In 2020, Malaysia will steer the current discussions in APEC, from a focus on creation of business profits through trade and investment liberalisation towards improving the narrative in trade and investment. Introduction of this narrative is envisioned to make APEC a cooperative economic forum that encourages equitable growth and shared prosperity towards an inclusive development that will be felt by all the peoples in the Asia Pacific region.
This concept of Shared Prosperity is aligned to Malaysia’s global and domestic aspirations. Malaysia introduced this concept during the APEC CEO Summit in Papua New Guinea in 2018. Malaysia called for APEC member economies to practice a more sincere and just cooperation for a more inclusive development in the region. Further to that, the Government of Malaysia has proposed for the concept of ‘Shared Prosperity’ to be inculcated not only for APEC 2020, but also for the APEC post-2020 vision that will replace the Bogor Goals that will end in 2020.
‘Shared Prosperity Vision 2030’ was launched in September 2019 as the new framework to guide economic direction for Malaysia. The Vision is a commitment to make Malaysia a nation that achieves sustainable growth along with fair and equitable distribution across income groups, ethnicities, regions and supply chains.
The same Vision will be the guiding principles when Malaysia hosts the Asia-Pacific Economic Cooperation (APEC) Meetings in 2020, in advancing our priority areas.