The Asia-Pacific Economic Cooperation (APEC) is a forum of 21 Pacific Rim countries with the aim of facilitating the free trade of goods and services in the region. Each year, the APEC Summit is held in a different member country and held on a rotating schedule. The last APEC Summit was held in Chile in November 2019. This year, the Summit was held in Malaysia, on November 20-21.
The APEC Summit provides an opportunity for leaders to come together to discuss economic and political issues in the region. The focus of this year’s Summit was on promoting digitalization, sustainable development and financial stability in the region.
Leaders from across the region attended the Summit and discussed a wide range of important issues, from implications of the ongoing COVID-19 pandemic to strategies for innovation and investment, as well as regional and global trade.
At the Summit, Malaysian Prime Minister Muhyiddin Yassin and his APEC counterparts signed a joint statement calling for a free, open and inclusive development process in the region that would promote economic growth and inclusive development. The statement also called for the creation and strengthening of digital trade experiences, encouraging private sector involvement and a reduction of barriers to trade.
The Summit also saw the signing of the e-Lifestyle Partnership, which is an agreement between the 21 member countries of APEC to promote trade and investment in the digital economy. The e-Lifestyle Partnership focuses on using emerging technologies to promote trade and investment, with a focus on digital infrastructure, personal data security, emerging technology innovation and the development of digital skills.
In addition, the Summit also approved the formation of the APEC Digital Economy Forum. This forum will be responsible for coordinating and supporting the implementation of initiatives from the e-Lifestyle Partnership. The forum will also provide a platform for sharing best practices and exchanging ideas on how to promote innovation and digital industry development in the region.
The APEC Summit provides an important opportunity for leaders and representatives from Pacific Rim countries to come together and discuss the impact of technological advances, digital transformation and the impact of the COVID-19 pandemic. The outcomes of the Summit, including the e-Lifestyle Partner and the APEC Digital Economy Forum, will set the stage for further collaboration between APEC member states to promote economic growth and sustainability in the region.
