​Vietnam state leader proposes 3 key cooperation orientations for APEC

​Vietnam state leader proposes 3 key cooperation orientations for APEC

Vietnamese State President Luong Cuong put forward three major orientations for cooperation while speaking at the 31st Asia-Pacific Economic Cooperation (APEC) Economic Leaders’ Meeting in Lima, Peru on Saturday, according to the Ministry of Foreign Affairs.

Peruvian President Dina Ercilia Boluarte Zegarra (R) shakes hands with Vietnamese State President Luong Cuong at the 31st APEC Economic Leaders’ Meeting in Lima, Peru, November 16, 2024. Photo: Vietnam News Agency

The event gathered leaders and heads of delegations from 21 APEC member economies, with managing director of the International Monetary Fund (IMF) Kristalina Georgieva being the prominent guest.

With ‘Empowerment. Inclusion. Growth’ being its theme, the meeting focused on the determination to realize the Putrajaya Vision 2040 for an open, dynamic, resilient, and peaceful Asia-Pacific community, ensuring that all people participate in and benefit from sustainable and inclusive economic growth.

The meeting reaffirmed the importance of keeping APEC a dynamic and self-reliant cooperation forum, guided by core principles of voluntariness, non-binding commitments, and consensus.

In his address, President Cuong highlighted how ongoing geopolitical tensions and global macroeconomic instability are challenging growth worldwide.

However, he noted that the Asia-Pacific region continues to serve as the driving force of the global economy.

Despite the rise of protectionism, fragmentation, and polarization worldwide, the need for economic cooperation and connectivity remains as strong as ever, he stated.

"Development gaps and global environmental issues keep being top challenges, but breakthrough technologies, digital transformation, and green transition are developing robustly, bringing along many creative solutions and cooperation opportunities," the president commented.

In order for APEC to continue to stand firm in the face of challenges and effectively seize opportunities, the Vietnamese leader proposed three major cooperation orientations for the forum in the coming time.

Firstly, APEC member economies should further promote trade and investment liberalization, while strengthening a rules-based multilateral trading system.

“We must cultivate and sustain vibrant economic linkages, facilitating the seamless flow of finance, technology, knowledge, and labor across borders,” Cuong told the audience.

“Establishing robust and resilient supply chains is essential while making decisive strides toward realizing a free trade area of the Asia-Pacific.”

The second orientation is that APEC countries should expedite cooperation programs and initiatives aimed at inclusive growth and technology, while putting people at the center of their digital transformation and green transition processes.

They must tackle the digital divide and prioritize support for vulnerable communities in remote regions, ensuring they benefit from digital innovations.

“This requires substantial investment in green and digital infrastructure, alongside collaborative efforts to disseminate cutting-edge technological applications in addressing global challenges, particularly climate change,” stated the Vietnamese leader.

In the last orientation, Cuong advised that APEC enhance its institutional and governance capacity by boosting its structural reform and perfecting its institutions so that it can operate more effectively and has the ability to create new growth drivers.

In addition, he suggested APEC to expand technical support and capacity-building projects for developing countries.

President Cuong affirmed that Vietnam, as the host of APEC 2027, is actively collaborating with APEC partners on the APEC Structural Reform Agenda for 2026-30 to help enhance the efficiency of the bloc’s operations.

Addressing the conference, IMF managing director Georgieva praised APEC for decreasing its overall inflation rate and achieving overall economic growth that is higher than the world average.

She also commented that the world’s economic expansion is slowing down, and that trade is no longer a driver of global growth due to many reasons, including more fragmentation and protectionism.

APEC leaders voiced the same determination to continue building a free, open, non-discriminatory, and transparent trade and investment environment, while supporting efforts to reform the World Trade Organization to make it respond more effectively to current economic and trade challenges.

They also agreed to promote cooperation to enhance the resilience of APEC economies, speed up digital transformation, develop digital infrastructure and skills, facilitate e-commerce, effectively respond to climate change, create more jobs, and enhance economic empowerment for women and vulnerable groups.

The event was wrapped up with the adoption of a joint statement and two signature initiatives of the host country Peru, including the Lima Roadmap to Promote the Transition to Formal and Global Economy, as well as the Ichma Statement on a New Look to Advance the Free Trade Area of the Asia-Pacific.

The APEC leaders also welcomed South Korea, China, and Vietnam as the hosts of APEC in 2025, 2026 and 2027, respectively.

Tuoi Tre News