New Zealand has played an integral role in a plan to help shape the economic growth of the Asia-Pacific region for the next 20 years.
Endorsed by Leaders of the 21 APEC economies on Saturday at the last meeting of New Zealand's APEC host year, the Aotearoa Plan of Action brings to life the APEC Putrajaya Vision 2040 that was adopted last year – and which aspires to an open, dynamic, resilient and peaceful Asia-Pacific by 2040, for the prosperity of its people and future generations.
The two documents aim to pull the region out of the economic crisis caused by the Covid-19 pandemic and use the opportunity to make communities more resilient.
"It's all about building prosperity, resilience and well-being for the 2.7 billion living in the Asia-Pacific region," says Vangelis Vitalis, the Deputy Secretary, Trade and Economic, at the Ministry of Foreign Affairs and Trade, and the APEC (Asia Pacific Economic Cooperation) Senior Officials' Meeting Chair for 2021.
"If we can make our economies more sustainable, more digitised, and more inclusive of everyone across the community, we will all be better placed to recover and to withstand the economic shocks of the future. Climate change is one, but there will be others. This is a chance for us to prepare.
"Covid-19 has been a reality check for us all. It showed us that our economies are more vulnerable than we might have thought.
"Small and medium-sized businesses, women and indigenous peoples have borne the brunt of the pandemic's economic impact, so we need to make them stronger, more resilient. The Aotearoa Plan of Action will help us do this.
"With New Zealand holding the pen on writing this plan, we worked with all our partners to ensure a focus on issues important to us all, as well as to ensure that the perspective of smaller economies has been reflected. This has been a significant achievement for New Zealand to make a meaningful contribution to the direction of our region's economic growth and development."
APEC is a group of 21 economies bordering the Pacific Ocean that work together to deal with challenges and help each other prosper in the Asia-Pacific region. With 47 per cent of global trade stemming from APEC economies, it's an important group for New Zealand to be part of and to connect with so closely and frequently.
Most of New Zealand's free trade agreements are with APEC members; 14 of its top 20 export markets are APEC members. This includes the United States, China and Japan – the three largest economies in the world.
The actions set out in the Aotearoa Plan of Action were developed after extensive and wide-ranging discussions between representatives from the 21 APEC economies held over the last 11 months. They've agreed to work together on using digital technology and innovation, promote more environmentally sustainable approaches, and to tackle climate change – all to stimulate economic growth.
They've also agreed to work together to find ways to better support everyone to take their place in the workforce and make the most of their economic potential.
This will particularly focus on SMEs, women and indigenous peoples, who typically face a range of barriers in employment and business. The inclusion of work on indigenous peoples is a first for APEC.
There are specific actions for economies to work on individually through their domestic policy, such as finding ways to help businesses scale up and operate internationally.
Meanwhile, the larger, more complex collective goals will require a collaborative approach, such as helping industries to reduce their dependence on subsidies as they switch from fossil fuels to renewable sources of energy.
Read more about the Aotearoa Plan of Action - go to aotearoaplanofaction.apec.org