Unprecedentedly emerging instabilities and new challenges have threatened the global trade system, requiring strong determination from every APEC member said PM Nguyen Xuan Phuc.
Photo: VGP/Quang Hieu
PM Phuc made the point on November 18 while attending the opening ceremony of the 26th APEC Economic Leaders’ Week in Port Moresby, Papua New Guinea.
APEC leaders partook in a dialogue with Managing Directorof theInternational Monetary Fund(IMF) Christine Lagarde to share challenges and opportunities for global and regional economies and provide proposals in favor of sustainableand inclusivegrowth in digital era.
Addressing the dialogue, PM Phuc stressed the necessity for APEC to work with multilateral mechanisms especially the IMF to beef up economic connectivity; economic administration-global finance balance,inclusive growth, and innovation.
According to PM Phuc, in the context of unprecedented challenges that threaten the stability of the global trade system, each APEC member should display its strong resolve.
PM Phuc called upon the acceleration of the liberalization of trade and investment, and respect for international orders based on law as well as the role of global institutions, especially the WTO.
The Vietnamese PM recommended stepping up the structural reform in order to narrow gaps among economies and integrating the Renewed APEC Agenda for Structural Reform in the agenda of APEC members, thus ensuring benefits brought about by innovation and technology will reach all citizens and businesses, while supporting disadvantaged groups and small- and medium-sized enterprises.
The PM proposed APEC implement effective implementation of the initiative on cross-border e-commerce, and internet and digital economy.
APEC should invest in digital infrastructure, speed up digital transformation towards comprehensiveness, trustworthiness and safety, focusing on digital trade infrastructure and fin-tech, connect innovative and creative centers, promote startups and upgrade organization and administration skills.
Developed economies were urged to assist developing ones in structural transformation, administration capacity building and technological application to improve connectivity ability in the digital era.
He informed APEC leaders that Viet Nam had approved the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) on November 12, noting that it is a specific step forward for the country to participate deeper in the global value chain.
The PM also highlighted Viet Nam’s efforts in economic reform, growth model transformation and improvement of the business environment, personnel quality and social welfare.
The same day, PM Phuc attended and delivered a speech at another working session on promoting inclusive growth in the digital economy, in which he stressed the necessity to boost inclusive growth amidst unstable and uneven growth of the global economy.
It is time for APEC to take the lead in boosting inclusive and creative growth in Asia-Pacific, creating momentum for sustainable development globally and the implementation of the UN Sustainable Development Goals (SDGs), the PM said.
He suggested APEC take the pioneering role in incubating innovative and creative initiatives, thus turning Asia-Pacific into a global technological centre.
At the same time, APEC should increase cooperation programs on structural and growth model reform, the improvement of innovative and competitive capacity of economies, the promotion of innovative startups, the building of innovative and creative ecosystem in Asia-Pacific.
The PM said that the APEC members need to utilize great opportunities generated by the digital era, put people at the centre of development, and support vulnerable groups, especially women, girls and people with disabilities, in accessing digital technology, adapting to changes and coping with risks.
He called on APEC to step up gender inclusion, create favorable conditions for female entrepreneurs, increase women’s economic empowerment and set up a network of APEC female entrepreneurs.
APEC should contribute more to efforts to counter global challenges, especially food security, he said, stressing the need to materialize APEC action plans on food security and climate change, and rural and urban area development, invest in infrastructure, develop smart agriculture and manage natural resources sustainably.
The 26th APEC Economic Leaders’ Meeting was officially closed in theafternoon. APEC leaders were unable to sign a joint statement at the 26th APEC Economic Leaders’ Meeting in Papua New Guinea in the context of deep divisions between the US and China over trade and investment.
For the first time in the history of APEC, the leaders have failed to come up with a formal joint statement.
However, APEC members highlighted significant outcomes on regional economic connectivity, inclusive and sustainable growth.
The 27th APEC Economic Leaders’ Meeting will take place in Chile in 2019./.