THE economic leaders of the Asia-Pacific Economic Cooperation (Apec) stressed the need to redouble vaccine efforts, ensure job generation, further digitalization and enhance regional supply chain in supporting rebound for business activities.
In a joint statement, the Apec members expressed the urgency of having equitable access to Covid-19 vaccines in order to survive the ongoing pandemic, which has severely impacted economies.
“We recognize the role of extensive immunization against Covid-19 as a global public good. To that end, we will redouble our efforts to expand vaccine manufacture and supply, support global vaccine sharing efforts, and encourage the voluntary transfer of vaccine production technologies on mutually agreed terms,” the regional bloc said.
In addition, the Apec leaders said the health systems in place should be resilient enough to address the current and future related events.
To ensure inclusive growth, the Apec ministers vowed to implement macroeconomic and structural policies aimed at accelerating rebound. These include measures boosting job creation and initiatives enabling women to participate in the
economic recovery.
The regional bloc underscored the importance of promoting sustainable financing and recovery as well. “In designing a sustainable recovery, and aligned with global efforts, we reiterate the importance of economic policies, cooperation and growth that contribute to tackling climate change and other serious environmental challenges,” the Apec members said.
“Given the significant and diverse impact of Covid-19 on our people and businesses, now is a crucial time to pursue sound economic policies to sustain jobs, increase economic productivity, and advance innovation,” they explained.
As such, the Apec member- countries said they will continue to support the digitalization, especially for the micro, small and medium enterprises.
The regional bloc noted the need to establish cooperation on facilitating the flow of data and instilling consumer confidence in digital transactions.
“We will support measures designed to foster digital transformation and contribute to bridging the digital divide, including digital literacy and skills,” the organization added.
Meanwhile, the Apec ministers are also working on ensuring that regional supply chains allow “safe and efficient distribution of Covid-19 vaccines and related goods.” They expressed commitment on cooperating to facilitate the flow of goods and services.
“We must pave the way for the safe resumption of cross-border travel, without undermining efforts to prevent the spread of Covid-19,” the Apec members stressed. “We acknowledge the importance of a free, open, fair, non-discriminatory, transparent and predictable trade and investment environment, which can help combat the far-reaching impacts of the Covid-19 pandemic.”
In an event last month, Trade Secretary Ramon Lopez urged the MSMEs to maximize the opportunities for international trade in the Apec region. He noted that the MSMEs in the Apec bloc account for only 35 percent or less of direct exports.