APEC creates a turning point for global trade, investment

February 22, 2017 | 10:17
Meetings within the framework of the first Senior Official Meeting of APEC (SOM-1) are taking place in Nha Trang city, Khanh Hoa province. The meetings will determine APEC activities throughout 2017 which will change global growth, trade and investment.
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The 4th industrial revolution is creating rapid and dramatic changes and challenges for economies around the world.

In 2016, global economic growth fell to 2.2%, the lowest level since the 2008-2009 crisis. Achievements of globalization have not been equally distributed among regions and economies sparking protests against trade liberalization around the world, especially in the US and Europe. There is a growing trend toward protectionist policies. Under the theme “Creating new dynamism, fostering shared future” for APEC Year 2017, the 21 APEC economies want to create a new momentum for further growth.

Making APEC cooperation more effective

Suggested by Vietnam, priorities for APEC 2017 include promoting APEC development and cooperation and accomplishing the Bogor goals on trade and investment liberalization by 2020. Vietnam and the other APEC economies will focus on sustainable growth, competitiveness and innovation among micro, small and medium enterprises especially those led by women, greater connectivity, narrower gaps, enhanced food security, and self-reliant communities.

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Raul Salazar, Head of Peru’s Senior Officials Meetings delegation (Source: APEC 2016)

Raul Salazar, Head of Peru’s Senior Officials Meetings delegation said: “I think sophisticated education that can address the demands, in particular the youth, innovation and technology. I think Vietnam has chosen the right issue because that’s the way to make things better to our society. Also you’re providing continuity to the food market which is an issue important for emerging economies.”

Vietnam’s proposed priorities for APEC Year 2017 received strong support from APEC members. Promoting micro, small, and medium sized enterprises, especially ones led by women is expected to create a turning point.

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Mr. Allan Bollard, Executive Director of APEC International Secretariat (Source: APEC 2016)

Mr. Allan Bollard, Executive Director of APEC International Secretariat said “We expect to hold a number of meetings where there will be discussions about the best practices around the APEC region with regard to women and the labor force, in particular women and micro and small and medium enterprises. The focus of this year will be very much on how we ensure that growth in the region is inclusive. If you are able to go to those meeting to get very interesting stories about women who get involved in financing small businesses”.

Opportunities for Vietnam to promote business cooperation

APEC Year 2017 creates an opportunity for Vietnam to introduce its image, attract tourists and establish business relations with regional and global partners among the 1,000 businesses who come to Vietnam for the APEC Meetings.

Mr. Hoang Van Dung, Chairman of the APEC Business Advisory Council of Vietnam, said “Since 2016, Vietnam has expanded its cooperation with APEC members and other foreign partners. Hosting APEC 2017 creates an opportunity for Vietnam to find new investors and create the competitiveness of Vietnamese enterprises, 98% of which are small or medium sized”.

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