Why is regional integration crucial for Apec economies?

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Regional Integration is Crucial for Apec Economies to Navigate Pandemic Challenges

Regional integration is vital for Apec economies to effectively revive their member economies, particularly in the face of the severe global economic disruption caused by Covid-19. A coordinated global response is essential during a pandemic, and acting in isolation would significantly prolong recovery efforts. The Asia-Pacific Economic Cooperation (Apec) 2020 Economic Leaders’ Declaration underscores Malaysia's full commitment to this principle, recognising that a broad-ranging response is key to economic revival.
Necessity of a Coordinated Global Response

The Covid-19 pandemic has demonstrated that global challenges necessitate global solutions. Apec Business Advisory Council (Abac) chair Datuk Rohana Mahmood highlighted the urgency for Apec economies to embrace regional integration, stating that a global pandemic inherently requires a coordinated global response. This collective approach is seen as the most effective way to address the widespread economic fallout and facilitate a more robust recovery across the 21 member economies.
Impact of Isolation on Economic Recovery

Acting in isolation during a global crisis leads to prolonged and more difficult recovery periods. If individual economies attempt to navigate the pandemic's economic consequences without regional cooperation, the time required to regain economic vitality will be significantly extended. This underscores the strategic importance of Apec's commitment to a unified approach, as outlined in the upcoming Leaders’ Declaration under Malaysia's stewardship.
Apec's Commitment to Integration, Innovation, and Inclusion

Under Malaysia's leadership, Abac is actively pursuing a work programme centred on "integration, innovation, and inclusion." This agenda is designed to address the challenges of maintaining economic vitality within the Asia-Pacific region and ensuring that the benefits of this vitality are shared broadly. The focus on integration specifically aims to foster stronger economic ties and collaborative strategies among member economies, a crucial element for resilience in the current global climate.

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Why is regional integration crucial for Apec economies?

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