APEC kicks off virtual Economic Leaders' Meeting focusing on COVID-19 recovery, new vision

WELLINGTON -- The 28th Asia-Pacific Economic Cooperation (APEC) Economic Leaders' Meeting, under New Zealand Prime Minister Jacinda Ardern's chairmanship, kicked off virtually on Friday night.

The leaders will discuss the ongoing management of the COVID-19 pandemic, further regional trade and economic cooperation between member economies, with a focus on trade outcomes that support the movement of vaccines and related medical supplies.

APEC's long-term work on macro-economic policy and structural reform, as well as efforts to progress work on sustainability, inclusivity, and digital connectivity are high on the agenda.

The leaders will finally build on the significant work undertaken during APEC 2021 to agree on a joint declaration that further delivers on the year's policy priorities against the global health and economic crisis.

An implementation plan for the Putrajaya Vision 2040, APEC's most important deliverable for the year and a core focus for New Zealand as the host, is expected to be endorsed to guide APEC's work for the next 20 years.

As a long-held tradition of APEC meetings, the leaders will pose for a "family photo" wearing traditional Māori costumes.

The meeting is being held at a challenging time when the COVID-19 pandemic made a comeback through the Delta variant, with around 250 million cases and over 5 million deaths around the globe, according to the World Health Organization.

While economic activities in the Asia-Pacific region have rebounded and vaccination rates continue rising, the recovery from COVID-19 in different countries, regions, sectors and groups remains uneven.

APEC is a regional economic forum established in 1989 to leverage the growing interdependence of the Asia-Pacific. APEC's 21 members aim to create greater prosperity for the people of the region by promoting balanced, inclusive, sustainable, innovative and secure growth by accelerating regional economic integration.

APEC's member economies are home to around 3 billion people, representing about half of global trade and 60 percent of the world's total GDP.

Thailand will take over as the chairman of next year's APEC meetings.