KUALA LUMPUR: Malaysia is taking the leadership to ensure discussions among Asia Pacific Economic Cooperation (Apec) member countries' trade ministers on economic recovery continue.
International Trade and Industry Minister Datuk Seri Mohamed Azmin Ali chaired the first Apec Ministers Responsible for Trade (MRT) meeting today, with Malaysia making history by organising the meeting virtually.
Azmin's ministry is the national secretariat that organises the virtual Apec meeting.
In a joint statement read by him today, the Apec MRT said they had reaffirmed their commitment to effectively mitigate the economic impact of the Covid-19 pandemic and promptly navigate the region towards a path of resilient, sustainable, inclusive and expedited economic recovery.
They said this included the importance of a free, open, fair, non-discriminatory, transparent and predictable trade and investment environment.
"We acknowledge the importance of a free, open, fair, non-dicriminatory, transparent and predictable trade and investment environment to drive economic recovery at such a challenging time.
"We also note key Apec work programmes and initiatives that support the WTO's (World Trade Organisation) work.
"We affirm the importance of transparent and non-discriminatory, agreed upon rules in the WTO, which enhance market predictability and enable business confidence, as well as allowing trade to flow," they said.
In this regard, the Apec MRT said recognising the WTO's role in this regard, they had agreed that action was necessary to improve its functioning, and support the necessary reform of the WTO.
"We are committed to ensuring that emergency measures designed to tackle Covid-19 are targeted, proportionate, transparent, temporary, do not create unnecessary barriers to trade or disruption to global supply chains and are consistent with WTO rules," they said.
Meanwhile, Apec MRT said it encouraged economies to collaborate and adopt digital solutions that would strengthen supply chain resilience as well as enable seamless cross-border business, including through e-commerce.
"In harnessing the opportunities of digital economy, we acknowledge the importance of cooperation on facilitating the flow of data and strengthening consumer and business trust in digital transactions," they added.