APEC members remove obstacles facing growth, connectivity

(VOVWORLD) - APEC members have renewed their resolve to sustain their cooperation and connectivity amid regional uncertainty. APEC Economic Leaders’ Week in Da Nang city has outlined measures to liberalize trade and encourage investment. 
APEC members remove obstacles facing growth, connectivity - ảnh 1 Prime Minister Nguyen Xuan Phuc (R) and Dr. Philipp Rosler, Managing Director of the World Economic Forum (WEF)

The 25th APEC Economic Leaders’ Week is occurring at a time when Asia-Pacific is experiencing radical, rapid, and complex changes.

Challenges identified

APEC’s role in promoting free trade and investment is being challenged by regional and global upheavals.

Globalization and trade liberalization has benefited many economies. But anti- trade and protectionism are rising. Bilateral trade agreements outnumber multilateral deals. Dr. Philipp Rosler, Managing Director of the World Economic Forum (WEF), offered his view on increasing protectionism. He said: “Certainly, there are some movements toward protectionism. However, I am convinced that the open market, free trade idea is much better for the people. We ‘ve seen in the last decade that it was trade that created jobs, not protectionism. So now it’s on the politicians as well as business leaders to explain in detail where the benefits are for the people on the ground, for ordinary people in the city, and the society, of global trade.”         

APEC 2017 boosts connectivity

APEC 2017 has focused on sustainable, creative, and inclusive growth, economic connectivity, competiveness and innovation among micro, small, and medium sized enterprises, food security, and sustainable agriculture adapted to climate change. Alan Bolard, Executive Director of the APEC Secretariat, said: “We ‘re very pleased. This year has not been easy for APEC, as it has had to cope with globalization. Vietnam has done a lot in this respect. Since the first Senior Officials’ Meeting in Nha Trang, we have understood Vietnam’s priorities and initiatives. This year Vietnam has helped APEC a great deal.”

Major practical initiatives of APEC 2017 have been approved. They include 4 documents: a framework of facilitating transnational e-commerce, the APEC strategy on micro, small and medium-sized sustainable and creative enterprises; an action plan for food security and climate change towards 2020, and an action program for urban and rural development. This agenda were passed at the 29th APEC Ministerial Meeting (AMM29) on Thursday and will be submitted to the APEC Economic Leaders’ Meeting. Vietnamese Minister of Industry and Trade Tran Tuan Anh, co-chair of the AMM29, said, “We will move beyond evaluating targets and outcomes of the 2017 plans and the Bogor Goals 2020. We will endorse more important mechanisms and initiatives to pursue the Bogor Goals and more.”