Apec unveils Putrajaya Vision 2040

The Asia-Pacific Economic Cooperation (Apec) Putrajaya Vision 2040, the forum’s fresh vision that replaces the Bogor Goals, is for an open, dynamic, resilient and peaceful Asia Pacific community by 2040, for the prosperity of all its people and future generations.

The member countries will remain committed to APEC's mission and its voluntary, non-binding and consensus-building principles, and pursue the three economic drivers, namely trade and investment; innovation and digitalisation; as well as strong, balanced, secure, sustainable and inclusive growth.

"We acknowledge the importance of, and will continue to work together to deliver, a free, open, fair, non-discriminatory, transparent and predictable trade and investment environment.

"We reaffirm our support for agreed upon rules of the World Trade Organisation in delivering a well-functioning multilateral trading system and promoting the stability and predictability of international trade flows," it said.

Apec said it will further advance the Bogor Goals and economic integration in the region in a manner that is market-driven, including through the work on the Free Trade Area of the Asia-Pacific (FTAAP) agenda which contributes to high standard and comprehensive regional undertakings.

"We will promote seamless connectivity, resilient supply chains and responsible business conduct," said Apec.

On innovation and digitalisation, the vision is to foster an enabling environment that is, among others, market-driven and supported by digital economy and innovation.

The member countries will pursue structural reforms and sound economic policies to promote innovation as well as improve productivity and dynamism.

"We will strengthen digital infrastructure, accelerate digital transformation, narrow the digital divide, as well as cooperate on facilitating the flow of data and strengthening consumer and business trust in digital transactions," the vision statement said.

While on the third driver, Apec said it will intensify inclusive human resource development as well as economic and technical cooperation to better equip its people with the skills and knowledge for the future.

Apec will also promote economic policies, cooperation and growth which support global efforts to comprehensively address all environmental challenges, including climate change, extreme weather and natural disasters, for a sustainable planet.

To maintain Apec’s unique position as the premier forum for regional economic cooperation as well as a modern, efficient and effective incubator of ideas, the members will embrace continuous improvement of APEC as an institution through good governance and stakeholder engagements.

"We will advance the APEC Putrajaya Vision 2040 with a spirit of equal partnership, shared responsibility, mutual respect, common interest, and common benefit.

"We will achieve the Vision by 2040, with an appropriate implementation plan and review of its progress," it added.

- Bernama