APEC summit produces 2040 vision document, Kuala Lumpur declaration

Jakarta (Indonesia Window) – The 2020 Asia-Pacific Economic Cooperation (APEC) summit (APEC Summit) which was held virtually on Friday (Nov 20) produced the 2040 vision document and the Kuala Lumpur Declaration, Indonesian Foreign Minister Retno Marsudi said.

She said the APEC Summit discussed two main agendas, namely cooperation in handling COVID-19 and efforts to recover the economy in the region, as well as the post-2020 APEC vision called APEC Putrajaya Vision 2040.

“The APEC Putrajaya Vision 2040 is a continuation of the Bogor Goals which have reached its deadline in 2020. And this new vision will be the basis for further APEC cooperation for the next 20 years,” she explained.

The APEC Putrajaya Vision 2040 focuses on four matters, namely strengthening the trade and investment system; the developments of innovation and digitization; ensuring regional resilience through strong and quality growth in the APEC region; and strengthening APEC and establishing 2040 as the limit for achieving APEC’s vision.

“In the preparatory negotiations for the Summit, there were several issues that Indonesia successfully put in in the post-2020 APEC vision, namely, among others, promoting the development of quality human resources, promoting connectivity development, promoting the empowerment of MSMEs and women in the digital economy, mainstreaming Indonesia’s interests in the investment sector, as well as enhancing trade access and capacity building as stated in the Bogor Goals of 1994,” Retno said.

Meanwhile, the Kuala Lumpur Declaration generally emphasizes the commitment of APEC’s economic leaders to cooperate immediately in dealing with the pandemic, recovering the economy, including taking advantage of new economic opportunities, such as the digital economy, as well as promoting sustainable, inclusive and innovative development.

“For Indonesia, the 2020 APEC Summit is a very important meeting, since it was held in the midst of the pandemic situation and world economic declining,” Foreign Minister Retno said.

In addition, she added, there was increasingly sharp rivalry between major countries, and therefore there was no agreement document produced.

The 2020 APEC Summit was chaired and hosted by Malaysian Prime Minister Muhyiddin Yassin.

The summit was attended by 21 leaders of APEC countries, including Indonesian President Joko Widodo from the Bogor Presidential Palace, West Java.

The Executive Director of the International Monetary Fund (IMF), Kristalina Georgieva, was also present at the event.

Reporting by Indonesia Window