Coronavirus Singapore

Apec trade ministers pledge to speed up flow of Covid-19 vaccines

Trade ministers from the 21 economies of the Asia-Pacific Economic Cooperation (Apec) forum yesterday pledged to expedite the flow and transit of all Covid-19 vaccines and related goods.

In a joint statement issued after the Apec Ministers Responsible for Trade meeting, they also agreed to prioritise identifying barriers to trade in services that could hinder the movement of essential goods.

These were the key outcomes of the virtual meeting, which was chaired by Mr Damien O'Connor, New Zealand's Minister for Trade and Export Growth, and attended by ministers and senior officials from the Apec economies.

They included Singapore's Minister for Trade and Industry Gan Kim Yong, who called for Apec economies to work collectively to support regional economic recovery and to deliver concrete initiatives in the light of the Covid-19 pandemic.

Founded in 1989, Apec brings together 21 Asia-Pacific economies: Australia, Brunei, Canada, Chile, China, Hong Kong, Indonesia, Japan, Malaysia, Mexico, New Zealand, Papua New Guinea, Peru, the Philippines, Russia, Singapore, South Korea, Taiwan, Thailand, the United States and Vietnam.

The joint statement said: "Defeating Covid-19 is the top priority for every economy.

"Recognising the role of extensive Covid-19 immunisation as a global public good, we urgently need to accelerate the production and distribution of safe, effective, quality-assured and affordable Covid-19 vaccines.

"As ministers, we are focused on trade and investment's role in ensuring widespread and equitable access to such vaccines and related goods."

The ministers also acknowledged the essential role of trade in mitigating the impact of the pandemic, as well as the importance of a free, open and fair multilateral trading system, said a Ministry of Trade and Industry (MTI) statement after the meeting yesterday.

The ministers also committed to support ongoing World Trade Organisation (WTO) reforms, and play a constructive role to deliver meaningful outcomes on areas such as e-commerce and environmental sustainability at the 12th WTO Ministerial Conference in November.

At the meeting, Mr Gan encouraged Apec economies to increase efforts to deepen regional economic integration and advance discussions in the areas of digital cooperation and sustainable development, said MTI.

He also participated in a dialogue with the Apec Business Advisory Council (ABAC) on Friday with ABAC Singapore's representative Lam Yi Young.

Mr Gan emphasised the importance of maintaining open supply chains and adopting trade facilitative measures.

He called for Apec to strengthen its collaborations with the council, in order for policies to be attuned to the needs of business communities, said MTI.

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A version of this article appeared in the print edition of The Sunday Times on June 06, 2021, with the headline Apec trade ministers pledge to speed up flow of Covid-19 vaccines. Subscribe