APEC is looking to partnerships to support business recovery

APEC is looking to partnerships to support business recovery

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Wellington, June 25 (Xinhua)-21 APEC Ministers of Finance and Business Leaders were effectively convened on Friday to continue to respond to pandemic companies, especially micro and SMEs, and the economy You can focus on helping your recovery.

New Zealand Finance Minister and Deputy Prime Minister Grant Robertson have joined the APEC Business Advisory Board (ABAC) to strengthen the exchange of views and experiences on best practices to help businesses survive health and economic crises. Hosted an informal Finance Ministers’ Meeting with.

In his opening remarks, Robertson, who also chairs the APEC Finance Ministers process in 2021, said informal dialogue provided a better understanding of the concerns of the private sector within the APEC region. These promises will inform the policy debates held by APEC Finance Ministers at a meeting in late October.

“This year’s Finance Minister’s process focuses on the macroeconomic response to COVID and a long-term view of how the fiscal policy and budget framework will evolve as a result of a pandemic,” Robertson said. Said.

“Partnerships between governments, businesses and civil society are important to the region’s response to COVID-19 and will continue to play an important role in long-term recovery.”

Continuing challenges such as social inequality resulting from the rapid evolution of technology, accelerated climate change, and widening inequality in income and wealth distribution are the APEC economy, especially given the uneven impact of COVID-19. Continues to be the focus of.

The discussion described the importance of addressing these issues and the various policy tools used to support the community.

These measures include support for maintaining employment and livelihoods, financial and financial stimuli to support businesses, especially trade borders for essential medicines, equipment and services, and restrictions on protected trade principles. Includes resistance.

In the dialogue, ministers and business leaders shared views on the most important and influential policies that the economy should focus on to support recovery.

Robertson reiterated that fiscal and monetary policy must continue to play a role in combating the effects of the pandemic, but it is also clear that stimulus alone is not enough.

“The pandemic has increased the need for complementary macroeconomic and structural policies,” he said.

Business leaders emphasized the importance of trade and open markets in promoting the availability of vaccines, essential health products and related products and services and keeping the global supply chain running.

“Changing a continuous pandemic is a top priority for the APEC economy, using extensive vaccination and testing for a safe and seamless resumption of borders as a prerequisite for overcoming the health crisis and for economic recovery. It’s clear that we have to, “explained Rachel Taureley. , 2021 Chairman of the APEC Business Advisory Board.

“Trade enables the region to return to sustainable economic growth,” Taureley added.

Ministers and business leaders also discussed the importance of sustainable and inclusive regional recovery and how economies and businesses can work together to achieve this goal.

“Sustainability and inclusion are ongoing challenges, and we need to strengthen our response in areas where we need to learn to coexist with COVID,” emphasized Taulleei. She emphasized the need for action to address climate change and other environmental risks for a healthy planet and ultimately for a healthy economy and society.

“Some people are already paying too high for a pandemic, such as women, young people, indigenous peoples, rural people, and those who don’t have the skills needed for an increasingly digital economy,” she added. “When we move forward, their well-being needs to be a priority.”

APEC Executive Director Dr. Rebecca Sta Maria acknowledged Member States’ commitment to expanding cooperation last year and reminded ministers that an unprecedented crisis requires a holistic, bold and practical response. It was.

“In addition to international cooperation and coordination, inter-sectoral and inter-ministerial collaboration is just as important as member states seeking long-term, sustainable solutions to economic resilience and recovery.” Dr. Stamalia concluded.

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