APEC launches 2040 Vision, sheds light on free trade, inclusive growth

The 27th Asia-Pacific Economic Cooperation (APEC) Economic Leaders' Meeting on Friday launched the region's Post-2020 Vision – the key policy document that is set to replace the Bogor Goals, which will reach maturity at the end of this year. 

The Bogor Goals, One of APEC's flagship initiatives, 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. 

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 generations," according to the official statement made by the organization.

It puts a new premium on and is devoted to working in tandem with each other to deliver a "free, open, fair, non-discriminatory, transparent and predictable trade and investment environment".

"We will further advance the Bogor Goals and economic integration in the region in a manner that is market-driven, including through the work on the Free Trade Area of the Asia-Pacific (FTAAP) agenda, which contributes to a high standard and comprehensive regional undertakings," according to the statement.

Regarding innovation and digitalization, it said it will create an enabling environment shored up by digital economy and innovation, including beefing up digital infrastructure, expediting digital transformation, narrowing the digital divide.

Besides, inclusive growth is still high on the agenda, covering spheres of human resource development, environment-friendly solutions, and quality growth benefiting all.

At last, the new vision issued by the grouping stressed the need to facilitate governance and stakeholder engagements to "maintain APEC's unique position as the premier forum for regional economic cooperation."

(Cover: A logo of APEC CEO Dialogues Malaysia 2020 is pictured at the command center, Kuala Lumpur, Malaysia, November 18, 2020. /Reuters)