APEC continues to prove its incredible ability to adapt, to transform and to lead, said Vietnamese Deputy Prime Minister and Chair of the 2017 APEC National Committee Pham Binh Minh.

APEC 2017 Ministerial Meeting opens in Da Nang 

“The bloc continues to help ensure our Asia-Pacific as an engine of global economic growth and integration for the benefit of our people and businesses, he told high-ranking officials from 21 Asia-Pacific Economic Cooperation (APEC) member economies at the opening ceremony of the 29th APEC Ministerial Meeting (AMM) in central city of Da Nang on November 8 morning.

In the opening remark, Deputy PM Minh stressed that the journey APEC member economies have taken over the past year since the last 28th AMM in Peru has been filled with rapid and complex developments.

“The global and regional landscapes are experiencing continued shift with intertwining opportunities and challenges. Economic recovery is firming but projected growth rates are still below pre-crisis averages,” Minh said.

“The Fourth Industrial Revolution has created hopes for higher productivity, but also anxiety about its transformative implications. 

“International cooperation and integration endeavors continue to be reinforced. But threats posed by regional tensions, terrorism, inequality, natural disasters and cyber security are becoming more acute.”

Minh reiterated Vietnam’s efforts to consolidate the momentum of APEC cooperation as the reason the host set APEC Year’s theme “Creating New Dynamism, Fostering a Shared Future” and the four priorities to accelerate regional economic integration and inclusive growth.

Since early this year, nine ministerial - level meetings and dialogues and over 200 committee and sub-fora meetings have been organised in various big cities across Vietnam, discussing issues around the theme and four priorities proposed by the host economy.

The 29th AMM precedes and finalise preparations for the most important activity of the APEC Year 2017 – the APEC Economic Leaders’ Meeting on November 11.

The one-day meeting also aims to review the work of APEC processes this year, and decide on ways to push forward cooperation in some major areas.

“We will seize this last opportunity before our leaders’ meeting to show the flexibility and willingness needed to break the remaining gap so that we can come out with a meaningful package for REI (Regional Economic Integration),” said the 29th AMM co-chair, Minister of Industry and Trade of Tran Tuan Anh.

“Given the rapid changes and uncertainty that the global economy is now facing, this will convey a strong message that reflects the stated fastness, determination of APEC in pursuing a free and open region for trade and investment.”

With a Joint Statement issued at the 28th AMM in Peru last year, APEC ministers passed a Joint Statement outlining the meeting’s outcomes to strengthen regional economic integration and quality growth.

Also, the reaffirmed their commitment to strengthening the multilateral trading system and achieving the Bogor Goals of free and open trade and investment.-VNA