Putrajaya Vision 2040 to promote free, open, fair, trade and investment environment in Asia-Pacific

Published November 21, 2020, 10:01 AM

by Argyll Cyrus Geducos

President Duterte said the Philippines will remain committed to strengthening its ties with the international community as he welcomes the APEC Putrajaya Vision 2040 that recognizes pressing challenges and foresees issues that are yet to take place.

President Rodrigo Roa Duterte delivers his intervention during the virtual 27th APEC Economic Leaders’ Meeting at the Malacañang Palace on November 20, 2020. Other leaders also shared their views on the response by APEC Economies in mitigating the health and economic impact of the COVID-19 pandemic, and the APEC Putrajaya Vision 2040.
(KING RODRIGUEZ / PRESIDENTIAL PHOTO / MANILA BULLETIN)

Duterte made the statement during the virtual 2020 Asia-Pacific Economic Cooperation (APEC) Economic Leaders’ Meeting on Friday.

The Vision puts a new premium on and is devoted to working in tandem with each other to promote a “free, open, fair, non-discriminatory, transparent and predictable trade and investment environment” in the Asia-Pacific community.

Based on APEC’s statement, the APEC Putrajaya Vision 2040 is an “open, dynamic, resilient, and peaceful Asia-Pacific community by 2040, for the prosperity of all our people and future generation.”

In his remarks during the virtual summit, President Duterte told APEC Chairman Malaysian Prime Minister Muhyiddin Yassin how APEC has helped spur economic growth and prosperity in the region.

However, he said that the region continues to face challenges, particularly the COVID-19 pandemic.

“Over the years APEC has helped spur economic growth and prosperity, lifting millions of people out of poverty in the Pacific Rim region. We recognize the economic advancements we have thus far made,” Duterte said.

“Yet we have a new reality that is sobering. We should not be discouraged. If anything, we must recommit ourselves to bolder, more concrete ways to ensure our region’s economic well-being and vitality,” he added.

President Duterte said the APEC Putrajaya Vision 2040 recognizes the present pressing challenges and foresees those of the future. Through this Vision, the Chief Executive said the Philippines will play its role in strengthening the economic cooperation in the Asia-Pacific  Region.

“Through this Vision, we reaffirm our support for a free and rules-based multilateral trading system, with the World Trade Organization as its vanguard,” he said.

“We commit to address the widening income inequalities between the countries. And we aim to empower ourselves to face the disruptive impact of a new globalization, driven by digitalization and innovation,” he added.

The 27th APEC Economic Leaders’ Meeting on Friday launched the APEC Putrajaya Vision 2040, the region’s Post-2020 Vision – the key policy document that will replace the Bogor Goals, one of APEC’s flagships initiatives, which will reach maturity at the end of this year.

The Bogor Goals were released in 1994 for members to move towards the long-term goal of free and open trade and investment in the Asia-Pacific region no later than the year 2020.

 
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