THE Asia-Pacific Economic Cooperation (Apec) ministers underscored the need to promote sustainability, inclusive growth and open trading, especially for Covid-19 vaccines and other essential goods amid the pandemic.
The recent ministerial meeting focused on the recovery initiatives by the Asia-Pacific economies amid the pandemic. It was co-chaired by New Zealand Minister of Foreign Affairs Nanaia Mahuta and Minister for Trade and Export Growth Damien O’Connor.
“As a leading regional body, it is important that Apec continues to emphasize its strong support for global climate commitments. While Apec accounts for 60 percent of global GDP, the same percentage is also true for emissions,” Mahuta said during a virtual press briefing after the meeting.
As such, she said the Apec ministers “agreed to send a strong signal on the importance of halting further spending on fossil fuel subsidies.” This financing amounts to billions of dollars annually, Mahuta noted, adding that the “real impact is on our environment.”
During the meeting, the ministers acknowledged the economic benefits of adopting a climate-resilient future global economy, commending the commitments for net-zero or carbon neutrality initiatives.
The Apec leaders also stressed the urgency of ramping up renewable energy sources to reduce dependence on fossil fuels.
“Ministers also recognize that an inclusive economy is a resilient and sustainable economy. A true economic recovery from Covid-19 is one where women and indigenous peoples are able to maximize their economic inclusion for the betterment of region,” Mahuta said.
The ministers vowed to continue strengthening information-sharing to boost upskilling and re-skilling of the workforce. This, in addition to crafting training programs for those seeking job opportunities.
The regional bloc also recognized the importance of micro, small and medium enterprises in providing employment and fostering economic growth. As such, the Apec ministers said they are seeking more participation of this segment both in the regional and global markets.
The ministerial meeting also delved into economically empowering other groups with “untapped economic potential,” citing the indigenous peoples and those living in rural and remote areas.
“We underline the importance of collecting and analyzing disaggregated data in informing policy responses; promoting opportunities for these groups through e-commerce; strengthening food security; and the role of traditional knowledge in sustaining economic resilience,” the ministers noted.
O’Connor, meanwhile, welcomed the ministers’ “strong stance against vaccine nationalism.”
“We all know none of us is safe until we are all safe. It was heartening to hear that no Apec economy has introduced vaccine export restrictions since we discussed a shared response to vaccine nationalism back in June,” he said.
Since June, the Apec countries have boosted trade facilitation for Covid-19 vaccines and other essential goods. Some economies even have kept zero to low taxes for vaccines and other medical supplies.
“It is free, fair, and open trade that will help economies move forward out of this pandemic. With Apec comprising 47 percent of global trade, we need openness in our region to drive global growth,” O’Connor added.
The same initiative was also previously agreed upon by the Association of Southeast Asian Nations (Asean) members, which stressed the need to keep global and regional supply chains open for trade facilitation amid the pandemic to recover.
Trade Secretary Ramon Lopez said earlier that ensuring trade flow will further strengthen the multilateral cooperation of the regional bloc.
Citing the Philippines, Lopez said the government did not place export restrictions for essential goods, including personal protective equipment and medical devices.
An initiative supporting the DTI’s sentiment is the Asean’s memorandum of understanding on the implementation of non-tariff measures on essential goods, Lopez said.
“It calls for Asean member-countries to refrain from introducing or maintaining trade-restrictive measures on essential goods, which is instrumental to sustain a resilient supply chain while ensuring the trade in essential goods continue to be unhampered to meet the needs of Asean businesses as well as its citizens,” he explained.