27th PECC GENERAL MEETING CONCLUDES

The 27th PECC General Meeting concluded on 17 December 2020. The event was hosted by the Malaysian National Committee for Pacific Economic Cooperation (MANCPEC) on the theme of “Optimizing Human Potential Towards Future of Shared Prosperity and Sustainability in Times of Covid-19.” Ambassador Don Campbell, international co-chair of PECC said that how we respond to the Covid-19 crisis was a defining moment of our age. While we were in a moment of danger, we were also in a moment of opportunity to address issues that we had thus far failed to address – such as sustainability and inequality.

Mr. Herizal Hazri, Chief Executive, Institute of Strategic and International Studies (ISIS), and Chair, Malaysia National Committee for Pacific Economic Cooperation reflecting on the discussions over the course of the General Meeting said that it is clear that there we have many challenges facing us due to Covid-19, but it is also clear that many of these questions have been with us for decades – how...

APEC CSOM 2020 - Briefing on PECC perspectives on the development of the post-2020 APEC Vision

On behalf of the PECC co-chairs, Ambassador Don Campbell briefed the APEC Concluding Senior Officials Meeting on PECC perspectives on the development of the post-2020 APEC Vision. He noted that PECC had worked closely with APEC officials in the development of the post-2020 vision organizing a number Multistakeholder Dialogues with APEC since the process began back in 2016.

He emphasized the need for the post-2020 to address some of the longer term issues facing the region including the urgent question of income inequality, essential questions of climate change and while rapid technological change did have the potential to enhance prosperity it also has the ability to increase the tendency towards fragmentation.

He noted that there are issues on which APEC can make a difference, including its support for the multilateral trading system, ways to progress regional economic integration and finding ways to address the fragmentation of the digital economy in the months ahead. He emphasized...

State of the Region 2020

The economic outlook for the Asia-Pacific has improved somewhat in recent months, but recovery will be uneven and fragile as the global pandemic has deepened in some places. Asia-Pacific economies are expected to shrink by about 3.1 percent in 2020 – less than the 4.7 percent contraction forecast in July’s State of the Region Report: Impact of the Covid-19 Crisis. Growth of 5 percent is now expected next year. Growth in the Asia-Pacific is then expected to decline towards 3.5% in subsequent years.

The reasons for the improved 2020 picture are China’s return to growth (it reported 4.9 percent expansion for the third quarter) and the less severe-than-expected downturns in several advanced economies. However, achieving significant and sustainable gains is contingent on reduced global volatility and on multilateral cooperation – which has been sorely lacking - to contain the global pandemic.

While the regional economy is coming out of the depths it fell to in the first half of 2020, th...

CNCPEC: Virtual Symposium on Promoting Connectivity in Asia Pacific towards a Future of Shared Prosperity and Sustainability

On 7th August 2020, China National Committee for Pacific Economic Cooperation (CNCPEC) held a virtual symposium on Promoting Connectivity in Asia Pacific towards a Future of Shared Prosperity and Sustainability. The symposium was envisioned to facilitate the development of a seamlessly and comprehensively connected and integrated Asia Pacific, and provide intellectual inputs and policy recommendations to the ongoing midterm review of (2015-2025), which was adopted by APEC economic leaders in Beijing in 2014.

Experts from the various PECC member committees and beyond, as well as the PECC International Secretariat attended the symposium.

Under the theme of “Promoting Connectivity in Asia Pacific Towards a Future of Shared Prosperity and Sustainability”, participants discussed and provided deep insights pertaining to the progress, the challenges, and the future direction of connectivity; primarily on Physical connectivity, Institutional connectivity and People-to-people connectivity.

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Asia-Pacific growth unlikely to recover without significant cooperation

Respondents to a PECC survey do not anticipate a swift rebound from the crisis in 2021 with growth levels for the Asia-Pacific remaining below 2019 levels for the next 3-5 years.

The survey of 710 policy experts from business, academia, government and civil society was conducted from 19 May to 12 June, 2020. An analysis of the responses also provides insights for further commentary on the regional outlook and the strategies available for transitioning out of the current situation.

One of the great uncertainties is when and how to leave the lockdowns that have been the first response to the virus that would help to restart economic growth.

The response was clear - the top pre-conditions for leaving from lockdown were all related to public health issues such as the medical capacity to deal with the number of cases and evidence that number of new cases was reducing. After the medical conditions came the economic considerations and the need for international cooperation highlighting the...