President: APEC Should Continue to Be Driving Force of Global Economy

The Asia-Pacific Economic Cooperation (APEC) forum needs to continue affirming its role as a driving force of the global economy, a hub of innovative ideas, President Nguyen Xuan Phuc said while addressing the 28th APEC Economic Leaders’ Meeting (AELM).
November 13, 2021 | 08:22
President: APEC Should Continue to Be Driving Force of Global Economy
President Nguyen Xuan Phuc attends and delivers a speech at the 28th APEC Economic Leaders’ Meeting. Photo: VTV

President Nguyen Xuan Phuc attended and delivered a speech at the 28th APEC Economic Leaders’ Meeting (AELM) via videoconference on November 12 at the invitation of New Zealand Prime Minister Jacinda Ardern.

He highlighted the need to adopt a new mindset and approach to bringing economies back to sustainable development, which requires them to overcome differences.

APEC needs to continue affirming its role as a driving force of the global economy, a hub of innovative ideas, he said, adding that APEC also needs to actively expand economic linkages for sustainable economic recovery and growth while upholding its guiding role in shaping the world economy in the post-pandemic period.

APEC’s focus should be given to effective pandemic prevention and control as well as taking the lead in building an Asia-Pacific model of green and inclusive growth to realize the Putrajaya Vision 2040, the President said, as cited by VietnamPlus.

Highlighting Vietnam’s contributions to the global common efforts for economic recovery, sustainable and inclusive growth, and addressing common challenges, he affirmed that Vietnam will continue partnering with APEC member economies to materialize the vision of an open, peaceful, dynamic, resilient Asia-Pacific, for the sake of prosperity of each citizen and future generations.

President Phuc's proposals were highly appreciated and endorsed by APEC economic leaders, and reflected in the documents of the meeting.

New momentum towards sustainable, inclusive growth

President: APEC Should Continue to Be Driving Force of Global Economy
The 28th APEC Economic Leaders’ Meeting is held via videoconference. Photo: VTV

The leaders discussed measures to respond to the Covid-19 pandemic, accelerate economic recovery, and spark off new momentum towards innovative, sustainable, and inclusive growth.

They reaffirmed their commitments to maintain and strengthen APEC's role as the region's leading forum on economic cooperation and connectivity and pioneering in efforts to respond to global challenges. APEC supports the global efforts for equal access to and sharing of vaccines, the expansion of vaccine production and supply, and the enhancement of health systems.

The leaders adopted a joint statement and endorsed the Aotearoa Plan of Action to implement the APEC Putrajaya Vision 2040, which was adopted at the 2020 APEC Economic Leaders’ Meeting.

Also at the event, New Zealand handed over the chairmanship of APEC Year 2022 to Thailand.

Vietnam to create every possible condition for the success of businesses

President: APEC Should Continue to Be Driving Force of Global Economy
President Phuc attends the annual dialogue between leaders of the APEC economies and the APEC Business Advisory Council. Photo: VNA

Earlier on November 11, President Phuc attended the annual dialogue between leaders of the APEC economies and the APEC Business Advisory Council (ABAC) that was also held in the form of the videoconference, according to Viet Nam News.

This year’s event focused on efforts by the State and businesses to overcome crises and speed up economic recovery.

Given unpreceded challenges and difficulties facing the world, he suggested economies put forth a comprehensive, breakthrough and strong approach in which the resilience of each economy and regional and global cooperation should be promoted.

APEC should shed light on new opportunities, combine economic recovery with the transformation towards the digital and circular economy, and green growth, take strong measures to respond to climate change, ensure the interests of people, and promote the potential of vulnerable groups, he continued.

The leader reiterated Vietnam’s strong commitments to net-zero carbon emissions by 2025, cutting 30 percent of methane emissions by 2030 and raising the ratio of renewable energy to over 30 percent.

President: APEC Should Continue to Be Driving Force of Global Economy
APEC brings 21 economies together to tackle challenges and help each other prosper.

Vietnam was taking various strong measures and a comprehensive approach, and integrating plans and strategies on economic recovery in the “new normal” into the transformation to the digital economy, green growth, and climate change adaptation, he said.

According to the President, all policies were set to support both employees and employers, while the unemployment insurance fund, social welfare packages, and social resources were mobilized to assist vulnerable groups and the poor.

Green growth and climate change response had been rolled out widely in Vietnam through different models, he added.

It would be necessary to enhance economic connectivity and ensure supply chains; improve business climate closer to international standards when carrying out commitments under free trade agreements (FTAs), including large-scale ones with stringent standards such as the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), the EU-Vietnam FTA (EVFTA) and the Regional Comprehensive Economic Partnership (RCEP).

Vietnam would create every possible condition for the success of all businesses, he affirmed.

President Phuc underlined that the current difficulties and challenges would also offer opportunities for businesses that dare to restructure and sharpen their competitive edge for sustainable and inclusive business operations.

Vietnam would always welcome APEC and international investors, he said, calling on ABAC members to stand side by side with APEC economies and people in overcoming the pandemic, restoring the economy, and obtaining new achievements./.

APEC brings 21 economies together to tackle challenges and help each other prosper.

The impact of Covid-19 on the region’s people and economy, coupled with hosting an entirely virtual year, makes APEC 2021 an ambitious exercise in digital diplomacy, said Prime Minister Ardern.

This year, APEC region's response to Covid-19 and the opportunity to build a more resilient future are top of the agenda.

APEC has already joined together in a commitment to speed up the cross-border flow of Covid-19 vaccines, rejuvenate the World Trade Organization and world-first action on services to support the movement of essential goods, VGP News said.

The progress on APEC’s agenda and high participation at our virtual APEC 2021 shows how our collective determination can overcome the challenges of the pandemic./.

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