Asia-Pacific: Driving force of global growth and integration

The 22nd APEC Summit took place in Beijing, China from November 10-11

Shaping the future through Asia-Pacific cooperation

In 1994, in Bogor, Indonesia, APEC identified its goal of building the Asia-Pacific as a region of friendliness and free trade and investment through the elimination of tariff barriers to facilitate flows of goods and human resources. This mission was very difficult to a forum consisting of economies with differences in terms of development level and viewpoint. Two decades later, the leaders of 21 APEC member countries met at the 22nd APEC Summit in Beijing, China to continue seeking solutions to boost the implementation of this goal.

With plenary sessions held to discuss measures to boost regional economic links, comprehensive integration and infrastructure development, promoting creativity, reforms and economic growth, APEC 22 approved two statements of APEC leaders on the Beijing Agenda for an Integrated, Innovative and Interconnected Asia-Pacific and Shaping the Future through the Asia-Pacific Partnership. Delegates also endorsed the Beijing Roadmap for APEC’s Contribution to the Realization of a Free Trade Agreement in Asia-Pacific, the APEC Strategic Blueprint for Promoting Global Value Chain Development and Cooperation, the APEC Accord on Promoting Innovative Development, Economic Reform and Growth, and the APEC Connectivity Blueprint between 2015 and 2025.

Through these results, APEC leaders affirmed their determination to promote cooperation and multi-layer links, guiding the formation of free trade agreements, contributing to improving Asia-Pacific’s position as a driving force of global growth and integration.

Over the last two decades implementing Bogor goals, the APEC regional economy has rapidly grown. Thanks to trade and investment facilitation measures, total value of regional trade has increased eightfold. APEC’s foreign direct investment (FDI) has sharply increased from US$2.5 billion in 1994 to US$10.6 billion in 2011.

On its side, Vietnam has made nonstop efforts to promote trade and investment cooperation with APEC countries. FDI from APEC countries into Vietnam has amounted to US$189.5 billion, accounting for over 78 percent of the total amount of registered FDI in the country (US$241.6 billion).

Many APEC countries have become Vietnam’s large partners. In the first nine months of this year, for example, trade between Vietnam and China reached over US$42.3 billion, the US US$25.5 billion, and the Republic of Korea US$20.9 billion.

Vietnam’s voice in APEC

Representing Vietnam to attend APEC 22, President Truong Tan Sang contributed many opinions about major contents of the summit. For example, to ensure the effectiveness of regional links, he proposed the combination of connection and sustainable development efforts, the implementation of Millennium Development Goals and the preparation of a post-2015 development agenda as well as efforts to cope with global challenges. In addition, he highlighted the necessity of boosting economic and technical cooperation and helping developing member economies improve their capabilities, especially in the fields of economics and trade. In his opinion, APEC needs to join and assist sub-regional and regional connection programs of its members, including the Association of Southeast Asian Nations (ASEAN), continental ASEAN and Mekong Sub-region.

At a discussion session on boosting comprehensive integration and infrastructure development, President Truong Tan Sang put emphasis on the necessity of raising financial resources and technical assistance through transparent cooperation mechanisms for development goals. To promote comprehensive integration, he requested APEC member countries to pay more attention to boosting cooperation in coping with global challenges, assisting developing members’ capability improvement efforts, promoting education and training cooperation, increasing public-private cooperation, and bringing into play the role of businesses. In his opinion, it is essential to connect the integration frameworks at all levels, ensuring mutual assistance and effective coordination in proposing and implementing initiatives. Notably, the Master Plan on ASEAN Connectivity and infrastructure connectivity projects in continental ASEAN and the Mekong Sub-region could be considered as a major factor helping promote connectivity in Asia-Pacific.

At a discussion session on creative development, reforms and economic growth, President Truong Tan Sang said that creative development and reforms must be combined with sustainable development efforts, reducing the development gap, ensuring social security, hunger eradication, poverty alleviation and ensuring gender equality. Supporting the APEC Food Security Roadmap toward 2020, President Truong Tan Sang said it was necessary to attach importance to the inseparable relationship between food security and natural resources security; further boost the exchange and application of environmentally friendly technologies in agricultural production; and facilitate trade in food products.

In the field of marine economy, President Truong Tan Sang said that cooperation based on the principle of mutual benefit would contribute to deepening and broadening APEC cooperation in the new period, focusing on coping with natural disasters, salvage, fisheries and technology application. He highlighted the necessity of increasing dialogues and efforts to deal with challenges in accordance with international laws and the Regional Code of Conduct./.

By Nguyen Phuong