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25th APEC Economic Leaders' Meeting opens

Released at: 17:57, 11/11/2017 APEC Viet Nam 2017

25th APEC Economic Leaders' Meeting opens

Photo from apec2017.vn

Key event within 2017 APEC Economic Leaders' Week gets underway.

by Nguyen Quoc

The 25th APEC Economic Leaders’ Meeting, the most important event within the framework of the 2017 APEC Economic Leaders’ Week, opened on the morning of November 11 in Da Nang under the chairmanship of State President Tran Dai Quang.

The meeting was attended by APEC Economic Leaders and Heads of Delegations. The Managing Director of the International Monetary Fund (IMF), Ms. Christine Lagarde, also attended as a guest.

During his opening remarks, President Quang emphasized that the world and the region have undergone profound changes in economic and international relations and balance of power over the past 25 years. However, with a strategic vision of promoting economic cooperation as the foundation of APEC and a focus on removing barriers to trade and investment, all can be happy with what has been achieved together so far, he noted.

He said that APEC has shown its dynamism, adaptability, and self-transformation to become the premier regional economic forum and a driver of global growth and integration. It has also played a leading role in addressing urgent global challenges. The Bogor Goals of free and open trade and investment, and support for the multilateral trade system, as well as growth and connectivity strategies and programs, have provided long-term orientations for APEC’s activities and revealed hundreds of concrete areas of cooperation, including the next generation trade and investment issues. These have also responded to the new demands of the digital era.

On the regional and global landscape, President Quang said that over the past year, the world has witnessed changes more rapid and complex than expected. The global security and political situation has seen unstable developments. Exactly ten years after the global economic and financial crisis, the world economy is recovering and continues to adjust itself in face of profound changes. Yet, regional economic integration has been impeded by global uncertainties facing free and open trade. Given that context, the world economy has recovered. The fourth industrial revolution has created unprecedented opportunities for development and innovation. Historic global agreements, especially the 2030 Agenda for Sustainable Development, have set the long-term directions for international cooperation on sustainable development.

This requires that APEC uphold its leadership in finding new drivers for growth, trade, investment, and connectivity, and ensure that the benefits from globalization and economic integration are equally distributed. Only by so doing can it contribute to a peaceful, stable, dynamic, interconnected, and prosperous Asia-Pacific.

Following the President’s remarks, Ms. Lagarde reported to APEC Economic Leaders on the prospects for the global and regional economy. She also shared policy implications that suggest new momentum for the Asia-Pacific to continue to be a driver of growth and linkages in the coming years.

APEC Economic Leaders shared deep insights on the prospects for the global and regional economy and spoke highly of Ms. Lagarde’s contribution to promoting cooperation and enhancing the role of the Forum.

APEC Economic Leaders then proceeded with the first Retreat Session, under the theme “Innovative Growth, Inclusion and Sustainable Employment in the Digital Age”.

In the afternoon, the meeting continued with the Second Retreat, under the theme “New Drivers for Regional Trade, Investment and Connectivity”. Between the two Retreats, APEC Economic Leaders had a working lunch, where “Fostering a Shared Future” was discussed.

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