Experts say APEC sets tone for next stage of cooperation, recovery

The Asia-Pacific Economic Cooperation (APEC) is showing more stability as a multilateral platform to boost global economic recovery, New Zealand experts told Xinhua on Saturday.

The APEC economic leaders vowed Saturday to cooperate to boost global economic recovery amid the COVID-19 pandemic.

The bloc also launched the implementation plan to achieve the Putrajaya Vision 2040 -- Aotearoa Plan of Action, which sets out the individual and collective actions on economic drivers.

"Despite the COVID-19 pandemic, APEC has completed its annual cycle strengthened rather than weakened," said Professor Gary Hawke, former head of the school of government at Victoria University of Wellington and a board member of the New Zealand Committee of the Pacific Economic Cooperation Council.

Siah Hwee Ang, a professor of international business and strategy and chair in business in Asia at Victoria University of Wellington, said the Putrajaya Vision 2040 is achievable.

"If you think about the broader umbrella such as the Putrajaya Vision 2040 on trade, investment, innovation, digitalisation, inclusive growth, and those things will continue to track along ... some aspects will be strengthened very quickly, especially around innovation and digitalisation," Ang said.

Ang noted that the immediate top priority in the Asia-Pacific region is COVID-19 response and economic recovery. The leaders agreed to take joint steps to facilitate the trade of COVID-19 vaccines and reduce related costs.

Professor Hawke said that APEC has fostered policy changes in its members and witnessed widespread increased prosperity.Professor Ang also believed that China would commit to multilateral and global cooperation, saying "I believe that China is definitely into multilateralism because China's growth is there."

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 by accelerating regional economic integration.

APEC's member economies are home to around 3 billion people, representing about half of global trade and 60 per cent of the world's total GDP. (ANI/Xinhua)

( With inputs from ANI )

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