APEC focuses on multilateral development

The ministers chalked up the modest results to an increased number of challenges to development and connectivity, the slow pace of economic growth, the Doha Round that continues to stagnate, challenges to peace and stability in many areas, and tougher global challenges.

The ministers said that there is no better route for APEC member countries to take than to pioneer the implementation of decisions that the WTO Ministerial Conference reached in Bali in 2013 towards promoting multilateral trade and in so doing fostering international trade. Referring to the long stalemate of the Doha Round, APEC will continue to send a strong message to the global community, affirming that APEC members support the acceleration of the Doha Round in general, the Bali commitment in particular, and the implementation of the Bogor Goals on trade and investment liberalization and facilitation.

Specific measures were introduced at AMM 26 to promote the implementation of these goals, including supporting members in terms of economic reform and growth maintenance, supply chain development and connectivity, supporting small to medium-sized enterprises, scientific and technical cooperation, human resource development and vocational training.

APEC members will prioritize innovation, growth, and economic reform in the coming time, including the development of small to medium-sized enterprises through increased access to credit sources. AMM 26 passed China’s initiative referring to the agreement on innovative development, economic reform, and growth to promote cooperation in these fields in the future.

The ministers discussed ways to strengthen comprehensive connectivity in the Asia-Pacific region, including hard, soft and human connectivity. AMM 26 also passed an initiative on the master plan for connectivity in the 2015-2025 period with a number of specific objectives.

At the 26th AMM, the ministers said it is time for APEC members to take positive action and promote the formation of a Free Trade Area of the Asia Pacific (FTAAP). AMM 26 passed China’s initiative which refers to the Beijing Roadmap for APEC's Contribution to the Realization of FTAAP in the future, which can take place after APEC completes the Bogor Goals.

At AMM 26, the Vietnamese delegation emphasized Vietnam’s consistent policy on regional and international economic integration, the country’s support of the multilateral trade system and WTO trade negotiations, particularly the implementation of the post-Bali results of the 2013 WTO Ministerial Conference. It also emphasized the need to achieve the Bogor Goals on time through specific, practical cooperation initiatives, and addressing barriers to trade and investment. The Vietnamese delegation also underlined Vietnam’s priority goals of connecting supply chains, comprehensive development, increased investment in infrastructure development, and enhancing economic and technical cooperation.

According to the Multilateral Trade Policy Department, on the sidelines of AMM 26, the Vietnamese delegation held bilateral meetings with the ministers of some ASEAN (Association of Southeast Asian Nations) countries, as well as the US Deputy Secretary of Commerce, the assistant parliamentarian of the United States Senate, and leaders of a number of multinational investors to discuss outstanding bilateral trade and investment issues./.

By Thu Hang