KUALA LUMPUR:The Asia-Pacific Economic Cooperation (APEC) has pledged to refrain from backtracking and resorting to protectionist measures to keep markets and borders open, said Prime Minister Tan Sri Muhyiddin Yassin.
The APEC 2020 chair said this included ensuring the smooth cross-border movement of essential goods including food, medicines, and medical supplies as well as other necessities during the COVID-19 pandemic to ensure an unobstructed supply chain within the region.
“APEC’s immediate priority is to ensure the readiness of the health and medical care institutions to provide critical treatment as well as to manage public health policies to contain the spread of COVID-19.
“From the economic perspective, the impact has been severely devastating, with a significant number of companies and businesses going into distress, or even folding. Furthermore, the region has seen a record number of job loss,” Muhyiddin said at a virtual media conference yesterday on the sidelines of the APEC Economic Leaders’ Meeting here.
The Prime Minister was answering a question on whether any sticky issues arose during the meeting.
Muhyiddin said APEC’s work this year had been focused on the importance of economic recovery post-COVID-19 pandemic.
“Equally important is to accelerate work towards developing the COVID-19 vaccine and making it a global public good that is available and affordable to all, that is, multi-lateralising the vaccine,” he added.
Muhyiddin pointed out that the colossal impact of the pandemic upon APEC economies might result in regional growth declining by 2.7 per cent in 2020, against a 3.6 per cent growth last year, making it the most significant drop since the near-zero growth rate recorded in 2009 during the global financial crisis.
As for the COVID-19 vaccine, he noted that all APEC leaders had noted their commitments to collaborate and support each other for equitable access to the vaccine.
An important call for action was the Declaration on Facilitating the Movement of Essential Goods in APEC, which was pioneered by Malaysia, he added.
“This declaration seeks to ensure that essential goods are able to move across borders without being subjected to unfair trade measures.
“This declaration will lead to a more conducive trade and investment flows among the APEC economies through open, vibrant, transparent and sustainable trading systems,” said Muhyiddin.
He added that APEC Leaders also recognised the critical need of those most impacted by the pandemic and the need to empower the economic sectors.
“We also welcome the contribution of additional resources across APEC to combat the pandemic and support workers and sectors through the economic recovery process,” said Muhyiddin.
He said the APEC 2020 meetings in Kuala Lumpur had been a pivoting point for the organisation as it moved beyond the agenda of the Bogor Goals.
The theme for this year’s APEC 2020 meetings is “Optimising Human Potential towards a Resilient Future of Shared Prosperity: Pivot. Prioritise”, which will guide the development and implementation of key policies.
“It will go much further than the Bogor Goals as the latter focuses only on trade and investment,” said Muhyiddin.
-- BERNAMA
Bernama
Sat Nov 21 2020
Muhyiddin held a virtual media conference yesterday on the sidelines of the APEC Economic Leaders' Meeting in Kuala Lumpur, Nov 20, 2020. - Astro AWANI/SHAHIR OMAR
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.