Malaysia said on 26 October it will host the first ever virtual meeting of leaders from Asia-Pacific Economic Cooperation (APEC) economies in November due to the COVID-19 pandemic.

The AELM will be chaired by Malaysian Prime Minister Tan Sri Muhyiddin Yassin. Photo: Bernama

In a statement, the International Trade and Industry Ministry said Prime Minister Muhyiddin Yassin will chair on November 20 the APEC Economic Leaders' Meeting (AELM), which will see the participation of all 21 APEC economic leaders.

"Malaysia is making history by transforming APEC's usual ways of doing business and convening a majority of APEC meetings in a fully virtual format," it said.

The Southeast Asian nation, which will be hosting APEC for the second time, said the meeting is expected to launch the region's Post-2020 Vision, the key policy set to replace the "Bogor Goals" which will reach maturity at the end of the year.

APEC was established in 1989, consisting of 21 member economies in the Asia-Pacific region with the same purpose of creating greater prosperity for the people in the region by promoting balanced, inclusive, sustainable, innovative and safe growth, as well as regional economic integration.

With a total population of 3 billion, the 21 APEC economies account for about 60 percent of the world's total GDP and nearly 50 percent of global trade. APEC is currently promoting trade and investment liberalisation and facilitation of business, human security, and economic and technical cooperation, aiming to achieve sustainable growth and prosperity in the region.

Source: VNA