Kuala Lumpur
Asia-Pacific Economic Cooperation (APEC) members should lift export bans and other barriers to trade involving medical goods to support the fight against COVID-19, said an expert with APEC. Dr. Denis Hew, director of the APEC Public Support Unit, stressed in an article sent to Xinhua that in facing the pandemic, the flow of medical goods was especially important.
“COVID-19 is a multifaceted global pandemic that has impacted the health and safety of billions and has long-term economic and social effects. This moment offers an opportunity for APEC economies to relook trade policy response to ensure that it supports health systems across the region.”
Hew suggested APEC economies could commit to refrain from implementing trade restrictive measures on these products even after the pandemic abates and maintain open supply lines. Hew said APEC represents 40.8 percent (404.5 billion U.S. dollars) of the global import value of these essential medical goods, and 28.8 percent (271.8 billion U.S. dollars) of global exports. “More importantly, APEC economies occupy many of the top spots on the lists of importers and exporters of these items,” he said.
“It may now be an opportune time for economies to consider the elimination or reduction of tariffs on these life-saving products. These products include face masks, hand soap, sanitizers and other personal protective equipment,” he said. “Such a timely and life-saving trade liberalization initiative would send a positive signal to the rest of the world and contribute in steering the global response to the pandemic in the right direction,” he concluded.—Xinhua
