Acknowledging the COVID-19 far-reaching impacts on the health, well-being and economic prosperity in the region and the world, the ministers of the Asia-Pacific Economic Cooperation (APEC) economies said in a joint statement that in response, APEC economies should mobilise unprecedented resources, joint efforts, timely commitments to ensure a resilient and sustainable long-term recovery.
The ministers reiterated the crucial importance of ensuring the movement of essential goods, as well as the distribution of vaccines in the region and made commitment to facilitate trade on a broader list of medical supplies by reducing the cost of COVID-19-related goods, and strengthening border agency cooperation and coordination.
The statement focused on long-term economic recovery. To achieve this, the ministers highlighted the rules-based multilateral trading system with the World Trade Organization (WTO) at its core.
In addition, they addressed the importance of continued policy support measures, financial stability, structural reform, commitment to keep markets open and advance the APEC Free Trade Area.
To promote trade and investment, the ministers addressed the possibility of the resumption of cross-border travels within the region, which includes paving the way for both air and maritime crew to move safely and seamlessly, the return of average people's moving across borders for business, tourism and education purposes in the year of 2022.
To build low-emission and climate-resilient economies and pursue a sustainable post-pandemic recovery, the ministers discussed measures such as reducing tariffs on a wider range of environmentally friendly goods and services, which will help the environment and lower the barriers to trade.
The joint statement also highlighted the importance of science, technology and innovation, particularly on digital economy, for supporting the region's recovery.
They also considered ways to support the economic contributions of women, Indigenous Peoples, vulnerable communities and youth in the region.
The meeting was co-chaired by New Zealand Minister of Foreign Affairs Nanaia Mahuta and Minister for Trade and Export Growth Damien O'Connor.
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