KUALA LUMPUR,: The year 2020 is expected to be an ambitious year for regional trade pacts.
Nevertheless, progress has been hampered as the world scrambles to mitigate the challenges brought about by the Covid-19 pandemic.
The fatal virus– which had actually presumably originated from an exotic meat market in Wuhan, China and spotted in Malaysia as early as in January this year– has badly damaged the global economy, and the nation was not spared from its consequences.
Like numerous other nations, Malaysia has turned to taking extreme actions, consisting of carrying out international border closure and limiting interstate journeys to suppress the spread of Covid-19, which the World Health Organisation (WHO) had declared as a global pandemic on March 11, 2020.
Nevertheless, in the middle of the background of the pandemic, Malaysia has proven its capabilities by successfully carrying out and concluding its year-long Asia-Pacific Economic Cooperation (APEC) chairmanship with a strong pledge towards free, open and non-discriminatory trade and financial investment.
The leaders of the 21 APEC member economies vowed to enhance cooperation during and after the Covid-19 pandemic, as they collected online on Nov 21 for the first-ever totally virtual 27 th APEC Economic Leaders’ Satisfying (AELM).
” As a grouping whose economies constitute about 60 per cent of the worldwide economy, APEC presumes a c