SYDNEY, November 12. /TASS/. Participants in the Asia-Pacific Economic Cooperation (APEC) Forum stressed the importance of inclusive economic recovery from the impacts of the coronavirus pandemic. This is according to the declaration adopted by the leaders of the APEC Forum adopted on Friday.
"We need to support the wellbeing and security of all our people, and their equitable participation in the economy, so that no one is left behind. Recognizing the disproportionate impacts of COVID-19 on MSMEs (medium, small and micro enterprises), women and others with untapped economic potential, we are also taking action to drive a more inclusive economic recovery," the document says.
The APEC leaders also urged "supporting MSME digital empowerment by tackling systemic barriers to entrepreneurship and reinforcing capacity building."
"We will also deepen our efforts to respond to the impact of the pandemic on labor market participation and the future of work," according to the declaration.
APEC includes 19 economies, including 12 founding states - Australia, Brunei, Indonesia, Canada, Malaysia, New Zealand, Singapore, USA, Thailand, Philippines, South Korea and Japan, as well as China (joined in 1991), Mexico and Papua New Guinea (1993), Chile (1994), Russia, Vietnam and Peru (1998). In 1991, two Chinese territories - Hong Kong and Taiwan - also joined APEC. Taking into account the specifics of the composition of the association, which includes not only states, but also territories, the APEC participants are usually denoted by the term "economy." The APEC economies account for 57% of the planet's GDP and 48% of world trade and for about 3 billion people of the world population. In 1998, a ten-year moratorium on the expansion of the APEC membership came into force, in 2010 it was extended indefinitely. India, Cambodia, Colombia, Costa Rica, Macau, Mongolia, Pakistan, Panama, Sri Lanka and Ecuador are showing interest in joining APEC.