwar
The government plans to make it compulsory for all non-citizen workers to contribute to the Employees Provident Fund (EPF).
What policies to expect from Indonesia's new President Prabowo
Prabowo will be open to foreign investment, his aide has said, such as by offering investors management of airports and sea ports.
Budget 2025: Govt allocates RM470 mil to empower women's participation in PMKS
The Women's Leadership Apprenticeship Program will be intensified as an effort to produce more female corporate personalities.
Israel sends more troops into north Gaza, deepens raid
Residents of Jabalia in northern Gaza said Israeli tanks had reached the heart of the camp, using heavy air and ground fire.
Indonesia ramps up security ahead of Prabowo's inauguration
Prabowo Subianto will be sworn in as Indonesia's president on Sunday with Vice President-elect, Gibran Rakabuming Raka, also taking office.
Immediate allocation of RM150 mil for local authorities, DID to tackle flash floods
Datuk Seri Anwar Ibrahim said this allocation is intended to address the recent flash floods that hit the capital and several major towns.
Budget 2025: Sabah, Sarawak to continue receiving among highest allocations - PM
Sabah and Sarawak continues to be prioritised under Budget 2025, with allocations of RM6.7 billion and RM5.9 billion respectively.
NFOF will be operational in November 2024 with funding of RM1 bil
PM Anwar Ibrahim said NFOF will support venture capital fund managers to invest in startup companies with RM300 million set aside for 2025.
Minimum wage to increase to RM1,700 effective Feb 1, 2025
The Progressive Wage Policy would be fully enforced next year with an allocation of RM200 million, benefiting 50,000 workers.
Bursa Malaysia ends higher on Budget 2025 optimism
The benchmark index, which opened 1.85 points higher at 1,643.29, moved between 1,641.71 and 1,649.31 throughout the trading session.
Five important aspects relating to people’s lives in Budget 2025 - PM
The focus is on driving the MADANI Economy, speeding reforms, cutting red tape, raising wages, and tackling the cost of living.
Economic outlook: Govt plans to leverage, expand existing city transit system
The expansion aims to provide a more efficient and reliable public transportation network, reduce congestion, and improve accessibility.
Economic outlook: Budget 2025 to lay foundation for a digital-driven economy
The report said Budget 2025 will entail efforts to position Kuala Lumpur as a top 20 global startup hub by 2030 through the KL20 initiative.
Economic outlook: Corruption and lack of accountability hinder economic progress
Special Cabinet Committee on National governance is established to curb corruption, law reforms to modernise outdate regulations, MoF said.
National Wages Consultative Council will be strengthened
The govt will also incentivise hiring women returning from career breaks, offer job matching and improve care services facilities.
Economic outlook: Ensuring 11 years of compulsory education for all children
Budget 2025 will continue prioritising upskilling and retraining initiatives to equip workers with the latest skill sets necessary.
Consolidated public sector projected to record lower surplus of RM41.7 bil 2024
The MoF said the consolidated general government revenue is estimated to increase slightly to RM384.7 billion in 2024.
PM announces substantial Budget 2025 hastening Malaysia to become Asian economic powerhouse
Datuk Seri Anwar Ibrahim said it would create jobs and also tackle financial leakages to enhance public spending efficiency.