Mutual trust, key to APEC future

10:30 | 08/04/2017 Cooperation

(VEN) - Leading Vietnamese economist Dr. Vo Tri Thanh believes the year-long events being hosted by Vietnam for the 21-nation Asia-Pacific Economic Cooperation (APEC) forum will contribute to promoting integration, trade liberalization and investment in the region.

mutual trust key to apec future

Briefing members of the APEC Economic Committee on Vietnam’s economic situation and development prospects, Thanh noted that this is a turning point in Vietnam’s reform process, adding that domestic reform and international integration are closely linked. Thanh, a member of the APEC 2017 Secretariat, spoke at a recent gathering of senior APEC officials in the coastal city of Nha Trang.

Vietnam needs to change its development model and create a firm foundation to overcome the middle income trap facing regional economies, he suggested.

APEC has undergone 28 years of development and become a leading economic linkage mechanism in the Asia-Pacific region. However, in the context of instability and slow recovery of the global economy, trade growth below desired pace, resurgence of protectionism and other trade barriers, Thanh said trust and political will, especially of high-ranking leaders, and the relative consensus of concerned parties in society, such as people and businesses, will be key factors boosting regional integration, trade liberalization and investment in the Asia-Pacific region.

In fact, APEC has been a catalyst of many trade and free trade agreements, contributing to enhancing the economic reform capability and promoting regional integration. The forum has shown its capability in coping with global challenges and motivating innovation, integration and economic growth in the region.

Tighter economic relations will strengthen mutual trust and create cooperation opportunities in other fields, helping APEC cope with its ups and downs as well as problems facing the entire world.

Deputy Minister of Foreign Affairs Bui Thanh Son, the Chair of the APEC Senior Officials Meeting 2017, affirmed, “We believe APEC has potential and capability to adapt itself to any circumstances. APEC’s decisive policies and actions are crucial to successful operations of services, logistics, e-commerce and renewable energy businesses in the Asia-Pacific market worth billions of US dollars, creating more employments and building up prosperity for society.” With this belief, Vietnam has proposed the theme “Creating new dynamism, fostering a shared future” for APEC Year 2017. In Thanh’s view, “APEC should increase regional cooperation to achieve green, environmentally friendly, quality and creative growth. Regional linkages should be tightened through strong reforms. Market opening and the elimination of trade and investment barriers should go in line with new standards.”

He added that APEC should formulate a further vision and promote cooperation in new ways to achieve development goals and cope with new challenges, such as population ageing and urbanization, migration, the technological revolution and climate change. “We need to cooperate in policy research to raise a common voice, building mutual trust and political will of APEC economies. Successful results of cooperation will strengthen mutual trust,” he emphasized. 

Đình Dũng - Nhật Quang