PETALING JAYA: Malaysia notched several achievements when the country hosted the Asia-Pacific Economic Cooperation (APEC) 2020 summit last month.
The one success that stood out was the ability to host a major event in the midst of a global pandemic when it held the summit virtually – a first-ever – that proved Malaysia was proactive in containing the spread of Covid-19.
But it didn’t stop there.
The summit also witnessed the declaration of the Putrajaya Vision 2040, which is poised to replace the Bogor Goals.
Unveiled by Prime Minister Muhyiddin Yassin, the Putrajaya Vision 2040 aims to create an open, dynamic, resilient and peaceful Asia-Pacific community in 20 years for the wellbeing of the “rakyat” and future economies.
Via Putrajaya Vision 2040, member states will ensure that the economy in the Asia-Pacific region will remain vigorous as well as prominent when it comes to trade and investment.
The initiative will also allow these member countries to plan and prepare in a time of crisis, aside from prioritising innovation and digitalisation.
Putrajaya Vision 2040 also upholds the shared prosperity agenda, a main focus of APEC 2020, which is in line with the realignment of the economy and ensuring that all levels of society would thrive.
Meanwhile, the Kuala Lumpur 2020 Declaration, which was agreed upon by APEC’s economic leaders, stresses on efforts to contain the Covid-19 pandemic apart from drawing up strategies to strengthen the four aspects of economic growth.
The declaration, which was approved by the 21 member states, among others highlights the determination of the respective leaders to help countries in the Asia-Pacific region to recover from the health crisis which threatens to arrest its economic growth.
The cooperation among the member states will focus on drafting policies for sustainability and to enhance the living standards of the people via several mechanisms.
The declaration sets three main economic drivers to achieve aspirations in trade and investment – innovation, digitalisation, and a strong, balanced, secure, sustainable and inclusive growth.
APEC 2020 succeeded in securing the commitment of member states to work together on several important agendas.
Malaysia played host to an APEC summit for the second time, the first being in 1998. And this time around, the international trade and industry ministry (Miti) served as the national secretariat.
In 2018, leaders weren’t able to agree on the Leader’s Declaration, while in 2019 the APEC Economic Leaders’ Meeting was cancelled due to anti-government protests.
In closing APEC 2020, Muhyiddin announced that New Zealand would play host for the summit next year. The announcement was followed by a short speech and a video on the country.