APEC Urged To Pursue Deeper Regional Integration Amid US-China Trade War

KUALA LUMPUR, July 25 (Bernama) -- The Asia-Pacific Economic Cooperation (APEC) should pursue deeper regional economic integration to tap into opportunities amid the spillover effects in global trade and supply chain resulting from the trade tensions between the United States (US) and China. Senior Minister cum Minister of International Trade and Industry Mohamed Azmin Ali said the role of APEC as an incubator to new ideas and efficient platform for capacity building programmes should be utilised to bridge differences. "While the free trade area of Asia Pacific mooted by APEC is a far fetched reality, it should not hinder economies from focusing on common grounds and working towards the convergence of ideas by emulating best practices learned from each other," he said at the virtual press conference after chairing the maiden digital meeting for APEC trade ministers here, Saturday. Mohamed Azmin said the COVID-19 pandemic had challenged APEC to act fast in a coordinated manner. "This health crisis is a real test for APEC in signifying its unity and steadfastness in responding towards revitalising the economy post-pandemic. As we resolved at the meeting today, APEC economies will continue working in solidarity to mitigate the impact of the COVID-19 crisis," he added. Mohamed Azmin said the commitment recognised the importance to keep the market open to deliver free trade and investment in the current environment. -- BERNAMA