The 2020 APEC Session Concluded on a High Note
The Asia Pacific Economic Cooperation (APEC) 2020 Malaysia was a success in Kuala Lumpur this year after it concluded on 21 November 2020. 21 APEC Economic Leaders were present for the session.
The Promising Achievements
The success of the APEC 2020 Malaysia was marked by the adoption of the APEC Putrajaya Vision 2040. It also saw the adoption of the 2020 Kuala Lumpur Declaration. This was the first time the APEC was hosted virtually.
A Vision for the Future
The APEC Putrajaya Vision 2040 will focus on advancing the Bogor Goals that reached maturity this year. The goals were first launched back in 1994.
The aspiration of this initiative is to create a dynamic, open, peaceful, and resilient Asia-Pacific community by the time 2040 comes. The goal is to create a prosperous environment for future generations to come.
The key drivers that this vision hopes to achieve include the following:
- Trade and investment
- Innovation and digitalisation
- Inclusive growth that is strong, balanced, and sustainable
The 2020 Kuala Lumpur Declaration
The other highlight of the APEC 2020 Malaysia was the 2020 Kuala Lumpur declaration. It is considered a highlight of the session because this agreement, which was elusive over the last two years, has been finally achieved. This shows just what nations can accomplish when differences are set aside.
The declaration highlights a need for more equitable facilitation of access to vaccines that are safe, affordable, and effective. It also highlighted the importance of a trade environment that is fair, open, transparent, predictable, and non-discriminatory.
The leaders present at the APEC 2020 Malaysia session also highlighted the need for advancements in human resource development. This will help to strengthen the economic and technical cooperation aspect.
A Commitment to Change
The leaders of the APEC 2020 Malaysia cemented their commitment to being more supportive of the efforts to tackle climate change globally. The leaders of the summit shared their thoughts on the importance of cooperation and collaboration. Together as one, the hope is to return the region to some sense of normalcy and promote economic growth after the COVID-19 pandemic.