Vietnam’s Deputy Foreign Minister Bui Thanh Son, in his speech at the plenary session of the APEC Business Advisory Council (ABAC)’s third meeting in 2017 in Toronto, Canada on July 26, urged the business community in APEC economies to actively join the forum’s activities this year.

Vietnam’s Deputy Foreign Minister Bui Thanh Son

The Vietnamese Deputy FM detailed APEC’s progress in the first half of 2017, especially the outcomes of APEC’s Second Senior Officials’ Meeting (SOM2) and relevant meetings in May in Hanoi, the APEC Ministers Responsible for Trade Meeting in Hanoi and preparation for SOM3 in Ho Chi Minh City next month. 

According to Son, many issues were discussed at the meetings, towards realising previous APEC agreements and commitments, including implementing the Bogor Goals on free trade and investment, aiming to realise the APEC Strategy for Strengthening Quality Growth, the APEC Services Competitiveness Roadmap, the Master Plan on Connectivity and the Lima Declaration on Free Trade Area of the Asia Pacific.  

Canadian Minister of International Trade Francois-Phillippe Champagne stressed the significance of APEC cooperation in economic growth in the Asia Pacific.

Participants approved the SOM2, and discussed the draft 2017 ABAC Letter, and the dialogue form between ABAC and APEC leaders. They were also updated on the CEO APEC Survey on difficulties and prospect of the regional and global economy. 

Attendees proposed ideas to improve ABAC in particular and APEC in general, suggesting practical dialogues with APEC leaders to address difficulties in the region. 

Taking place from July 24-28, the ABAC meeting was attended by delegates from 21 member economies. It included meetings and sideline activities such as the Growing Business Partnership Symposium and the Asia-Pacific Finance Forum. 

The event aims to promote regional public policy initiatives, encourage partnerships between Canadian and foreign firms, share experience in key fields, enhance creativity and financial creativity and develop Canada into an innovation hub and attractive business destination.

It was the final ABAC meeting in 2017, held to make recommendations for APEC leaders ahead of the APEC Economic Leaders Week later this year in Vietnam.

VNA