(VOVworld) – The 22nd APEC Economic Leaders’ Meeting opened in Beijing, China on Monday. President Truong Tan Sang led the Vietnamese delegation with the aim of enhancing Vietnam’s role in APEC by making significant contributions to the meeting.
Themed “Shaping the future through the Asia-Pacific Partnership”, the two-day meeting will discuss internal connectivity, the establishment of a regional free trade area, and emerging concerns in economic and trade cooperation. Economists say this year’s meeting in China, a vigorously developing nation, gives member countries prospects of a new impetus, particularly in 2014 when challenges to growth and peace in the region have been conspicuous.
25 years of APEC development
Established in 1989, APEC has recorded important achievements, including reducing taxes 3 times, increasing internal trade 300%, and facilitating people-to-people exchanges and business travel. Vietnam’s Deputy Minister of Industry and Trade Nguyen Cam Tu said: “APEC has specific programs for trade development, for example, a program to reduce transaction cost and time between 2010 and 2015. APEC Business Travel Cards have been issued to let businessmen access regional markets without needing a visa. APEC has developed a database of the trade statistics and institutions of all its members, saving businesses time and money spent on market research.”
2014 marks APEC’s 25th anniversary and 20 years of implementing its trade and investment liberalization and facilitation goals. The 22nd APEC Economic Leaders’ Meeting is an opportunity for APEC to review its achievements over the last 25 years and discuss future plans.
Vietnam, an active member for the last 16 years
Vietnam joined APEC in 1998. Joining the group was an important step in Vietnam’s foreign policy of openness, diversification, multilateralization, and international integration. APEC has proved to be a profitable cooperative mechanism for Vietnam, according to Deputy Minister of Industry and Trade Nguyen Cam Tu: “As an open economic forum, APEC has brought about non-compromising, favorable agreements to countries with a low level of development like Vietnam. APEC has open dialogue mechanisms and trade policies, which will help countries like Vietnam fine-tune global and domestic trade institutions.”
In the new strategic development phase, the Asia-Pacific region and APEC have become increasingly important to Vietnam in terms of economics, diplomacy, security, and development. Deputy Foreign Minister Bui Thanh Son said: “APEC accounts for 65% of foreign investment in Vietnam and 60% of Vietnam’s exports. 70% of foreign arrivals in Vietnam come from APEC countries. Vietnam has established strategic and comprehensive partnerships with many APEC members.”
During his visit to Beijing, President Truong Tan Sang will attend a number of plenary sessions, group dialogues, and bilateral meetings with high-ranking leaders of other APEC countries. This will be an opportunity for Vietnam to increase cooperation with key APEC members, take advantage of APEC cooperative programs to stabilize its macro-economy, boost its socio-economic development, restructure its growth model, and prepare for the 24th APEC Summit in 2017.