Vietnam would continue to accompany the member countries of the Asia – Pacific Economic Cooperation (APEC) to ensure peace and prosperity in Asia – Pacific, according to Prime Minister Nguyen Xuan Phuc.

Prime Minister Nguyen Xuan Phuc at the virtual summit. Source: MOFA.

In the coming time, APEC’s priorities should be to contain the Covid-19 pandemic, promote economic cooperation and maintain existing regional supply chains, so that the Asia Pacific would continue to lead the world’s economic recovery efforts, stated Mr. Phuc at the virtual 27th APEC Summit held on November 20, themed “Optimizing Human Potential towards a Resilient Future of Shared Prosperity. Pivot. Prioritise. Progress.”

Economic leaders of 21 APEC members, General Director of the International Monetary Fund, representatives of the APEC Business Advisory Council (ABAC), the Pacific Economic Cooperation Council (PECC), the Pacific Islands Forum Secretariat, among others attended the event.

According to Mr. Phuc, one of the key driving forces for the APEC is to pursue comprehensive digital transformation across various economic sectors during the Industry 4.0.

The Asia – Pacific should be the world’s hub of innovation and technology, with a focus on developing human resources for a digital economy and narrowing development gaps between countries.

Meanwhile, inclusive development and preparedness against non-traditional security threats, especially diseases, natural disasters, and climate change, among others, have  to become a new pillar for cooperation among APEC members, Mr. Phuc stressed.

During this process, the people and enterprises should be at the center of processes of economic development and linkages within APEC, he noted.

The APEC should provide greater support for its members to attain smarter, greener and more inclusive development, asserted the Vietnamese PM.

Overview of the virtual summit. Source: MOFA.

APEC Putrajaya Vision 2040

At the summit, APEC leaders stressed their commitment to further navigate the Asia – Pacific region towards recovery along the path of strong, balanced, inclusive, sustainable, innovative and secure economic growth. 

As such, they agreed that coordinated action and cooperation are more important than ever to overcome the challenges of Covid-19 and realise new and emerging opportunities for prosperity for all.

Additionally, leaders recognised the need to enhance stimulus measures that facilitate economic recovery and job creation.  In facilitating economic recovery, it is important to improve fiscal sustainability and transparency to support long-term resilient economic growth and future financing needs.

APEC leaders welcomed the significant progress made under the Bogor Goals, including the final review of APEC’s Progress towards the Bogor Goals, in facilitating trade and investment, and recognise more needs to be done in fostering an enabling environment for trade and investment in the Asia-Pacific region.

In this regard, APEC recognised the importance of a free, open, fair, non-discriminatory, transparent and predictable trade and investment environment to drive economic recovery at such a challenging time.

APEC said it would further advance the economic integration in the region, in a manner that is market-driven, including through the work on the Free Trade Area of the Asia-Pacific (FTAAP) agenda, which will contribute to high quality and comprehensive regional undertakings.

Also, at the Summit, APEC leaders proclaimed the APEC Putrajaya Vision 2040, a new vision that primarily charts the future of the Asia - Pacific region, which is an open, dynamic, resilient and peaceful Asia-Pacific community by 2040, for the prosperity of all people and future generations.

All countries in the APEC is set to achieve this vision by pursuing three economic drivers, including trade and investment to ensure that the region remains the world’s most dynamic and interconnected regional economy; innovation and digitalization, to empower all people and businesses to participate and grow in an interconnected global economy; and strong, balanced, secure, sustainable and inclusive growth, to ensure that the Asia-Pacific region is resilient to shocks, crises, pandemics and other emergencies.