(VOVworld) – The First APEC Senior Officials Meeting (SOM1) and related meetings in Nha Trang city have discussed ways to achieve the Bogor goals on trade and investment liberalization goals.

SOM1 delegates agree on 4 priorities for APEC year 2017 proposed by Vietnam (photo VOV)

In 1994, APEC leaders committed to achieving the ‘Bogor Goals’ of free and open trade and investment by 2020 by reducing trade barriers in the region and promoting the free flow of goods, services and capital among APEC economies.

Challenges to the Bogor goals

The first roadmap for developed economies to reach these goals was completed in 2010. The second phase for developing countries will be completed in 2020. The process has been affected by countries’ varying economic and development levels, unbinding commitments, and non-economic factors like culture, history, the environment, and security.

Alan Bolard, Executive Director of the APEC Secretariat, said APEC economies are determined to reach the Bogor goals as scheduled although implementation has been slowing down. “The Bogor goals is our headline target as 2020 is the deadline for free and open trade among the economies. We’ve made tremendous progress. But I think it’s fair to say that over the couple of years the progress has showed down. There are lots of work continuing on reforms, structure change, and regulations. We can see some progresses in a couple of years.”

APEC 2017 moves toward Bogor goals

Vietnam’s initiatives for APEC Year 2017 include trade and investment liberalization, narrowing the development gap between member economies, and creating opportunities for less developed countries to grow sustainably.

Economist Vo Tri Thanh said the international delegates appreciate Vietnam’s initiatives to promote APEC policies to the public, particularly the business community. “Vietnam believes the Bogor goals are not just a matter for law makers, but also for markets, society, and businesses. Implementation should create opportunities for very business.”

Deputy Prime Minister and Foreign Minister Pham Binh Minh told the press earlier this year: “Vietnam is hosting the APEC Year 2017 at a critical time for fulfilling the Bogor goals on trade and investment liberalization by 2020. Vietnam and other member economies need to discuss a post-2020 vision.”

Vietnam will work with other countries to reach the Bogor goals by 2020 and lay a foundation for a sustainable and inclusive Asia-Pacific partnership in the 21^st century.