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Vietnam Today

APEC SOM 2 opens in Hanoi

Released at: 16:15, 17/05/2017 APEC Viet Nam 2017

APEC SOM 2 opens in Hanoi

Photo: APEC2017.vn

Outlook for Asia-Pacific remains the strongest in the world, APEC 2017 SOM Chair tells first day of two-day meeting.

by Long Van

The two-day APEC 2017 Second Senior Officials Meeting (SOM2) officially opened in Hanoi on May 17.

The outlook for the Asia-Pacific remains the strongest in the world, with momentum picking up, as showed in the latest IMF World Economic Outlook, Deputy Minister of Foreign Affairs Bui Thanh Son, who is APEC 2017 SOM Chair, was quoted by the Vietnam News Agency as saying in his opening address.

He also pointed out, however, that the near-term outlook is clouded with significant uncertainties and challenges, which call for individual economic actions supported by multilateral cooperation as well as policies to support growth while boosting structural reforms, resilience, and inclusiveness.

“Therefore, the SOM2 and related meetings, especially our meeting today and tomorrow, is critical to executing the adopted priorities, advancing new initiatives, preparing for the Meeting of Ministers Responsible for Trade, and starting to shape the agenda and identify possible deliverables for the Leaders’ Week,” Mr. Bui Thanh Son emphasized.

Mr. Bui Thanh Son, Deputy Minister of Foreign Affairs and APEC 2017 SOM Chair. Photo: apec2017.vn 

During the meeting, APEC senior officials will note the progress of developing the APEC Framework on Cross-border E-commerce Facilitation and discuss recent developments of free trade agreements (FTAs) and regional free trade agreements (RTAs) in the region and the implementation of the Lima Declaration on the Free Trade Area of the Asia-Pacific (FTAAP).

They will also discuss how APEC can support the multilateral trading system (MTS) and contribute to the 11th WTO Ministerial Conference as well as other trade and investment issues, including regulatory cooperation, supply chain connectivity, and global value chains cooperation.

The officials are scheduled to look into progress in the development of the Strategy on Green, Sustainable and Innovative Micro, Small and Medium Enterprises (MSMEs) and the Action Plan on Food Security, Sustainable Agriculture and Food Security and Inclusive Growth through the Policy Partnership on Food Security (PPFS).

They will also discuss efforts to enhance women’s economic empowerment as well as progress in the development of the proposal on “Bridging the Gap in Economic Development and Integration of Remote Areas for Sustainable Growth in the APEC Region”.

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