APEC needs to uphold spirit of unity and responsibility as road to recovery remains long

Prime Minister Nguyen Xuan Phuc and other leaders of the APEC member economies adopts APEC Putrajaya Vision 2040 that charts the future of the region at the 27th APEC Economic Leaders' Meeting on November 20, 2020. Photo: VGP

In his remarks, Phuc stressed that the world is now facing multiple crises, dominated by the COVID-19 pandemic and severe economic recession while the road to recovery remains long, uneven and uncertain, with extraordinary risks.

It is now more than ever that APEC members need to uphold the spirit of unity and responsibility, and reaffirm the fundamental importance of multilateral cooperation.

He called on APEC to step up coordination in disease containment, further promote economic integration, and ensure uninterrupted supply chains, adding that such efforts will secure the Asia-Pacific’s position as the driver for global economic recovery.

Phuc expressed his belief that comprehensive digital transformation should be the new driver for APEC to strengthen its core values in the digital age.

From that perspective, APEC should be on the frontline to promote rules-based multilateral trading system, WTO reforms and take the lead in shaping appropriate regulatory and policy frameworks to keep pace with the advent of digital economy.

Such initiative will turn the Asia-Pacific into a global hub of innovation and technology, and support member economies in building human resources in the digital age, enhancing connectivity, and narrowing the development gap, notably the digital divide, the Vietnamese leader stated. 

He suggested that a new pillar of APEC cooperation should encompass sustainable and inclusive development, and response to non-traditional security challenges, including epidemics, natural disasters, water resource issues, and climate change.

Phuc called on APEC to support member economies in transitioning to smarter, greener and more inclusive growth models should also be a focus. And with that he voiced full support for the adoption of the APEC Vision by 2040 on an open, dynamic, resilient and peaceful Asia-Pacific Community for the prosperity of all our people and future generations.

The Government chief affirmed Viet Nam’s commitment to continue working with other APEC members to realize the forum’s shared visions and aspirations.

In his remarks, Phuc stressed that the world is now facing multiple crises, dominated by the COVID-19 pandemic and severe economic recession while the road to recovery remains long, uneven and uncertain, with extraordinary risks.

It is now more than ever that APEC members need to uphold the spirit of unity and responsibility, and reaffirm the fundamental importance of multilateral cooperation.

He called on APEC to step up coordination in disease containment, further promote economic integration, and ensure uninterrupted supply chains, adding that such efforts will secure the Asia-Pacific’s position as the driver for global economic recovery.

Phuc expressed his belief that comprehensive digital transformation should be the new driver for APEC to strengthen its core values in the digital age.

From that perspective, APEC should be on the frontline to promote rules-based multilateral trading system, WTO reforms and take the lead in shaping appropriate regulatory and policy frameworks to keep pace with the advent of digital economy.

Such initiative will turn the Asia-Pacific into a global hub of innovation and technology, and support member economies in building human resources in the digital age, enhancing connectivity, and narrowing the development gap, notably the digital divide, the Vietnamese leader stated. 

He suggested that a new pillar of APEC cooperation should encompass sustainable and inclusive development, and response to non-traditional security challenges, including epidemics, natural disasters, water resource issues, and climate change.

Phuc called on APEC to support member economies in transitioning to smarter, greener and more inclusive growth models should also be a focus. And with that he voiced full support for the adoption of the APEC Vision by 2040 on an open, dynamic, resilient and peaceful Asia-Pacific Community for the prosperity of all our people and future generations.

The Government chief affirmed Viet Nam’s commitment to continue working with other APEC members to realize the forum’s shared visions and aspirations.

In his opening speech, Malaysian Prime Minister Tan Sri Muhyiddin Yassin urged economies on the Pacific Belt to stay united to fight the Covid-19 pandemic and promote economic recovery.

Meanwhile, Chinese President Xi Jinping said China is willing to work with other Asia-Pacific economies to create and share the region's peaceful, prosperous and bright future, and march toward the target of building a community with a shared future for mankind.

Xi said China stands ready to work with all parties to advance the construction of "green lanes" for goods in an active and prudent manner.

The APEC forum brings together the 21 economies in Asia-Pacific, including the US, Japan, China and the Republic of Korea among others, which together represent 60% of the world’s GDP, 47% of global trade and 38% of the planet’s population.

By Quang Minh

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