The conference was co-chaired by Peruvian Foreign Minister Elmer Schialer and Peruvian Minister of Foreign Trade and Tourism Desilú León, with the participation of Foreign Ministers, Economic Ministers and Heads of Delegations of 21 member economies of the Asia-Pacific Economic Cooperation (APEC) Forum.
Also attending the Conference were leaders of the Association of Southeast Asian Nations (ASEAN), the Pacific Economic Cooperation Council (PECC), the Pacific Islands Forum (PIF), the Chairman of the APEC Business Advisory Council (ABAC), the Deputy Director-General of the World Trade Organization (WTO), the Director-General of the Food and Agriculture Organization of the United Nations (FAO), representatives of the World Bank, the Organization for Economic Cooperation and Development (OECD) and many international and regional organizations.
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| Conference scene – Photo: Lam Khanh |
The conference focused on assessing the APEC cooperation situation in 2024, specifically the three cooperation priorities of this year, including: Innovation and digitalization to promote the transition to the formal economy and global economy; sustainable growth for self-reliant development; trade and investment for inclusive growth and connectivity.
The Ministers listened to reports on the results of the APEC Senior Officials' Meeting (CSOM), activities and recommendations of the APEC Business Advisory Council (ABAC), and listened to WTO Deputy Director General Angela Ellard update on the global trade situation and the multilateral trading system...
Reaffirming their commitment to an open, dynamic, resilient and peaceful Asia-Pacific community by 2040 (Putrajaya Vision 2040), the Ministers highlighted the role of the WTO and its contributions to inclusive, interconnected and sustainable growth in the region as well as globally.
The Ministers also discussed many important contents and cooperation proposals such as priorities and orientations in the agenda on the Free Trade Area of the Asia-Pacific (FTAAP), exchanges on policies/good practices to minimize food loss and waste in the Asia-Pacific region, methods to optimize the benefits of new and clean energy sources (clean hydrogen, low carbon, etc.), solutions to overcome difficulties faced by women and other vulnerable groups in the transition to the formal and global economy, etc.
The Ministers welcomed the APEC Economic Policy Report 2024 on “Structural Reform and Financial Inclusion” and the activities at the APEC Economic Committee to implement the APEC Structural Reform Agenda for the 2021-2025 period.
Speaking at the Conference, the Ministers highlighted APEC's role as the leading regional forum and considered it an important mechanism in the Asia-Pacific region, an "incubator of ideas" to promote multilateral efforts, contributing to promoting economic recovery and growth, towards sustainable, inclusive and self-reliant development.
In the context of a world of constant change due to rapid technological developments, climate change and complex geopolitical issues, the Ministers welcomed the efforts of APEC members in proposing initiatives to enhance cooperation and address regional challenges, emphasizing the importance of enhancing APEC cooperation to achieve the Putrajaya Vision 2040 through the implementation of the Aotearoa Action Plan and the Bangkok Goals on Green, Clean and Circular Economy.
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| Mr. Luong Hoang Thai - Director of Multilateral Trade Policy Department (Ministry of Industry and Trade) spoke at the Conference - Photo: Lam Khanh |
At the Conference, the Vietnamese delegation shared with APEC members some key contents in APEC cooperation to ensure free, open trade and investment and sustainable development in the Asia-Pacific region. Specifically:
Firstly, regarding the multilateral trading system, Vietnam highly appreciates the role of the WTO in leading and promoting the process of trade liberalization effectively.
In order for the WTO to contribute more actively to promoting sustainable trade growth, Vietnam suggests that WTO members focus on the discussion and negotiation contents that have made much progress to narrow the gap between members and reach consensus, especially in resolving issues regarding the WTO's dispute settlement mechanism.
Like many other responsible members, Vietnam is committed to supporting efforts and initiatives to reform the WTO to improve the effectiveness of its operations.
Second, regarding FTAAP, Vietnam acknowledged the positive results at the three FTAAP Dialogues hosted by Peru this year, welcomed the APEC Policy Research Group Report on “A New Look at FTAAP: Reviewing APEC’s Progress” and the study on “Convergence and Divergence of FTAs in the APEC Region”.
Vietnam proposed that APEC continue to promote information sharing activities, build and enhance FTA negotiation capacity among members and will actively participate in the Capacity Building Needs Initiative (CBNI) phase 4 chaired by the Republic of Korea.
Third, Vietnam emphasizes the development of renewable energy and fuel sources from renewable energy such as green hydrogen as one of the major orientations in Vietnam's energy development strategy to 2050. In February 2024, the Prime Minister of Vietnam approved Vietnam's Hydrogen Energy Development Strategy to 2030, with a vision to 2050.
Welcoming the APEC Energy Ministers' adoption of the APEC Policy Guidelines for the development and implementation of a low-carbon hydrogen policy framework in August 2024, Vietnam will continue to strengthen APEC cooperation, cooperate with developed economies and international organizations, and develop investment attraction policies to quickly access and receive transfer of new and modern technologies in research, application, production and use of clean and renewable energy.
| The 35th APEC Foreign and Economic Ministers' Meeting is an important activity during the APEC Summit Week in 2024 to prepare for the 31st APEC Leaders' Meeting taking place on November 15-16, 2024. |
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