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21/11/2020  27th APEC Economic Leaders' Meeting

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His Majesty Sultan Haji Hassanal Bolkiah Mu'izzaddin Waddaulah ibni Al- Marhum Sultan Haji Omar 'Ali Saifuddien Sa'adul Khairi Waddien, Sultan and Yang Di- Pertuan of Brunei Darussalam, in a titah says Brunei Darussalam welcomes efforts to strengthen APEC's economic and technical cooperation agenda which should promote more capacity building, sharing of best practices especially in  digitalisation and human resource development. Majesty the Sultan and Yang Di-Pertuan of Brunei Darussalam delivered the titah while joining Asia-Pacific Economic Cooperation, APEC Leaders for the 27th APEC Economic Leaders' Meeting (AELM) Leaders' Retreat, 20th November night. With the theme, "Optimising Human Potential Towards a Resilient Future of Shared Prosperity: Pivot, Prioritise, Progress" – held virtually via video conference from Baitul Mesyuarah, Istana Nurul Iman. His Majesty the Sultan and Yang Di- Pertuan of Brunei Darussalam in a titah highlights that the COVID-19 pandemic is a test of APEC's relevance as an economic cooperation platform that has benefitted the people of APEC.

 

Earlier in the Meeting, Yang Amat Berhormat Tan Sri Dato' Haji Muhyiddin bin Haji Mohd. Yassin, the Prime Minister of Malaysia as the APEC Chairman for 2020 in his opening remarks recognised that APEC has provided the framework for its economies to implement economic ideas based on consensus, to further raise the prosperity of people in the region. The relevance of APEC is more pronounced to ensure affordable, accessible and equitable distribution of COVID-19 vaccines.

 

At the meeting, the leaders were presented with a report on the Global Economic Outlook by Ms. Kristalina Georgieva, Managing Director of the International Monetary Fund, IMF.

 

The leaders touched on post-COVID-19 measures, the APEC Putrajaya Vision 2040 and the 2020 Kuala Lumpur Declaration. The APEC Putrajaya Vision 2040 fosters the participation of people, further allowing for a strong market system and multilateralism for open and fair trade and economic growth. Meanwhile, the 2020 Kuala Lumpur Declaration will promote sustainable and inclusive growth to further build a more resilient region that can benefit the people.

 

Leaders also highlighted the importance of innovation driven growth, and enhancing connectivity to facilitate the flow of goods, and people. Regional recovery also depends on fair, equitable and safe access to COVID-19 vaccines as well as structural reforms to develop local business ecosystems.  APEC must also prioritise the climate change agenda to achieve balance between the digital and green economies.

 

At the end of the Meeting, the APEC Putrajaya Vision 2040 and the 2020 Kuala Lumpur Declaration were adopted.

 

The Prime Minister of Malaysia then handed over the Chairmanship of APEC to The Right Honourable Jacinda Ardern, Prime Minister of New Zealand.


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