APEC Economies Affirm Free and Open Trade & Investment

Members of the Asia-Pacific Economic Cooperation (APEC) have affirmed their commitment to opt for the free and open trade and investment on November 16, 2020. The members also affirmed to restore the efforts for the regional economic recovery and growth that have been impacted from the COVID-19 pandemic.

Highlights

The APEC Ministerial Meeting (AMM) was chaired by Malaysian Minister of International Trade and Industry Mohamed Azmin Ali. The minister highlighted the need for the member economies to resist the forces of protectionism and strengthen the support to the multilateral trading system.

Background

The Bogor Goals, which is a flagship initiative of the APEC,  were announced in the year 1994. It was announced for the members to move towards the long-term goal of free and open trade and investment in the Asia-Pacific. The goals further highlighted that, free and open trade and investment should not be attained by 2020.

Significance of the commitment

The commitment made by the ministers for free and open trade and investment would facilitate the movement of essential goods and services across borders It would also explore the ways to facilitate the essential movement of people across borders without undermining the efforts of containing the spread of the virus.

Asia-Pacific Economic Cooperation (APEC)

It is an inter-governmental forum of 21 member economies in the Pacific Rim. The grouping promotes free trade in the Asia-Pacific region.  APEC was established in the year 1989. The grouping is aimed at establishing the  new markets for agricultural products and raw materials beyond Europe. It has been headquartered in Singapore.