New mindsets and understandings based on the consideration of economic, environmental, and societal factors are required for countries to return to the path of sustainable development.

“In this context, APEC members should overcome differences to join hands for the benefits of each economy and the community.”

State President Nguyen Xuan Phuc. Sources: VNA

State President Nguyen Xuan Phuc at the 2021 APEC Economic Leaders’ Meeting, which was chaired by New Zealand Prime Minister Jacinda Ardern on November 12.

The meeting is the most important event on the agenda of the 2021 APEC Economic Leaders’ Week. Under the theme “Join, Work, Grow. Together,” leaders from APEC’s 21 member economies will solidify their commitment to responding to the health and economic crisis and collectively determine a path for the region’s recovery that ensures resilience and sustainability.

According to Phuc, APEC should continue to be the global driving force for growth; the platform for innovative ideas and new development trends; actively expanding economic linkage for recovery and sustainable development; shaping the world’s economic structure in the post-pandemic period by solidifying an effective, fair and transparent global economic governance.

“The focus of APEC is to effectively control the pandemic and lead the efforts in building a green and inclusive Asia-Pacific growth model to realize the Putrajaya 2040 vision,” he said.

In his speech, Phuc highlighted Vietnam’s contribution and commitments to global economic recovery, inclusive and sustainable development, especially in responding to climate change.

“Vietnam would continue to accompany other APEC members in realizing a vision of a free, peaceful, dynamic, self-reliant Asia-Pacific region, for the shared prosperity and next generations,” he concluded.

APEC leaders at the meeting.

Wrapping up the meeting, the leaders of the 21 APEC member economies adopted a declaration under the theme of Join, Work, Grow. Together.

The declaration highlights policy actions designed to respond to Covid-19. It lays out commitments in accelerating economic recovery and achieving sustainable and inclusive growth, including further actions in tackling climate change, empowering groups with untapped economic potential, supporting the region’s micro, small and medium enterprises, and addressing the digital divide.

Leaders also endorsed the Aotearoa Plan of Action, a blueprint to implement the APEC Putrajaya Vision 2040, which was adopted at the 2020 APEC Economic Leaders’ Meeting.

The APEC is composed of 21 member-economies: Australia, Brunei, Canada, Chile, China, Hong Kong (China), Indonesia, Japan, South Korea, Malaysia, Mexico, New Zealand, Papua New Guinea, Peru, the Philippines, Russia, Singapore, Taiwan (China), Thailand, the US, and Vietnam.

Established in 1989, APEC accounts for about three billion people, half of the global trade, 60% of total GDP, and much of the world’s growth. 

Vietnam officially joined APEC in 1998 and hosted the APEC Summit twice in 2006 and 2017.