International collaboration is critical to ending the COVID-19 pandemic and ensuring a strong, resilient, sustainable and inclusive economic recovery guided by a rules-based international trading system.
Today, the Honourable Mary Ng, Minister of Small Business, Export Promotion and International Trade, concluded her participation in the Asia-Pacific Economic Cooperation (APEC) Ministers Responsible for Trade Meeting. Hosted by New Zealand and championing the theme Join, Work, Grow. Together, the meeting was held virtually on June 4 and 5, 2021.
APEC provides Canada with an opportunity to strengthen trade and economic ties with some of the Asia-Pacific region’s most dynamic economies. During the meeting, the APEC ministers responsible for trade agreed on the essential role of trade and open markets in tackling the impacts of the COVID-19 pandemic and in enabling a strong economic recovery for all.
Minister Ng highlighted Canada’s efforts amidst the COVID-19 pandemic and offered a vision of a sustainable and inclusive post-pandemic recovery fuelled by support for women, diverse business owners, and small and medium-sized enterprises as well as by targeted efforts to increase trade within the APEC region. Highlighting Canada’s unwavering support for a rules-based multilateral trading system, with the World Trade Organization at its core, was the cornerstone of Minister’s Ng interventions as she emphasized the importance of greater regional economic integration, sustainable growth, and trade liberalization between APEC economies.
As part of her participation, Minister Ng announced that Canada will be contributing $500,000 in funding to the APEC Women and the Economy Sub-Fund, which will support initiatives advancing women’s economic participation within the APEC region. This contribution builds on Canada’s feminist foreign policy agenda and will help support women who have been disproportionately impacted by the pandemic.
Finally, Minister Ng welcomed APEC’s efforts to implement its Putrajaya Vision 2040, which aims to advance regional economic integration by fostering an open, market-oriented environment driven by the digital economy and innovative technologies.
“As a strong supporter of the rules-based multilateral trading system, Canada will continue to advance its partnership with APEC’s dynamic and inclusive economies. Together, we have the collective responsibility to support and strengthen this trading system, and we have committed to focusing our efforts on providing greater transparency of trade-related measures, expanding trade opportunities for women and micro, small, and medium enterprises, strengthening sector-based collaborations, and exploring collaborations on health and trade.”
– Mary Ng, Minister of Small Business, Export Promotion and International Trade
Canada is a founding member of APEC. Established in 1989, APEC is a multilateral forum dedicated to promoting free trade and investment, economic growth and development, and cooperation in the Asia-Pacific region.
With a membership of 21 economies worldwide, APEC’s primary goal is to support sustainable economic growth and prosperity in the Asia-Pacific region.
Created in 1995, the APEC Business Advisory Council (ABAC) is a mechanism through which APEC conducts its business engagement with the private sector. Joseph Fung was appointed in May 2021 to represent Canada for a 3 year term.
Putraja Vision 2040 is APEC’s vision for an open, dynamic, resilient and peaceful Asia-Pacific community, which focuses on 3 economic drivers: trade and investment; innovation and digitalization; and strong, balanced, secure, sustainable, and inclusive growth.