Malaysian Trade Minister Hails Completion Of APEC Post-2020 Vision On Long-Term Strategy

MOSCOW (UrduPoint News / Sputnik - 16th November, 2020) Malaysian Minister of International Trade and Industry Mohamed Azmin Ali on Monday hailed the progress the Asia-Pacific Economic Cooperation (APEC) organization achieved in completing the so-called post-2020 vision on the region's long-term strategy, in his opening remarks at the APEC Ministerial meeting hosted by Kuala Lumpur.

The post-2020 vision is the organization's key policy on the ways to build a more resilient and inclusive region. It will replace the so-called Bogor Goals, adopted in 1994, on achieving free and open trade and investment in the region by 2020.

"Of immense and particular significance is, of course, the completion of our work in formulating the post-2020 vision. This document is set to build on the success of Bogor goals and will chart the long-term strategic direction for the region in the years to come," Azmin said, thanking the member states for flexibility and cooperation in finalizing the vision.

According to the minister, APEC's commitment to the relentless pursuit of the Bogor goals became even more imperative during these challenging times and shows the member countries' determination to develop the APEC system.

"This underscores the will and conviction of the Asia Pacific to continue to resist the forces of protectionism in whatever form they come. The region will also strengthen support to a well-functioning, rules-based multilateral trading system while remaining steadfast advancing agenda of the WTO," Azmin said.

The minister also stressed that the organization had managed to achieve progress on a number of initiatives despite the COVID-19 pandemic.

In addition, Azmin noted the importance of travel bubbles that are being opened between the regional countries during the COVID-19 pandemic, as they are key to revitalizing the essential movement of people within APEC.