He said the countries in the Asia-Pacific Economic Cooperation (Apec) grouping provide about 60% of global GDP and Apec had a central role in spearheading the recovery. “We need to trade and invest our way out of the current economic downturn,” Muhyiddin said in his opening speech.

He said Malaysia’s trade with Apec members had increased by more than sevenfold in the past decade and collectively contributed 78% of Malaysia’s total trade. The economic group represented 91% of Malaysia’s total foreign investment flows for last year, he said.

“Through the expansion of trade, Malaysians are able to experience positive spillover effects in the form of job creation, knowledge transfer and the strategic placement of our micro, small and medium-sized enterprises in the global value chain,” he said.

Muhyiddin set out three priorities for Apec members: A commitment to the rules-based multilateral trading system; the need to bolster digital economy, to generate jobs and return workers to the employment market; and the need for inclusive economic growth that would ensure that no one was left behind.

The Apec economic ministers held a virtual summit meeting at which they are expected to adopt the region’s Post-2020 Vision to replace the previous Bogor Goals, which will mature by the end of this year.