Wellington: The Asia-Pacific Economic Cooperation (APEC) inaugurated the Aotearoa (New Zealand) Plan of Action on Saturday, with the goal of realising the Putrajaya Vision 2040 for future cooperation in the area.

According to sources, the Aotearoa Plan of Action, which was launched at the ongoing 28th APEC Economic Leaders' Meeting, strives for a "open, vibrant, resilient, and peaceful Asia-Pacific society by 2040, for the prosperity of all our people and future generations." Individual and collective initiatives on three economic drivers, namely trade and investment, innovation and digitisation, and strong, balanced, secure, sustainable, and inclusive growth, were outlined.

The APEC member countries reaffirmed their support for the World Trade Organization's (WTO) agreed-upon principles in delivering a well-functioning multilateral trading system and enhancing international trade flow stability and predictability. According to the proposal, they would implement APEC's Connectivity Blueprint, which includes increasing connectivity and resilient supply chains inside APEC.

They also pledged to promote sustainable growth across sectors, as well as the development of cost-effective low- and zero-emission technologies, sustainable finance, and, if necessary, carbon pricing mechanisms, all while ensuring energy security, access, reliability, and resilience as part of the energy transition.

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