technological transformation , and encouraging the use of digital technology to resolve crossborder business-to-business disputes . We aim to advance efforts to promote human resource development , and strengthen economic and technical cooperation , to ensure all affected economic sectors and workers are afforded appropriate support in expediting their economic recovery . We are encouraged by the broader ongoing efforts on economic , financial and social inclusion that contribute to narrowing the gap in economic development , and advance the wellbeing for all , in support of global efforts , including the 2030 Agenda for Sustainable Development .
Driving Innovative and Inclusive Sustainability We will foster comprehensive quality growth and advance work to this effect , including on the APEC ’ s human security agenda , in order to recover from COVID-19 .
We reaffirm our support for economic and technical co-operation , as well as structural reforms , that drive innovation , productivity and sustainable growth . We encourage inclusive recovery from COVID-19 that increases employment and economic activity . Recognising the impact of COVID-19 on global food supply chains , we will work to ensure food security through sufficient , safe , and nutritious food that continues to be available and accessible to people across the region , while reducing food loss and waste .
We will collaborate to facilitate access to affordable energy , enhance energy resilience and energy security using the widest variety of fuels and technologies to support sustainable economic growth and promote transitions to cleaner energy as part of a strong and inclusive economic recovery .
We are hopeful that new technologies are available and accessible to allow us to handle resources and waste more sustainably , and in a holistic manner . We will promote economic policies and growth that support global efforts to tackle climate change , extreme weather and natural disasters , and strengthen emergency preparedness .
Strengthening Stakeholder Engagement We note the recommendations from ABAC and welcome partnership with the private sector to support efforts towards economic recovery . We also welcome the contributions of the Pacific Economic Co-operation Council , and the value that the ASEAN Secretariat , Pacific Islands Forum , stakeholders , and other international and regional organisations bring to APEC .
We welcome the outcomes of the APEC Ministerial Meeting as well as Sectoral Ministerial Meetings for Trade , Health , Finance , Women and the Economy , Small and Medium Enterprises , and Food Security .
We thank Malaysia for its able leadership in this particularly challenging year . We look forward to New Zealand ’ s chairing in 2021 .
THE WAY FORWARD
According to the Ministry of International Trade and Industry ( MITI )’ s publication , Recollective , APEC estimates that regional growth is expected to decline by 2.7 % this year , compared to the 3.6 % growth in 2019 , making it the most significant drop since the near-zero growth rate recorded in 2009 during the global financial crisis .
This reduction in growth translates to an estimated output loss of USD2.1 trillion due to the economic fallout from the pandemic . This is compounded by an additional 23 million people becoming unemployed in 2020 . The Declaration records the single-minded focus of the region ’ s economic leaders to turn around this deficit , and the roadmap for this is also on record and will be reviewed progressively by the sectoral leads , as the countries drive toward the rebuilding of their economy .
Besides the focus on economic recovery , the Declaration also records the commitment of members to ensure a streamline approach to arriving at an efficient and judicious methodology to ensure that the COVID-19 vaccine , once ready , is distributed across the region swiftly and safely . The region will take some time to fully recover from the impact of the pandemic . However , whilst the critical trigger factors for this problem are being contained , the path is now looking brighter for a more prosperous future ahead for the Asia Pacific region — one that is achievable and sustainable for its generations to come .
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