Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 

APEC’s New Structural Reform Plan To Boost Resilience Against Future Shocks

Issued by the 3rd APEC Structural Reform Ministerial Meeting

Wellington, New Zealand, 16 June 2021

Structural reform took center stage as ministers and economic officials from 21 APEC member economies convened virtually on Wednesday, chaired by New Zealand Minister of Commerce and Consumer Affairs Dr David Clark, to advance sustainable and resilient recovery from the pandemic by invigorating APEC’s structural reform agenda.

Ministers and officials say that the Enhanced APEC Agenda for Structural Reform will help member economies prioritize their work for the next five years and chart the way toward strong, sustainable and inclusive economic growth for the region.

In his opening remarks at the meeting, Dr Clark underscored the crucial role that structural reform plays in boosting recovery as well as advancing policy development that will improve the institutional and legal environment across APEC.

“This is a critical time to join together, share experience and collaborate as we promote and shape our economic recovery from the pandemic,” Dr Clark said.

“Implementing the right structural reforms will help ensure that our economies, businesses and all our people can build towards a sustainable and inclusive recovery, and improve resilience for the future,” Dr Clark added.

He highlighted that structural reform efforts will enable economies to respond to the urgent issues and prepare the region for future economic shocks.

“Macroeconomic responses from economies have provided critical buffers during the pandemic for people and businesses while microeconomic policies will improve markets’ efficiency and productivity,” Dr Clark explained.

Focusing on APEC’s priority to increase inclusion and sustainability for recovery, Dr Clark expressed support for tackling climate change that will only exacerbate the future economic, social and environmental costs across the region.

“Right now, we have the opportunity to not just replace what we had, but to create a more robust future, by adopting a green recovery,” Dr Clark advised. “That is, to be inclusive in the long-term, environmentally sustainable, innovation friendly, and that helps to align and accelerate global investment towards green alternatives.

“Collaboration, cooperation and integration are key to economies in laying the foundations for a stronger, healthier world following the disruption caused by COVID-19,” Dr Clark concluded.

“The structural reform efforts that we put into place will contribute to APEC’s overarching goal to promote balanced, inclusive, sustainable, innovative and secure growth.”

View the 2021 APEC Structural Reform Ministerial Meeting Joint Statement
View Annex 1: Enhanced APEC Agenda for Structural Reform (EAASR)
View Annex 2: Third APEC Ease of Doing Business (EoDB) Action Plan

© Scoop Media

 
 
 
Business Headlines | Sci-Tech Headlines

 




Civil Contractors: Massive Rebound In Civil Construction Business Confidence

New Zealand’s civil construction industry is riding a massive rebound in post-pandemic business confidence – but this may be undermined by skills shortages, which continue to be the industry’s number one challenge... More>>



Energy: Feeling Our Way Towards Hydrogen - Tina Schirr

Right now hydrogen is getting a lot of attention. Many countries are focusing on producing hydrogen for fuel, or procuring it, or planning for its future use... More>>

Maritime Union: Calls For New Zealand Shipping To Resolve Supply Chain Crisis

The Maritime Union says there needs to be innovative responses to ongoing shipping congestion. Maritime Union of New Zealand National Secretary Craig Harrison says it is essential that New Zealand develops its own shipping capacity... More>>


Housing: New Home Consents Continue To Break Records

A record 44,299 new homes were consented in the year ended June 2021, Stats NZ said today. “The annual number of new homes consented rose again in the June 2021 year, the fourth consecutive month of rises,” construction statistics manager Michael Heslop said... More>>


Real Estate: June Home Transfers Remain High
There were 44,517 home transfers in the June 2021 quarter, the highest June quarter figure since 2016, Stats NZ said today. The number of home transfers was very similar to the March 2021 quarter and was up 18,252 from the June 2020 quarter... More>>



Statistics: Household Saving Falls In The March 2021 Quarter

Saving by New Zealanders in the March 2021 quarter fell to its lowest level in two years after rising sharply in 2020, Stats NZ said today. Increases in household spending outpaced income growth, leading to a decline in household saving from the elevated levels that prevailed throughout 2020... More>>

ALSO: