Asia-Pacific Economic Cooperation (APEC) agreed on achieving a strong economic recovery from the coronavirus pandemic, starting with accelerating vaccine distribution.
New Zealand is the current chair of the APEC.
The trade ministers from 21 Asia-Pacific region nations met virtually amid the pandemic vow APEC economies will work proactively to support discussions for a temporary waiver of certain intellectual property protections on COVID-19 vaccines.
Recognizing the role of extensive COVID-19 immunization as a global public good, “APEC economies will expedite the flow and transit of all vaccines and related goods through air, sea and land ports, said in a joint statement” said in a joint statement.
“COVID-19 has highlighted once again, how much we depend on each other, and how important it is to keep trade and supply chains open,” New Zealand Minister for Trade and Export Growth Damien O’Connor, who serves as meeting chair, said.
As the APEC economies collectively need to vaccinate roughly 3 billion people, O’Connor urges the member states and regions to undertake the same level of cooperation they had done for economic development toward vaccines and medical supply equipment.
Founded in 1989, APEC is a platform for discussions on free trade and economic cooperation by Pacific Rim countries covering 60% of global gross domestic product, some 40% of the global population and around 50% of the world’s trade volume.
APEC groups 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.
(Based on Kyodo)
