The Asia-Pacific Economic Cooperation (APEC) has defined its roadmap for the next two decades. Through the Putrajaya Vision 2040, the 21 member economies aim to build an open, dynamic, and resilient region. This document replaces the Bogor Goals and establishes a firm commitment to the prosperity of future generations.
Trade and Investment for Free Markets
First, the Trade and Investment pillar reaffirms the importance of a rules-based multilateral system. APEC leaders are committed to ensuring a fair and predictable trading environment. For this reason, they will advance the Free Trade Area of the Asia-Pacific (FTAAP) agenda. Additionally, they will work actively to improve the connectivity of global supply chains.
Innovation and Digital Transformation
On the other hand, Innovation and Digitalization is the central driver of this strategy. Since the global economy is increasingly technological, APEC prioritizes strengthening digital infrastructure. The main objective is to bridge the digital divide and boost productivity. Furthermore, the plan seeks to facilitate data flows and increase consumer confidence in the digital environment.
Inclusive Growth and Environmental Sustainability
Finally, the third pillar focuses on sustainable and inclusive growth. This axis responds to critical challenges such as climate change and health crises. Therefore, the plan ensures that economic benefits reach everyone, including women and small businesses (MSMEs). In conclusion, the Putrajaya Vision 2040 pursues not only financial success but also planetary protection and social well-being.
Reference
Asia-Pacific Economic Cooperation. (2020, November 20). APEC Putrajaya Vision 2040. Annex A: 2020 Leaders’ Declaration. https://www.apec.org/Meeting-Papers/Leaders-Declarations/2020/2020_aelm/Annex-A