APEC members should overcome differences to strengthen economic linkages and take a leadership role in achieving balanced, inclusive, and sustainable growth models.

State President Nguyen Xuan Phuc at the event. Source: VNA

Vietnam's State President Nguyen Xuan Phuc stressed the view during the APEC Economic Leaders’ Meeting on November 18 in Bangkok, the first in-person meeting between APEC country leaders after three years of disruption due to the Covid-19 pandemic.

According to Phuc, the world is undergoing fundamental changes with increasing uncertainty and unpredictability, presenting APEC members with unprecedented challenges. He asserted that a peaceful, stable, cooperative, prosperous and sustainable Asia-Pacific region is a common goal and responsibility of every APEC economy, regardless of size and status.

“APEC members should overcome differences, promote dialogues and join hands for everyone’s benefit,” Phuc said, noting this is to preserve achievements and promote values the forum has achieved over the past three decades, as well as to lay the foundation for future cooperation and development.

In a discussion session themed “Sustainable, balanced and inclusive growth,” Phuc said the Asia-Pacific region is in a new phase of development, for which all members should pursue a balanced, inclusive and sustainable growth model while supporting others in transitioning to a green economy and successfully embarking on digitalization process.

Overview of the event.

Among actions to move forward, Phuc called for countries to put the people at the center of the development process, but saying specific actions should be tailor-made depending on each member's characteristics and development level.

In addition, he stressed the need to ensure a balance between efforts to achieve growth for independence and self-sufficiency, economic opening, global integration, and strengthening linkages to enhance comparative advantages.

"While the transition to digitalization and green growth should aim for high economic efficiency, this should not undermine social welfare, energy, food, and cyber security," he continued.

In the case of Vietnam, Phuc said the country considers the people as the center and the goal of development. “Vietnam is striving to realize its COP26 commitments and looks forward to receiving support from the international community, including APEC members,” he noted.

At the meeting, leaders of the 21 APEC economies discussed three priorities for cooperation: to be open to all opportunities, connected in all dimensions, and balanced in all aspects to foster growth in partnership with environmental protection.

They reaffirmed their commitment to realizing APEC's Putrajaya vision of an open, dynamic, self-reliant, and peaceful Asia-Pacific community by 2040 for the prosperity of all peoples and future generations.

APEC members also agreed to cement the APEC’s leadership role and status as one of the leading economic forums in the region. They shared the view of having drastic solutions to address common challenges and support global efforts in terms of sustainable development and climate change response.