Afp, Wellington

Pacific Rim trade and foreign ministers agreed at a virtual summit Wednesday that free trade and open economies will drive the region’s recovery from the coronavirus pandemic.

Ministers from the 21-nation Asia-Pacific Economic Cooperation (APEC) group met online to discuss their Covid-19 response ahead of a meeting of national leaders on Saturday, including US President Joe Biden and his Chinese counterpart Xi Jinping.

New Zealand Trade Minister Damien O’Connor, hosting the meeting, said highlights included a plan to voluntarily freeze fossil fuel subsidies and commitments to liberalise tariffs on vaccines and other pandemic medical supplies.

O’Connor said there was overarching agreement on the need to avoid erecting trade barriers in response to the challenges thrown up by the pandemic.

“It is free, fair and open trade that will help economies move forward out of this pandemic... we need openness to drive global growth, indeed it is trade that presents the solution to our challenges,” he said.

“Some 81 million jobs have been lost across the region due to Covid-19 and the impact on supply chains has been significant, but APEC members have rejected protectionism during this crisis.

“APEC’s 21 member economies collectively account for almost 40 per cent of the world’s population and around 60 per cent of the global economy.

The summit was originally slated to be held in Auckland but is being held online for a second time due to Covid-19 after Malaysia hosted virtually in 2020.

Prime Minister Jacinda Ardern this week conceded “it means our ability to put New Zealand on the world stage isn’t quite what it would have been”.

But she said the digital platform was easier to access than an in-person event, making participation easier for all concerned.