APEC's structural reform to bolster resilience against future shocks

APEC's structural reform to bolster resilience against future shocks

New Zealand Minister of Commerce and Consumer Affairs David Clark. (ANTARA/HO-APEC Secretariat)

This is a critical time to join together, share experience, and collaborate, as we promote and shape our economic recovery from the pandemic
Jakarta (ANTARA) - Structural reform drew major attention, as ministers and economic officials from 21 APEC member economies convened virtually on Wednesday to advance sustainable and resilient recovery from the pandemic by reviving APEC’s structural reform agenda.

The virtual convention was chaired by New Zealand Minister of Commerce and Consumer Affairs David Clark, according to a release issued by the APEC Secretariat and received here on Thursday.

Ministers and officials stated that the Enhanced APEC Agenda for Structural Reform will facilitate member economies to prioritize their work for the subsequent five years and chart the way toward strong, sustainable, and inclusive economic growth for the region.

In his opening remarks at the meeting, Minister Clark underscored the key role that structural reform plays in boosting recovery in addition to advancing policy development that will improve the institutional and legal environment across APEC.

"This is a critical time to join together, share experience, and collaborate, as we promote and shape our economic recovery from the pandemic," he emphasized.

"Implementing the right structural reforms will help ensure that our economies, businesses, and all our people can build towards a sustainable and inclusive recovery as well as improve resilience for the future," Clark affirmed.

The minister drew attention to the fact that structural reform efforts will help economies respond to pressing issues and prepare the region for future economic shocks.


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"Macroeconomic responses from economies have provided critical buffers during the pandemic for people and businesses, while microeconomic policies will improve markets’ efficiency and productivity," Clark expounded.

Focusing on APEC’s priority to increase inclusion and sustainability for recovery, the New Zealand minister voiced support for tackling climate change that will only exacerbate the future economic, social, and environmental costs across the region.

"Right now, we have the opportunity to not just replace what we had, but to also create a more robust future by adopting a green recovery," Clark suggested.

"That is, to be inclusive in the long-term, environmentally sustainable, innovation friendly, and that helps to align and accelerate global investment towards green alternatives," he stated.

Hence, Clark concluded that collaboration, cooperation, and integration were the keys to economies in laying down the foundations for a stronger, healthier world following the disruption caused by COVID-19.

"The structural reform efforts that we put into place will contribute to APEC’s overarching goal to promote balanced, inclusive, sustainable, innovative, and secure growth," he remarked.
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