The 2017 APEC Summit in Vietnam officially wrapped up with the Da Nang Declaration, which reiterated the commitment of the 21 economic members to multilateral trade that fosters inclusive growth and reaffirmed their confidence in the forum’s ability to tackle future challenges together. In its efforts as host country, Vietnam showed great determination in promoting its comprehensive and inclusive integration into the international community as an active and responsible member of APEC.

Important milestones

The declaration, coming at the conclusion of the Summit, themed “Creating New Dynamism, Fostering a Shared Future”, reaffirmed leaders’ long-standing commitment to APEC’s mission of fostering sustainable economic growth and prosperity in the Asia-Pacific region.

According to many experts, the Da Nang Declaration expresses a new vision for APEC, establishes new directions to create growth momentum for the region, and maps out new directions for APEC economies in the future. “This is the most important outcome of the Summit as well as APEC Year 2017,” State President Tran Dai Quang told local and foreign media.

Another highlight of the 2017 APEC Summit was the commitment to and innovative ideas for global growth. The APEC CEO Summit was a great success, with speeches given by leaders of APEC economies, including US President Donald Trump and Chinese Party General Secretary and President Xi Jinping, as well as leaders of leading local and global economic groups and representatives from major international economic institutions.

Ministers of the eleven remaining signatories to the TPP agreed on “core elements” of a new trade pact, to be implemented without the US. The agreement will now be called the Comprehensive and Progressive Agreement for the Trans-Pacific Partnership (CPTPP). While the “TPP-11” accord was not endorsed by leaders, as expected, ministers said the new name reflects a focus on inclusive growth.

Spotlight shone on Vietnam

Vietnam reached all its major goals in hosting APEC Year 2017, including improving the country’s role and profile in the international arena, strengthening its relations with other APEC economies, connecting Vietnamese enterprises with APEC firms, and promoting its development and business potential, Deputy Prime Minister and Minister of Foreign Affairs Pham Binh Minh told local media.

The achievements not only express Vietnam’s new role in the international community but also show that APEC continues to be a leading regional economic cooperation mechanism that initiates and promotes cooperation, connectivity, and intellectual convergence in the region and the world.

This success is reflected in the participation of major international organizations such as the International Monetary Fund (IMF), the World Bank, the Organization for Economic Co-operation and Development (OECD), and the Asian Development Bank (ADB). A number of senior analysts and commentators participated at the event and contributed significantly to its success.

More than 21,000 delegates took part in the 243 activities held during APEC Year 2017 in Vietnam. The APEC Economic Leaders’ Week alone attracted about 11,000 delegates, Mr. Minh said, adding that these figures reflect the world and the region’s great attention to APEC.

The hosting helped Vietnam carry out its foreign policy of diversifying and multilateralizing foreign relations, integrating into the world, and boosting the effectiveness of multilateral diplomacy, with the goal of ensuring peace, stability, and favorable conditions for national development.

Vietnam also made use of APEC activities to bolster its ties with major partners, Mr. Minh noted, adding that President Xi, President Trump, and Chilean President Michelle Bachelet also paid State visits and Canadian Prime Minister Justin Trudeau paid an official visit.

Leaders from member economies also expressed their satisfaction with APEC’s work in Vietnam, which gave them a positive impression of the country and its people. Australian Prime Minister Malcolm Turnbull walked around the streets of Da Nang and enjoyed some sandwiches.

President Xi congratulated Vietnam on successfully organizing the 2017 APEC Summit and highly appreciated the results of the conference in promoting regional and global development.

President Trump said he was impressed by the sincere sentiments and warm welcome of the people of Da Nang and Hanoi, and asked Prime Minister Nguyen Xuan Phuc to thank the Vietnamese people.

VN Economic Times