International media centre opened to serve APEC Economic Leaders’ Week in Da Nang from November 4-11 (Photo VNA)
Hanoi (VNA) – Vietnam will undertake the role of hosting the Asia-Pacific
Economic Cooperation (APEC) Economic Leaders’ Meeting for the second time from
November 5-11.
Through
theme “Creating new dynamism, fostering a shared future”, Vietnam and member
economies show their wish to contribute to common efforts towards the goal of
building a vibrant and connected Asia-Pacific community via facilitating trade
and investment liberalisation, regional economic connectivity,
economic-technical cooperation, ensuring human security and creating a
favourable and sustainable business environment.
Since
its birth in November 1989 with 12 member economies, APEC has so far grouped 21
members after nearly 30 years of development, including nine from the G20 Group
of Emerging and Developing Nations and many vibrant economies, representing 2.8
billion people, or 39 percent of the world’s population and contributing 43
trillion USD, or 57 percent of the gross domestic product and 20 trillion USD,
equivalent to 49 percent of the global trade.
From
the ministerial-level dialogue mechanism, APEC has become a leading economic
cooperation mechanism in the region with outstanding and practical achievements
across trade and investment liberalisation, trade facilitation, and economic
and technical collaboration. As the global economic focus gradually moves to
the Asia-Pacific – the highest growth area and a hub of new technologies and
skilled workforce, APEC is recognised as a mechanism guiding trade and
investment liberalisation, promoting global cooperation trend, making important
contributions to economic growth and maintaining peace, stability, cooperation
and development in the region and the world.
With
the “initiative raising mechanism”, APEC provides a platform for policymakers,
businesses, and scholars to meet annually to discuss initiatives helping
Asia-Pacific economies catch up with constant developments in the region and
the world, particularly in global economy and trade. Many initiatives
pertaining to integration have been associated with APEC, namely the Asia-Pacific
free trade area in 2006, the growth strategy in 2010, the master plan on
connectivity in 2014, and the roadmap to competitiveness improvement in
services in 2016.
From
2000-2015, the region’s total trade value rose 2.5-fold from 6.4 trillion USD
to 16.5 trillion USD, nearly 67 percent of which was internal trade. The group
is implementing long-term strategies and plans until 2025 on quality growth,
human resources development and innovation.
From
1996-2015, the number of free trade and regional trade agreements put into
force soared from 22 to 152 while 61 agreements were signed by member
economies.
APEC
member economies also took the lead in forming massive free trade agreements
such as the Trans-Pacific Partnership, the Regional Comprehensive Economic
Partnership, the ASEAN Community towards establishing the Free Trade Area of
the Asia-Pacific, contributing to strengthening multilateral trade system
within the World Trade Organisation framework.
APEC has put forth the economic and technical cooperation
(ECOTECH) agenda to support human resources development and improve capacity
for member economies, looking towards equal, balanced and sustainable economic
development in the region and creating the most favourable conditions for the
implementation of action programmes to realise the Bogor goals.
Since 1993, nearly 1,600 joint projects have
been carried out and each year APEC provides financial support for about 150
projects worth 23 million USD.
In a constantly changing world where
non-traditional security and terrorism emerge as one of the most serious
threats, APEC has expanded its interest in security and political issues by
issuing its own declaration on counter-terrorism and climate change adaptation.
The forum has also adopted a number of initiatives in the fields of aviation
security, railway, navigation, food safety, and prevention of natural disasters
and diseases, among others.
APEC has successfully built joint activities and
action programmes of each member economy. Meanwhile, member economies need to
show their firm political will and increase mutual trust to develop
Asia-Pacific into one of the world’s most dynamic investment and trade
liberalisation regions.
Established in 1989, APEC comprises 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, Chinese Taipei, Thailand, the US, and
Vietnam.-VNA