Jakarta (ANTARA) - Malaysian Prime Minister Mahathir Mohamad has urged APEC member economies "to be united and harness collective strength to overcome issues and challenges, realign faith and charge forward.” APEC Malaysia’s host year commenced on December 9, 2019 with representatives of the 21-member economies weighing the policy priorities set by the Southeast Asian economy in a symposium taking place in Langkawi, Malaysia, as noted in a written statement issued by the APEC Secretariat and received here Tuesday.
"Malaysia, the incoming host of the Asia-Pacific Economic Cooperation, will rally the forum to ensure that the benefits from trade, investment, and economic cooperation are felt and enjoyed by our people," the Malaysian prime minister said as he launched APEC Malaysia 2020.
He first hosted APEC in 1998.
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In 2020, Malaysia will host APEC amid a moderating economic outlook both regionally and globally. Since the forum’s establishment in 1989, trade drove the expansion of the region’s economy, which nearly tripled in size in three decades and now accounts for 60 percent of global gross domestic product (GDP).
With the role of merchandise trade in economic growth now tempering, APEC seeks to foster additional means of broadening prosperity, such as the digital economy and the services sector, for more inclusive growth.
"APEC initiatives must now move past liberalisation initiatives to be more inclusive and involve all segments of the population," said Dr. Mahathir, who will be the only leader to host APEC twice.
APEC is integral to Malaysia’s economy. APEC member economies account for more than 80 percent of Malaysia’s total trade and more than 70 percent of its foreign direct investment in the manufacturing sector. Some 40 percent of jobs are tied to export-related activity.
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