The funding will be channeled to continually drive high-quality research, analytical capacity, and policy recommendations that aid in the realization of APEC’s goals, according to a written statement issued by the APEC Secretariat and received here on Monday.
The contribution was confirmed in a memorandum of understanding (MoU) inked virtually by Hong Kong, China’s APEC Senior Official Brian Lo, and Executive Director of the APEC Secretariat Rebecca Sta Maria, on the sidelines of the first APEC Senior Officials’ Meeting of 2021 and related fora meetings.
"Our contribution is made in recognition of the exceptional and invaluable insights provided by the APEC Policy Support Unit in a wide range of fields that benefit the APEC forum as a whole," Lo affirmed.
"In difficult times like this, Hong Kong, China, is committed to supporting APEC’s work towards achieving economic recovery and promoting regional economic integration, notwithstanding the challenging circumstances posed by the COVID-19 pandemic," he remarked.
The APEC Policy Support Unit was formed in 2007 by APEC ministers as the research and analysis arm of APEC. It furnishes some 20 policy reports and papers annually in addition to helping members and fora in formulating robust, effectual initiatives, with assessable results.
Its policy research and analysis agenda is arranged into five core areas of trade and investment liberalization and facilitation; structural reform; connectivity, including supply chain connectivity and global supply chains; economic and financial analysis; and sustainable economic development.
"The Policy Support Unit seeks to engage and complement the work of other international organizations, policy think tanks and research institutes," Denis Hew, director of the APEC Policy Support Unit, stated.
"By pursuing opportunities for joint research and analysis, we endeavor to provide APEC members with wider resources and expand the body of APEC-related research and analysis," he affirmed.
"Reliable and high-quality research is paramount to APEC as a forum since it supports officials identify critical problems and pain-points, recommend policy solutions, and participate in the policy process to aid sound decision-making," Sta Maria remarked. Related news: Investing in digital up-skilling of APEC's workforce critical: report
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