APEC-Post 2020 Vision should ensure Bogor Goals: Malaysian official

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 General of the Malaysian Ministry of International Trade and Industry Norazman Ayob has stressed that the APEC Post-2020 Vision should ensure further success of Bogor Goals towards sustainable development and shared prosperity. 

Addressing the Multi-Stakeholder Dialogue on APEC Post-2020 Vision in Kuala Lumpur on February 19, Norazman, who is also head of Malaysia’s APEC Senior Officials’ Meeting (SOM) delegation, said the Bogor Goals which set the aspiration for a free and open trade and investment in the Asia-Pacific region by 2020 for APEC economies, has managed to bring the region closer through reduction of trade barriers and addressing gaps in regulations.

He said average tariffs dropped from 17 percent in 1989 to 5.3 percent in 2018, through initiatives and activities pursued by member economies.

During this age when unpredictability is the new norm, economies have to be prepared to constantly embrace change in order to survive current global uncertainties, he said, adding that the globalisation process is being redefined by the ambiguity brought by rising economic nationalism, policy uncertainty, and rapid adoption of digital technologies.

According to him, the theme for APEC 2020 is ‘Optimising Human Potential towards a Future of Shared Prosperity’, with Shared Prosperity identified as the central element in the agenda setting this year.

Economic development is not solely about creating equal opportunities and prosperity created through trade and investment, but it has to have impact on the well-being of people, he said./.