KUALA LUMPUR: The leaders of the 21 Asia-Pacific Economic Cooperation (Apec) member economies issued the 2020 Kuala Lumpur Declaration, following the first-ever virtual 27th Apec Economic Leaders' Meeting, held tonight.
Chaired by Prime Minister Tan Sri Muhyiddin Yassin, leaders agreed to the joint declaration under the 2020 Apec Malaysia theme of "Optimising Human Potential towards a Resilient Future of Shared Prosperity. Pivot. Prioritise. Progress."
Apec's economic leaders have pledged to work together to support five key priorities in recognising the unprecedented challenges the region's economies face amidst the Covid-19 pandemic.
The five are combatting and mitigating the impacts of Covid-19; improving the narrative of trade and investment; inclusive economic participation through digital economy and technology; driving innovative and inclusive sustainability; and strengthening stakeholder engagement.
"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," the declaration read.
Leaders described the pandemic as "one of the most challenging health and economic crises" and expressed their 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."
On combatting and mitigating Covid-19 impacts, they said economies would continue to use all available policy tools to support an inclusive, effective and sustained response to Covid-19, minimising its impact on people's livelihoods.
Leaders also reaffirmed 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.
They highlighted 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."
On improving the narrative of trade and investment, among others, economies reaffirmed their support for agreed-upon rules of the World Trade Organisation (WTO) in promoting the stability and predictability of international trade flows, ensuring a free, open, fair, non-discriminatory and transparent trade and investment environment to drive economic recovery.
On digital economy and technology, leaders agreed to foster an enabling environment for the development of the digital economy, including to open new opportunities for Micro, Small and Medium Enterprises as well as women and others with untapped economic potential.
"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 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."
On driving innovative and inclusive sustainability, Apec economies aimed to promote economic policies and growth that support global efforts to tackle climate change, extreme weather and natural disasters, and strengthen emergency preparedness.
Finally, on strengthening stakeholder engagement, leaders welcome the recommendations made by economies as well as 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.
Leaders also officially launched the new Apec Putrajaya Vision 2040 that will chart the future of the region.
"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."
Leaders envision an open, dynamic, resilient and peaceful Asia-Pacific community by 2040, for the prosperity of all of the people and future generations.
APEC senior officials are tasked by leaders to complete a comprehensive implementation plan for their consideration in 2021.
Leaders will be hosted by New Zealand in 2021 during its Apec chairmanship.