KUALA LUMPUR (June 16): The third Asia-Pacific Economic Cooperation (APEC) Structural Reform Ministerial Meeting (SRMM) 2021 has focused on introducing macro and micro economic policies that support structural reforms to ensure sustainable economic growth as well as recovery from economic shocks.

The meeting highlighted the key work to be undertaken by APEC in the coming years with APEC economies agreeing to refresh APEC’s structural reform agenda through the Enhanced APEC Agenda for Structural Reform (EAASR), which will guide APEC’s work for the next five years.

“The EAASR targets a stronger, more sustainable and inclusive economic growth in the future,” the Ministry of International Trade And Industry (MITI) said in a statement.

The virtual meeting was held today and involved 21 APEC economies. It was chaired by New Zealand’s Commerce and Consumer Affairs Minister Dr David Clark, according to the MITI statement.

Malaysia's representative to the meeting highlighted the need for urgent and immediate responses to address the impact of Covid-19.

“We shared our views and experiences towards rebuilding Malaysia’s economic recovery. Malaysia highlighted that seven stimulus and assistance packages were introduced, valued at US$92.3 billion, while simultaneously helping to shape the future, through a broad array of initiatives ranging from talent mobility incentives to e-commerce and digital payment campaigns,” MITI added.

The Malaysian government also called for more aggressive use of technology and signalled the importance of its role in crisis response.

During the meeting, Malaysia also highlighted the MyDIGITAL initiative, which ensures that the benefits that come with digital technology reach every segment of Malaysian society, thereby reducing the rural-urban digital gap, which is one of Malaysia’s key socio-economic development priorities.