APEC economies urged to unite, build revitalised Asia-Pacific community

The Asia-Pacific Economic Cooperation (APEC)’s Business Advisory Council (ABAC) has recommended APEC economies to unite and build a revitalised Asia-Pacific economic community.

Deputy Prime Minister and Foreign Minister Pham Binh Minh and Minister of Industry and Trade Tran Quoc Khanh attend the 31st APEC Ministerial Meeting via video conference on November 16.

In a statement following a virtual meeting on November 17 ahead of the APEC Economic Leaders Meeting, ABAC said prioritisation of integration and trade friendly policies, innovation and inclusion are included in this year's report to APEC Economic Leaders.

These are unprecedented times, demanding bold responses. The world faces the greatest health and economic crisis of a hundred years, said Chair of ABAC Rohana Mahmood.

"We want a region that responds collectively to shared challenges. A region that values the connections between us – including free and open trade and investment, and a dynamic digital economy. Neighbors who help each other in times of need, respect each other's differences, and remain committed to greater inclusion and equity," she added.

Rohana also said these elements would go to building greater resilience, especially as the region faced not only the risk of future health crises, but also accelerating climate change.

"There is an urgent need to reverse the dramatic decline in the health of our planet and embrace the transition to a low-carbon economy," she said.

APEC is a regional economic forum established in 1989 to leverage the growing interdependence of the Asia-Pacific. APEC's 21 members aim to create greater prosperity for the people of the region by promoting balanced, inclusive, sustainable, innovative and secure growth and by accelerating regional economic integration./.

VNA