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Third APEC meeting focuses on economy, finance and society

Ngoc Hung
Thursday,  Aug 31,2017,21:11 (GMT+7)
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Third APEC meeting focuses on economy, finance and society

Ngoc Hung

HCMC – Economy, finance, and society are seen as three pillars of the Asia-Pacific Economic Cooperation (APEC), and these are also key topics of the recent APEC Senior Officials’ Meeting (SOM), said Deputy Minister of Foreign Affairs Bui Thanh Son.

The deputy minister, who is also chair of SOM 3 and related meetings of APEC 2017, evaluated the results of the third SOM at a press conference in HCMC on August 30.

The event took place in the context of brighter prospects for global and regional economic and trade growth, Son said, adding that the regional growth rate is forecast to be higher than that of the global economy, 3.8% against 3.5%.

However, the widening development gap between economies and within each economy, and the occurrence of non-conventional security challenges like natural disasters, diseases, population aging and climate change require APEC to maintain its growth rate and strengthen its cooperation and connectivity in a bid to further benefit people and businesses.

He added the APEC economies affirmed their determination to bring pragmatic and specific benefits to each member economy, community and business given the unequal benefits brought by globalization and trade liberalization.

Therefore, inclusive growth was debated at meetings of APEC committees and groups, covering economy, finance and society.

The third SOM and related meetings wrapped up in HCMC on August 30 after 13 days of extensive discussions.

They have the largest scale in the APEC Year 2017 with around 80 meetings and 3,000 delegates, including ministers, deputy ministers of the 21 APEC member economies, representatives of APEC observers, as well as regional and international organizations, businesses, scholars, and media agencies.

The meetings mulled a wide range of issues, from manpower development and structural reform to support small and medium-sized enterprises, anti-corruption, natural disaster response and business environment improvement.

Four other APEC meetings are scheduled to take place prior to the APEC Leaders’ Week in November in the central coast city of Danang.

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