Photo shows APEC leaders attending the APEC Economic Leaders’ Meeting, part of the APEC leaders’ summit in the central Vietnamese city of Danang. Leaders of 21 member states of the APEC have reaffirmed their long-standing commitment to APEC’s mission of supporting sustainable economic growth and prosperity in the region. — AFP photo
DA NANG, Vietnam: Leaders of 21 member states of the Asia-Pacific Economic Cooperation (APEC) have reaffirmed their long-standing commitment to APEC’s mission of supporting sustainable economic growth and prosperity in the region.
Recognising the significant challenges the region’s economies face, the leaders pledged to work together to promote innovative growth, inclusion and sustainable employment.
Leaders of APEC, gathered here under the theme ‘Creating New Dynamism, Fostering a Shared Future’, also vowed to create new drivers for regional economic integration; strengthen the capacity and innovation of micro, small and medium enterprises (MSMEs); enhance food security and sustainable agriculture in response to climate change and foster a shared future.
“We are determined to take bolder and sustained collective actions to inject new dynamism into APEC cooperation to promote sustainable, innovative and inclusive growth, deepen regional economic integration, realise the full potential of the business sector, particularly MSMEs, and enhance food security and sustainable agriculture,” it said in a declaration released at the end of the 25th APEC Economic Leaders’ Summit (AELM).
The declaration also underscores structural reform, including competition policy, ease of doing business, regulatory reform, strengthening economic and legal infrastructure, corporate and public sector governance, and promoting human capital development, as key to balanced, sustainable, innovative and inclusive growth, job creation, productivity and competitiveness.
“We reaffirm our commitment to foster integrity in the public and private sectors and fighting corruption and bribery, and denying safe havens for corrupt officials and stolen assets.
“We instruct economic and finance officials to work jointly on the 2018 APEC Economic Policy Report on Structural Reform and Infrastructure,” it said.
Recognising new opportunities and emerging challenges presented by globalisation and digital transformation, the leaders also resolved to advance economic, financial and social inclusion, with a vision to build an inclusive, accessible, sustainable, healthy and resilient APEC community by 2030, consistent with the 2030 Agenda for Sustainable Development.
The leaders also commit to attaining the Bogor Goals of free and open trade and investment in the Asia- Pacific region and agreed to accelerate efforts to address WTO-inconsistent barriers to trade and investment and take concrete actions towards the achievement of the Bogor Goals by 2020.
“We also note the importance of non-discriminatory, reciprocal and mutually advantageous trade and investment frameworks.
“We will work together to make trade more inclusive, support improved market access opportunities, and address unfair trade practices. We urgently call for the removal of market-distorting subsidies and other types of support by governments and related entities,” it said.
Vietnamese President Tran Dai Quang chaired the summit which saw Vietnam playing host for the second time, having hosted it in Hanoi in 2006.
The leaders will meet again in Papua New Guinea in 2018 during its APEC chairmanship.
Established in 1989, APEC’s 21-member economies are Australia, Brunei, Canada, Chile, China, Indonesia, Hong Kong, Japan, Malaysia, Mexico, New Zealand, the Philippines, Singapore, South Korea, Thailand, Taiwan, the United States, Papua New Guinea, Peru, Russia, and Vietnam. — Bernama