A Strategic Reframing of APEC’s Economic Narrative
In 2020, Malaysia undertook a significant leadership role within APEC by steering discussions away from the traditional focus on trade and investment liberalisation solely as engines of business profitability. Instead, Malaysia advocated a new narrative—one that shifts attention toward the purpose and outcomes of economic integration. This fresh perspective emphasises that trade and investment should ultimately lead to equitable growth and improvements in the quality of life for all people across the Asia-Pacific.
The intention behind introducing this narrative was to reposition APEC as a cooperative economic forum, not merely a platform for market access negotiations or business facilitation. By broadening the conversation, Malaysia aimed to ensure that the benefits of globalisation and regional integration are shared more widely and more responsibly. The vision was clear: an APEC community where growth is inclusive, opportunities are accessible, and prosperity is felt at every level of society.
Shared Prosperity as Malaysia’s Core Contribution to APEC
The concept of Shared Prosperity is deeply rooted in Malaysia’s domestic and international aspirations. It represents a commitment to a development model that balances economic expansion with fairness, social inclusion, and long-term sustainability. The idea is not new; Malaysia first introduced it on the global stage during the APEC CEO Summit in Papua New Guinea in 2018, calling on member economies to build cooperation based on sincerity, equity, and mutual benefit.
Malaysia highlighted that for APEC to remain relevant in a rapidly changing global landscape—deepened by technological disruption, rising inequalities, and shifting geopolitical dynamics—its economic narrative must evolve. Open markets and liberalisation remain important, but without mechanisms that ensure equitable distribution of benefits, societies become vulnerable to discontent, political polarisation, and declining trust in global institutions. The Shared Prosperity concept therefore seeks to reinforce the social compact that underpins regional integration.
Moreover, Malaysia proposed that the Shared Prosperity framework should not be confined to the hosting year. Instead, it should inform the APEC Post-2020 Vision, a long-term roadmap replacing the Bogor Goals, which officially concluded in 2020. By embedding Shared Prosperity into the foundational principles of APEC’s next era, Malaysia hoped to guide the forum toward a more inclusive, people-centred trajectory over the coming decades.
Shared Prosperity Vision 2030 as Malaysia’s National Blueprint
Launched in September 2019, Shared Prosperity Vision 2030 (SPV 2030) serves as Malaysia’s overarching economic direction. It seeks to ensure sustainable growth accompanied by fair and equitable distribution of wealth across:
- Income groups
- Ethnic communities
- Geographic regions
- Industrial supply chains
SPV 2030 recognises that economic expansion alone is insufficient if structural imbalances persist. It calls for reforms that promote upward mobility, strengthen social resilience, and equip Malaysians with the capabilities needed to thrive in a modern, digitalised economy. Sustainability, inclusiveness, and broad-based participation form the foundational pillars of this national vision.
In many ways, SPV 2030 embodies exactly the type of economic thinking Malaysia wanted to project onto the APEC stage: a development model that balances liberalisation with fairness, competitiveness with social well-being, and innovation with opportunity.
Guiding APEC 2020 With the Shared Prosperity Framework
As host economy, Malaysia integrated the principles of Shared Prosperity into the broader agenda of APEC 2020. The shift influenced the priority areas, policy discussions, and eventual outcomes of the Leaders’ Meetings.
Through this approach, Malaysia sought to:
- Reframe trade and investment as tools for equitable development
Rather than focusing solely on market liberalisation, policies should ensure that growth translates into opportunities for communities, workers, and SMEs. - Promote balanced and inclusive participation across member economies
Shared Prosperity emphasises reducing developmental gaps, both between and within economies. - Strengthen APEC’s relevance in a post-Bogor, post-pandemic world
The objectives of 1994 no longer sufficiently address the complexities of today’s environment; a broader framework is required. - Align regional priorities with domestic aspirations
By anchoring APEC discussions in the same principles guiding Malaysia’s national economic transformation, APEC 2020 became a platform to demonstrate leadership through coherence and vision.
This alignment played a crucial role in shaping the APEC Putrajaya Vision 2040, which now serves as the forum’s long-term guiding document. Many of the Vision’s pillars—resilience, inclusivity, sustainability, innovation, and balanced growth—echo the core tenets of Shared Prosperity.
A Forward-Looking Framework for the Asia-Pacific
Malaysia’s push toward a new narrative was not merely rhetorical. It reflected a deep recognition that the global economy had reached an inflection point. Rising inequality, technological disruption, climate risks, and socio-political fragmentation demanded a more holistic approach to development. By championing Shared Prosperity, Malaysia encouraged APEC to evolve from a platform focused primarily on liberalisation to one that also emphasises:
- Social stability
- Human capital development
- Digital inclusion
- Sustainable economic models
- Equitable distribution of wealth
- Regional resilience and preparedness
The approach redefines prosperity not purely in terms of GDP growth, but also through improved well-being, opportunities, and security for all communities.
Conclusion: Malaysia’s Legacy in Reshaping APEC’s Future
By elevating Shared Prosperity as a central theme of APEC 2020, Malaysia made a significant imprint on the region’s economic discourse. The shift from a profit-centred narrative to one that prioritises people, inclusivity, and equitable development will continue to influence APEC’s work beyond 2020.
Malaysia’s contributions—rooted in SPV 2030 and reflected in the Putrajaya Vision 2040—position APEC to meet the evolving demands of a post-pandemic world. The result is a more balanced and forward-looking framework that places human potential, fairness, and shared progress at the heart of regional integration.