Apec: Member economies facing a different challenge today

The Asia-Pacific Economic Cooperation (Apec) member economies are facing a different challenge today compared to when the grouping was founded in 1989 with “unpredictability” emerging as the new norm.

The International Trade and Industry Ministry’s deputy secretary-general (Industry) Norazman Ayob said Apec economies have to be prepared to constantly embrace change in order to survive in the current global uncertainties.

“The familiar globalisation process is being defined by the ambiguity brought by rising economic nationalism, policy uncertainty and rapid digital adaptation where Apec needs to recharge itself with its present and future agenda,” he said in his speech at the Multi-Stakeholder Dialogue on Post 2020 Vision in Putrajaya today.

This year’s Apec meeting themed “Optimising Human Potential Towards a Future of Shared Prosperity” according to him, has an important task in charting a new path beyond Bogor Goals.

“Towards this end, we are here at a significant stage in the history when Apec economies collectively will chart the new direction for Apec Post-2020, the reason for our presence here,” he said, adding that Apec has been an important part of the regional trade.

Through the initiative and activities pursued by Apec member economies, average tariffs have fallen from 17 percent in 1989 to 5.3 percent in 2018.

“During the same period, APEC share of the world’s trade has increased from 41 per cent to 48 percent, valuing US$24 trillion,” said Norazman.

However, despite the commendable achievements, he stressed that the world is no longer the same place as before.

As for the post-2020 vision, he said, that it needs to be creatively crafted to ensure that people are put at the core of the discussion, besides reflecting practical undertakings in dealings with ever-evolving challenges.

“I believe that through collective contributions from all of us, Malaysia as this year’s chair will be able to lead the development of a comprehensive vision that could ensure Apec stays relevant.

“Through this, Apec would be a frontier in pursuing inclusivity and sustainability agenda for the benefit of all economies,” he said.

Malaysia will be hosting Apec again after first hosting it 22 years ago.

About 21 leaders and 16,000 delegates from 21 Apec economies are expected to attend Apec 2020 in Malaysia.

- Bernama