Recognizing the imperative for closer regional cooperation to respond to the COVID-19 crisis, New Zealand Prime Minister Jacinda Ardern hosted Asia-Pacific Economic Cooperation (APEC) Leaders virtually for their first-ever mid-year gathering. Convening leaders in advance of the November summit brought attention to the COVID-19 health and economic crisis and response as APEC economies grapple with the pandemic. At the conclusion of the meeting, Leaders adopted a joint statement highlighting their commitment to working together to meet the challenges of the COVID-19 pandemic and realize the APEC Putrajaya Vision 2040.
In contrast to the statement released by Trade Ministers at the beginning of June, the Leaders’ Joint Statement does not include language supporting the WTO’s Trade-Related Aspects of Intellectual Property Rights (TRIPS) waiver for COVID-19 vaccines. Rather, the joint statement emphasizes efforts to expand vaccine manufacture and supply, support global vaccine sharing efforts, and encourages the voluntary transfer of vaccine production technologies on mutually agreed upon terms. In addition to addressing the COVID health and economic crises, Leaders discussed the three pillars of the Putrajaya Vision which includes strong, balanced, sustainable and inclusive growth; innovation and digitalization; and trade and investment.
U.S. President Joe Biden participated in the meeting which marked his first engagement with APEC. The White House readout following the meeting reaffirmed the U.S.’s commitment to the region as a Pacific economy vowing “that the United States will remain deeply engaged in the region for generations to come.” The President shared the U.S.’s global vaccine strategy which includes donating more than half a billion vaccines to more than 100 economies around the world without any political or economic provisions. Several APEC economies are, or soon will be, recipients of these vaccines. Finally, President Biden reaffirmed the United States’ interest in being a reliable partner in the region, including through the Build Back Better World Partnership which will provide high-standard, climate-aligned, and transparently financed infrastructure to APEC economies.
Before APEC Leaders meet again virtually in November, APEC will hold the SOM 3 cluster of meetings, the High-Level Meeting on Health and the Economy, Food Security Ministerial, Women in the Economy Forum, Small and Medium-sized Enterprise (SME) Ministerial, Finance Ministerial and Annual Ministerial Meeting. Additional details are available here: https://www.apec2021nz.org.
