Why are Apec economies urged to work closer on Covid barriers?

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Apec Economies Urged to Collaborate More Closely Amidst COVID-19 Pandemic Challenges

Asia-Pacific Economic Cooperation (Apec) member economies are being urged to collaborate more closely to address the ongoing challenges posed by the COVID-19 pandemic. The current global health crisis necessitates a unified approach to dismantle trade barriers and foster free and open trade and investment across the region. This call for closer cooperation stems from the urgent need to navigate the multifaceted impacts of the pandemic on economic activity and to pave the way for a robust recovery.
Addressing Barriers to Facilitate Trade and Investment

The prevailing circumstances of the COVID-19 pandemic have highlighted the critical need for Apec member economies to work collaboratively to resolve existing barriers. These barriers impede the free and open flow of trade and investment, which are fundamental to the region's economic progress. The Bogor Goals, established in 1994, provided a framework for economic advancement, and their upcoming expiration underscores the necessity for a new vision to ensure the continuity of open trade and investment.
A New Vision Centered on Three Pillars

Apec's future direction is set to be guided by a new vision encompassing three core pillars. These are trade and investment, designed to help member economies overcome the COVID-19 crisis and move forward; digitalisation, acknowledging its growing importance in the global economy; and sustainability and inclusion, ensuring that all economies benefit from regional cooperation. This tripartite focus aims to create a more resilient and equitable economic landscape for the Asia-Pacific.
Prioritising Crisis Response and Supply Chain Resilience

A significant aspect of the current challenges involves crisis response, with a pressing need to ensure uninterrupted access to essential medical supplies, including vaccines. Maintaining the functionality of supply chains is paramount, as is the avoidance of fragmented policy approaches, particularly concerning the digital economy and the safe resumption of international travel. Such measures are crucial for reviving business activities and market demand, thereby accelerating global economic recovery.

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Why are Apec economies urged to work closer on Covid barriers?

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