APEC forum enhances Vietnam’s international integration

President Truong Tan Sang is to attend the 22nd Asia-Pacific Economic Cooperation (APEC) Economic Leaders’ Meeting and related meetings in Beijing, China from November 9-11 at the invitation of Chinese President Xi Jinping.

Sang will be accompanied by Deputy Prime Minister cum Foreign Minister Pham Binh Minh and Minister of Industry and Trade Vu Huy Hoang who is scheduled to attend the Foreign and Economic Ministerial Meeting on November 7-8.

Vietnam joined APEC in 1998 along with two other members- Russia and Peru. Vietnam’s participation in APEC has marked an important step in its policy of openness and diversification and multilateralization of relations and international economic integration.

Over the past 16 years, Vietnam has actively contributed to stepping up APEC cooperation. Notably, it successfully assumed the role of APEC 2006 chairmanship and hosted the 14th APEC Summit, the 18th APEC Foreign and Economic Ministerial Meeting and more than 100 events.

Vietnam’s efforts to devise long-term prospects towards shaping a Free Trade Area of the Asia-Pacific (FTAAP) and the Hanoi Action Plan to implement the Bogor Goals and overall reform measures have provided fresh impetus to stronger APEC cooperation.

During its new strategic period, Vietnam has regarded APEC as one of the most valued and utilised regional mechanisms for global integration.

Vietnam has proposed 80 initiatives in almost areas from trade, investment and health care, to anti-terrorism and food security. It has also held key positions in APEC, including Vice Chair of the Trade and Investment Committee in 2006, Chair of the Working Group of Small and Medium-sized Enterprises in 2006, Chair of the Budget Management Committee in 2007, Vice Chair of the Health Working Group for the 2009-2010 tenure, and Chair of the Emergency Preparedness Working Group for the 2012-2013 tenure.

The country also hosted the sixth APEC Ministerial Meeting on human resources development and a public-private dialogue to address small and medium sized enterprises (SMEs)’ funding difficulties. Nine initiatives will start next year, including opening a centre for workforce development in Vietnam, creating a global garment value chain, accelerating the support industries, implementing community-based disaster management, and ensuring freedom in pricing for essential items.

Vietnam is also joining hands with APEC member economies to host the 25 th APEC Economic Leader’s Meeting in 2017.

APEC was founded in 1989 and has 21 member economies: Australia, Brunei, Canada, Chile, China, Hong Kong (China), Indonesia, Japan, the Republic of Korea, Malaysia, Mexico, New Zealand, Papua New Guinea, Peru, the Philippines, Russia, Singapore, Taiwan (China), Thailand, the US and Vietnam. It aims to promote economic growth and prosperity in the region.

APEC's goals is to promote sustainable economic growth, trade and investment liberalization based on the three pillars of cooperation- trade liberalization and investment, business facilitation, economic and technical cooperation.

APEC is a unique forum in the region involving developed and developing economies and new and most dynamic industries in the Asia-Pacific region. It represents 40% of the world population, accounting for 55% of GDP and 44% of global trade.

To maintain the role and position of APEC, member economies have made strong commitments to achieve the goal of building a stable and prosperous Asia-Pacific community.

This year marks the 25th anniversary of APEC, which is now the highest-level mechanism for cooperation on a wide range of issues in the Asia-Pacific region, serving as a major platform for discussion on regional cooperation.

Under the theme “Shaping the future through the Asia-Pacific Partnership”, the 22 nd APEC Economic Leaders’ Meeting will focus on issues on connectivity, the establishment of a regional free trade area, and emerging concerns in economic and trade collaboration.

Since the adoption of the Bogor Declaration 20 years ago, the average tariff level in the Asia-Pacific region has dropped by 12%; total regional trade volume increased eight-fold; and nearly 200 cooperation projects are carried out in 30 different fields every year.

Foreign direct investment (FDI) into the region surged to US$10.6 billion in 2011 from only US$2.5 billion in 1994.

During the APEC Summit, representatives from member economies will focus on intra-regional ties, the formation of the FTAAP and measures to augment economic and trade cooperation.