APEC underlines sustainability

The summit was focused on fostering inclusive growth and sustainability Photo: VNA

The 23rd APEC Economic Leaders’ Week in Manila from November 13-19 was held in the context of a series of important global changes, although peace and stability remained a big challenge and global economic recovery remained slow and full of risks.

In his opening remark, Benigno Aquino, President of the Philippines, the host of the 23rd Asia-Pacific Economic Cooperation Summit (APEC 23), stressed the event, themed “Building inclusive economies, building a better world”, proved that APEC continues to be a leading economic co-operation mechanism in the region, which has greatly contributed to ensuring sustainable and inclusive growth.

APEC 23 gave priority to fostering small and medium-sized enterprise participation in regional and global markets, investing in human capital development, and building sustainable and resilient communities.

While attending the 23rd APEC Summit’s session themed “Inclusive Growth through Sustainable and Resilient Communities”, President Truong Tan Sang called on APEC members to heighten community-based efforts to minimise disaster risks, ensure food security in climate change response, and promote sustainable agriculture through new technological applications in order to achieve inclusive growth.

Remarkably, for the first time since 2010, APEC mapped out a long-term strategy on enhancing the quality of growth in line with institutional building, social connectivity, and environmental protection.

The leaders also approved an agenda supporting small and medium-sized and super small enterprises, which account for 97 per cent of total Asia-Pacific firms and contribute 60 per cent of the region’s GDP, in joining regional and global markets. They also agreed to establish a number of new mechanisms and goals, including the improvement of the business environment by 10 per cent in 2018.

According to Vietnam’s Deputy Foreign Minister Bui Thanh Son, the APEC leaders have adopted two high-level declarations, one ministerial statement, and six other documents targeting sustainable and inclusive development.

Vietnam’s contributions to APEC success

Vietnam joined APEC in 1998, and hosted a summit in 2006. Over the past 17 years, it has actively participated in and contributed to APEC’s activities.

The Vietnamese delegation attended the APEC Economic Leaders’ Week 2015 as a country that has recently achieved impressive economic growth and become an important link between the region and the world, with the establishment of several new free trade agreements (FTAs) with key partners, and efforts to co-operate with ASEAN member nations in the establishment of the ASEAN Economic Community.

Highlighting Vietnam’s contributions to strengthening APEC and regional economic integration, Vietnam President Truong Tan Sang affirmed the determination to continue extensive reforms and implement the Sustainable Development Goals, while giving initiatives to maintain an environment of peace and stability for development.

He also suggested that APEC should prioritise sustainable development, poverty reduction, the narrowing of the development gap, food security, water management, agriculture development, and natural disaster response, which are included in Vietnam’s socio-economic development strategy from 2010-2020.

The Vietnamese leader also held talks with leading regional and international economic groups and leaders of APEC member economies, including the Philippines, Russia, Canada, Malaysia, Peru, and Papua New Guinea, to discuss measures to strengthen bilateral co-operation and co-ordinate more closely at multilateral forums.

With the success of APEC 23, Vietnam once again affirmed its active role in APEC and its preparations to chair the conference in 2017.

Boosting trade and investment via FTAs

According to Deputy Prime Minister cum Minister of Foreign Affairs Pham Binh Minh, APEC has strategic importance for Vietnam in both politics and economic development. Among the 21 APEC economies, 13 have established strategic or comprehensive partnerships with Vietnam.

In addition, 13 out of 15 of Vietnam’s FTAs are with APEC members. APEC economies also contributed 78 per cent, 70 per cent, and 70 per cent respectively to Vietnam’s total foreign direct investment (FDI), trade turnover, and international tourism arrivals. Therefore, APEC 23 was a chance for Vietnam to boost trade and investment with these partners.

As part of the 23rd APEC Economic Leaders’ Week, leaders of the 12 Trans-Pacific Partnership (TPP) member countries gathered and adopted a joint statement demonstrating their strong commitment to pushing ahead with the signing, ratification, and execution of the agreement.

This was the first time that TPP leaders from Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, the US, and Vietnam came together since negotiations on the world’s largest free trade pact concluded in Atlanta, USA, last October.

The leaders expressed their confidence that the agreement would help promote and expand mutually-beneficial connectivity among member economies, as well as enhance the regional competitive edge and generate jobs for locals, especially youth.

Established in November 1989, the APEC forum now comprises 21 economies, representing around 39 per cent of the world’s population, 57 per cent of total global GDP, and 47 per cent of international trade.

According to the Vietnamese government’s General Statistics Office, among the 21 APEC economies, Malaysia was Vietnam’s biggest foreign investor in the first ten months of this year, with a total registered capital of over $2.4 billion, followed by South Korea with $2.06 billion, Japan with $1.26 billion, and Singapore with $793.4 million.