APEC: Motivation for international integration and connectivity

Founded in November, 1989, APEC is an open economic forum that promotes solutions that enhance economic, trade and investment relations between member economies. APEC now has 21 members which comprise 52% of the world’s territory, 59% of its population and 70% of its natural resources and contribute 57% of global GDP and more than 50% of global trade.

Under the theme “Resilient Asia-Pacific, Engine of Global Growth”, this year’s APEC Economic Leaders’ Meeting will focus on the current global economic situation and APEC’s role in promoting multilateral trade, a vision for evolving regional and global architectures, and sustainable growth that supports equality, food security, water resources, and energy. According to world economists, white the East Asia Summit gathers world leaders to discuss global security and economic issues, the APEC summit is expected to create a new motivation for integration and stronger regional connectivity. Deputy Foreign Minister Bui Thanh Son said that this year’s APEC summit hopes to contribute to the economic development of its member countries as well as the global economy. So, high on the agenda of the summit will be discussions on regional economic situation as well as security and political issues. The leaders will review the implementation of BOGO targets in promoting trade and investment in the region.

Active in integration

Since it joined APEC in November 1988, Vietnam has always actively and responsibly participated in the bloc’s mechanisms. Cooperation activities within APEC have helped Vietnam increase its international prestige and deepen bilateral ties with its Asia Pacific partners. Vietnam has introduced several initiatives and held the executive post of the APEC Preparedness Working Group, and the E-Commerce Working Group, coping with emergencies and successfully implementing more than 70 initiatives related to e-ecommerce, investment, technical cooperation, health care, emergency preparedness and anti-terrorism. Mr. Son said that APEC is a helpful organization for Vietnam because the region accounts for 65% of the total investment in Vietnam, 60% of Vietnam’s exports and 70% of tourists to Vietnam. Vietnam has set up strategic partnerships and comprehensive partnerships with several countries in this region.

APEC is also a helpful channel for Vietnam to access capital, modern technology and management experience through investment and trade exchanges with APEC members, many of which are leading global economies. APEC’s annual activities have helped Vietnam effectively connect with the business community in the region. In the context of drastic changes in the region and the world, Vietnam has been joining with other APEC members to shoulder shared responsibilities. President Truong Tan Sang, in an address at the 2012 APEC Summit in Russia, stressed that Vietnam is entering a new strategic development period of comprehensive reforms, economic restructuring, and deeper international integration, with economic integration serving as a foundation for industrialization and modernization. In this process, the Asia Pacific region and the APEC forum in particular are very important to Vietnam.

Vietnam boosts multilateral cooperation.

During the 2-day APEC summit, President Sang is scheduled to attend the plenary session and group dialogues and meet with leaders of other APEC member countries to promote the 11^th National Party Congress’s guidelines on enhancing international integration and Vietnam’s policy of respecting and promoting cooperation mechanisms in the Asia Pacific region. Through these meetings, Vietnam aims to strengthen cooperation with key members of APEC.  The summit is also an opportunity for Vietnam to take advantage of the organization’s cooperation programs to serve its goals of stabilizing its macro economy, achieving its socio economic targets and reforming its growth model.