Three ways New Zealand stands to benefit from APEC 2021
Asia-Pacific’s post-Covid economy to be the heart of the conversation at APEC summit.
The future of the AsiaPacific’s post-Covid economy will be at the heart of conversations between its 21 leaders this year at the largest international summit hosted by the New Zealand Government.
For the first time since 1999, New Zealand is hosting the AsiaPacific Economic Cooperation (APEC), an organisation made up of 21 economies around the Pacific Rim that promotes growth through trade.
Senior Officials’ Meeting chair Vangelis Vitalis says 2021 is a huge year for APEC. It puts New Zealand – the second-smallest APEC economy by population – in a leadership role at a pivotal moment.
As this year’s Chair of APEC, Prime Minister Jacinda Ardern has placed the focus on ensuring that APEC effectively responds, not just to the immediate crisis caused by the pandemic, but also to the longer-term need to build a sustainable and resilient regional economy that benefits everyone.
More than 70 per cent of New Zealand’s trade is with APEC economies, The year-long series of meetings allows work
to continue on bolstering the recovery from the pandemic and igniting economic growth, but also to implement the Putrajaya vision - setting APEC’s agenda for the next 20 years.
Originally planned to be an inperson event attended by 20,000 people, the Government made the decision to move APEC 2021 to a virtual platform in June last year, to ensure its work could continue despite travel restrictions across economies.
More than 3000 officials and delegates have registered for virtual meetings so far, a number that will only grow as the year goes on.
or ing together is e Vitalis says APEC 2021’s motto of “Join, Work, Grow. Together” isn’t just any old slogan.
Ongoing cooperation between business leaders and politicians through the economic crisis will be essential.
New Zealand officials will have to work closely with their counterparts from the 20 other economies to create outcomes that benefit everyone. While it will be hard work, Vitalis says it’s achievable.
“It’s what we all must do if we are to succeed at this critical time,” he says.
hree e a s ill benefit from APEC 2021 An equal seat at the table
New Zealand will engage as an equal partner with some of the world’s largest economies at the summit. Though no laws or treaties will be written, APEC is the ideal forum and safe space to discuss key issues with our closest trading partners, such as trade, inclusion and sustainability.
The size of an economy doesn’t matter - the voices of all 21 economies are heard equally.
Strengthening post-Covid trade
The pandemic has only heightened the importance of APEC. As Covid-19 caused massive disruption to global trade, APEC played a critical role in encouraging and facilitating goods and services flowing across borders.
Breaking down barriers to the distribution of vaccines and related products will be key in both supporting the region’s health response to Covid and stimulating the global economic recovery.
APEC 21’s agenda will centre around three policy priorities; strengthening the recovery through trade and economic policies, increasing inclusion and sustainability for that recovery, and pursuing innovation and a digitally-enabled recovery.
Pioneering virtual summits
New Zealand has a chance to become a pioneer in global online events.
As the world’s largest ongoing virtual conference, the summit will host hundreds of meetings attended by thousands of delegates from across the Asia-Pacific.
By going fully virtual, New Zealand is now hosting the greenest-ever APEC conference, and the ambitious summit has the potential to change the way global leaders work together in the future.