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APEC Ministerial Meeting opens in Danang
The Saigon Times Daily
Thursday,  Nov 9, 2017,23:17 (GMT+7)

APEC Ministerial Meeting opens in Danang

The Saigon Times Daily

General view of the 29th APEC Ministerial Meeting in Danang City on November 8 - PHOTO: APEC VIETNAM

HCMC – APEC foreign and economic ministers, delegation heads of 21 APEC member economies, and observers on November 8 began meeting in the central coast city of Danang to finalize preparations for the APEC Economic Leaders’ Meeting this weekend.

Vietnamese Deputy Prime Minister and Foreign Minister Pham Binh Minh, who co-chairs the 29th APEC Ministerial Meeting (AMM), said in his opening remarks that APEC has experienced rapid and complex changes since the 28th AMM in Peru last year.

The global and regional situations are experiencing a marked shift with intertwining opportunities and challenges, he said, adding economic recovery is firming up but economic growth is still lower than the pre-crisis average.

He noted the Fourth Industrial Revolution has brought fresh expectations for higher productivity but also anxiety about its transformative effects. However, threats from regional tensions, terrorism, inequality, natural disasters and cyber attacks are becoming more acute, he added.

But APEC has proven its ability to adapt, transform and lead, he said. As the region’s leading economic cooperation mechanism, the forum helps guarantee the Asia-Pacific region as the driving force behind global economic growth and integration for the benefit of its residents and businesses, he said.

Minh spoke highly of efforts and effective cooperation through nine ministerial-level meetings and dialogues, and over 200 meetings of committees and sub-working groups which have been organized so far this year.

They have helped realize the theme for the APEC Economic Leaders’ Week: “Creating new dynamism, fostering a shared future” and four priorities: promoting sustainable, innovative and inclusive growth; deepening regional economic integration; strengthening the competitiveness and innovation of micro, small and medium enterprises in the digital age; and enhancing food security and sustainable agriculture in response to climate change.

He suggested the meeting review the progress of APEC cooperation, finalize preparations for the APEC Economic Leaders’ Meeting this weekend, and decide on ways to prop up cooperation in some key fields.

APEC has made significant progress in promoting economic ties since the 23rd Meeting of APEC Ministers responsible for Trade in Hanoi City in May, said Vietnam’s Minister of Industry and Trade Tran Tuan Anh, who co-chairs the 29th AMM.

Anh proposed ministers discuss measures to strengthen economic ties among APEC members and send out a strong message on the determination of the forum to pursue a free and open region for trade and investment.

Earlier, the two-day Concluding Senior Officials’ Meeting was organized in Danang as part of the APEC Economic Leaders’ Week in Danang, with around 200 delegates attending.

APEC chairs of the Economic Committee, the Committee on Trade and Investment, the Budget and Management Committee, the Committee on Economic and Technical Cooperation delivered reports on cooperation results.

Founded in 1989, APEC is an economic forum intended to support sustainable economic growth and prosperity in the Asia-Pacific region. The forum represents about 39% of the world’s population and contributes 59% to global gross domestic product (GDP) and 48% to international trade.

APEC groups Australia, Brunei, Canada, Chile, China, Hong Kong (China), Indonesia, Japan, South Korea, Malaysia, Mexico, New Zealand, Papua New Guinea, Peru, the Philippines, Russia, Singapore, Chinese Taipei, Thailand, the United States and Vietnam.

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