Proactively and actively participating in and contributing to orientating APEC cooperation

Friday, 2020-11-20 12:20:43
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Prime Minister Nguyen Xuan Phuc speaks at the Vietnam Business Summit within the framework of the APEC High-level Week 2017 in Da Nang, Vietnam. (Photo: VGP)
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NDO – At the invitation of Malaysian Prime Minister Muhyiddin Yassin, Prime Minister Nguyen Xuan Phuc is attending the 27th Asia-Pacific Economic Cooperation (APEC) Economic Leaders’ Meeting via videoconference from Hanoi.

The PM’s presence in the event has affirmed that Vietnam continues to proactively and actively participate in and contribute to the development and orientation of APEC cooperation.

With 21 members, including the three largest economies in the world, alongside many emerging and developing economies, APEC contributes about 59% of global GDP and 49% of global trade. Over the more than 30 years of development since its inception in November 1989, APEC has made profound transformations becoming a platform gathering the major and dynamic economic, trade and technological hubs of the world. APEC continues to assert itself as the leading regional economic linkage mechanism, initiating and promoting the trend of economic, trade and investment liberalisation. 2020 marks an important milestone in APEC cooperation as it is the deadline to complete the 25 years of implementation of the Bogor Goals on trade and investment liberalisation, and to approve long-term cooperation programmes, especially the building of the post-2020 APEC Vision, with strategic cooperation directions for the next two decades.

Vietnam officially became a member of APEC in November 1998, marking a strong step in the implementation of the country’s foreign policy of openness, multilateralisation and diversification of external relations along with active international integration. The journey of more than 20 years of accompanying APEC has witnessed Vietnam’s contributions to promoting peace, stability, cooperation and regional economic integration. Vietnam is one of the few members to have been trusted and chosen as the APEC host twice, in 2006 and 2017, and the country successfully fulfilled this role. Vietnam is also one of the most active members in proposing and taking the lead in the implementation of APEC cooperation initiatives and programmes, with more than 100 projects in diverse fields. In the forum’s operations, Vietnam has held many important positions, such as the executive director of the APEC Secretariat as well as chairperson or vice chairperson of many key committees and working groups on trade, investment, budget management and emergency response. Many initiatives proposed by Vietnam and the working results in many positions held by the country have been highly appreciated by other members. In particular, Vietnam has contributed to developing many important documents guiding APEC cooperation and visions for the new period of development, such as the post-2020 APEC Vision.

The 27th APEC Economic Leaders’ Meeting is taking place in the context of numerous challenges posed to cooperation mechanisms and multilateral processes. The outbreak of the COVID-19 pandemic has been causing unprecedented serious impacts. Meanwhile, countries must simultaneously respond to the “dual crisis” regarding health and socio-economic issues. Despite the early signs of recovery, it still takes time for the world economy to return to the pre-pandemic growth momentum. Under the theme “Optimising Human Potential towards a Resilient Future of Shared Prosperity”, the 27th APEC Summit will focus on discussing priority goals, the improvement of trade and investment, inclusive economy through technology and digital economy, and the promotion of creative sustainability.

In preparation for the new phase of development of the forum in the context of the world seeing rapid and profound changes under the impact of the fourth Industrial Revolution, PM Nguyen Xuan Phuc and APEC leaders will discuss major cooperation strategies and programmes related to quality growth, structural reform, service competition roadmap, overall connection, and inclusive socio-economic development. PM Nguyen Xuan Phuc’s participation in the 27th APEC Summit continues to affirm Vietnam’s foreign policy of proactive and active international integration, elevation of multilateral external relations, and contribution to promoting the trend of peace, cooperation, and regional and global economic linkages.

May the 27th APEC Economic Leaders’ Meeting and PM Nguyen Xuan Phuc’s participation in the event be a success, thus continuing to promote the role of the forum and maintain the APEC region as a driver of global economic growth and linkages, while asserting that Vietnam proactively and actively participates in and contributes to APEC cooperation, contributing to the joint efforts to boost economic growth and maintain peace, stability, cooperation and development in the Asia-Pacific region and the world.

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