"As a grouping whose economies constitute about 60 percent of the global economy, APEC assumes a central role in spearheading post-pandemic economic recovery,” Yassin said at the virtual meeting, according to a written statement received here on Saturday.
The theme of the APEC Summit this year is ‘Optimising Human Potential towards a Resilient Future of Shared Prosperity: Pivot. Prioritise. Progress’.
At Friday's meeting, Prime Minister Yassin underscored the progress APEC has made on trade and investment in the last three decades and the benefits it has brought.
"Through the expansion of trade, Malaysians are able to experience positive spill-over effects in the form of job creation, knowledge transfer, and the strategic placement of our micro, small and medium-sized enterprises (MSMEs) in the global value chain," said Yassin, who chaired the Economic Leaders’ Meeting.
At this year's summit, APEC leaders are discussing collective regional action to accelerate economic recovery, including reaffirming support and commitment for the rules-based multilateral trading system and bolstering the digital economy to accelerate job generation and quickly return workers to employment.
A parallel focus has also been on boosting more inclusive economic growth in a bid to build back a better post-pandemic world.
While there is no denying that trade and investment have led to economic growth and greater prosperity in the Asia-Pacific region, Prime Minister Yassin reminded leaders of the collective concern, not all segments of society have benefitted from such wealth.
"The onus is on us, as leaders, to bring the distributive effects of trade and investment to all our people. In Malaysia’s view, this can be achieved through shared prosperity," he remarked.
"Shared prosperity is about mainstreaming economic development and centre-staging prosperity, to enable all members of our society to participate effectively in economic activities, and benefit from the resulting growth," he added. (INE)
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EDITED BY INE