Deputy Secretary General of the Malaysian Ministry of International Trade and Industry Norazman Ayob speaks at the event (Photo: Straits Times)
Kuala Lumpur (VNA) – Deputy Secretary Generalof the Malaysian Ministry of International Trade and Industry Norazman Ayob hasstressed that the APEC Post-2020 Vision should ensure further success of BogorGoals towards sustainable development and shared prosperity.
Addressing theMulti-Stakeholder Dialogue on APEC Post-2020 Vision in Kuala Lumpur on February19, Norazman, who is also head of Malaysia’s APEC Senior Officials’Meeting (SOM) delegation, said the Bogor Goalswhich set the aspiration for a free and open trade and investment in the Asia-Pacificregion by 2020 for APEC economies, has managed to bring the region closerthrough reduction of trade barriers and addressing gaps in regulations.
He saidaverage tariffs dropped from 17 percent in 1989 to 5.3 percent in 2018, throughinitiatives and activities pursued by member economies.
During this agewhen unpredictability is the new norm, economies have to be prepared toconstantly embrace change in order to survive current global uncertainties, hesaid, adding that the globalisation process is being redefined by the ambiguitybrought by rising economic nationalism, policy uncertainty, and rapid adoptionof digital technologies.
According tohim, the theme for APEC 2020 is ‘Optimising Human Potential towards a Future ofShared Prosperity’, with Shared Prosperity identified as the central element inthe agenda setting this year.
Economicdevelopment is not solely about creating equal opportunities and prosperitycreated through trade and investment, but it has to have impact on thewell-being of people, he said./.
