President proposes 3 major cooperation orientations for APEC in the coming time

President Luong Cuong attended and delivered a speech at the 31st Asia-Pacific Economic Cooperation (APEC) Economic Leaders' Meeting.

President Luong Cuong attends the 31st APEC Summit. (Photo: Lam Khanh/VNA)

According to a special correspondent of the Vietnam News Agency, on the morning of November 16 local time in Lima, Peru, President Luong Cuong attended the 31st Asia-Pacific Economic Cooperation (APEC) Economic Leaders' Meeting.

The Conference was attended by Leaders and Heads of Delegations from 21 member economies and invited guest, the Managing Director of the International Monetary Fund (IMF).

With the theme “Empower. Inclusive. Growth,” the Summit affirmed the determination to realize the Putrajaya Vision 2040 of an open, dynamic, resilient and peaceful Asia-Pacific community, ensuring that all people participate in and benefit from sustainable and inclusive economic growth.

The conference also emphasized the priority of maintaining APEC as a dynamic and self-reliant cooperation forum, based on fundamental principles such as voluntariness, non-bindingness and consensus.

Sharing about the global economic situation, the IMF Managing Director emphasized positive signs such as falling inflation and growth rates of APEC economies higher than the world average. However, the global economic growth rate is slowing down, and trade is no longer a driver of global growth due to many reasons, including increased fragmentation and protectionism.

Faced with that situation, APEC leaders agreed to continue building a free, open, non-discriminatory, and transparent trade and investment environment; and support efforts to reform the World Trade Organization (WTO) to more effectively respond to current economic and trade challenges.

The leaders agreed to promote cooperation to enhance the resilience of APEC economies; digital transformation across the region, developing digital infrastructure and digital skills, facilitating e-commerce; effectively responding to climate change; and at the same time creating more jobs, enhancing economic empowerment for women and vulnerable groups, thereby narrowing the development gap.

Leaders attend the 31st APEC Summit with the theme "Empowerment. Inclusion. Growth." (Photo: Lam Khanh/VNA)

Speaking at the conference, President Luong Cuong pointed out three major contrasts in the current world economic picture: geopolitical tensions and macroeconomic instability are affecting global growth, but Asia-Pacific is still the locomotive and growth engine of the world. Protectionism, fragmentation, and polarization are increasing, but the need for economic cooperation and connectivity remains very strong. Development gaps and global environmental issues continue to be the top challenges, but the development of breakthrough technologies, digital transformation, and green transformation trends are increasingly profound and comprehensive, bringing many creative solutions and opportunities for cooperation.

In order for APEC to continue to stand firm in the face of challenges and effectively seize opportunities, the President proposed three major cooperation orientations for APEC in the coming time:

First, continue to promote trade and investment liberalization, strengthen the rules-based multilateral trading system. Create and maintain seamless economic links. Further facilitate cross-border flows of finance, technology, knowledge and labor. Form and develop resilient and sustainable supply chains.

Second, promote cooperation programs and initiatives on inclusive growth and inclusive technology. Put people at the center of the digital and green transformation process. Prioritize solutions to narrow the digital gap, support disadvantaged communities in remote areas to access digital technology and the results of innovation. Invest heavily in green infrastructure, digital infrastructure, and cooperate in sharing new technology applications in dealing with global issues, especially climate change.

Third, continuously improve institutional capacity and global governance. Promote structural reform, improve APEC institutions towards streamlining, dynamism, adaptation, anticipating, and being ready to create new growth drivers. Encourage the extensive participation and contribution of businesses and people - the subjects, goals, and centers of APEC cooperation.

The President also affirmed that in his role as host of APEC 2027 and a member of the APEC Structural Reform Agenda Development Group for the 2026-2030 period, Vietnam will continue to actively contribute and effectively implement the orientations and visions of APEC cooperation.

After the discussion, the conference unanimously adopted the APEC Leaders' Statement and two signature initiatives of the host country Peru, including the Roadmap for Accelerating the Transition to a Formal and Global Economy, and the Statement on a New Vision for the Free Trade Area of the Asia-Pacific (FTAAP). The Leaders also welcomed the Republic of Korea to host APEC 2025, China to host APEC 2026, and Vietnam to host APEC 2027.

On the afternoon of November 16, local time, President Luong Cuong and the Vietnamese High-Level Delegation left Jorge Chavez International Airport, Lima, to return home, successfully concluding the working trip to attend the APEC 2024 Summit Week and officially visit the Republic of Chile and the Republic of Peru./.

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