Da Nang (VNA) – APEC continues to proveits incredible ability to adapt, totransform and to lead, said Vietnamese Deputy Prime Minister and Chair of the2017 APEC National Committee Pham Binh Minh.

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

In the opening remark, Deputy PM Minhstressed that the journey APEC member economies have taken over the pastyear since the last 28th AMM in Peru has been filled withrapid and complex developments.

“The global andregional landscapes are experiencing continued shift with intertwiningopportunities and challenges. Economic recovery is firming but projected growthrates are still below pre-crisis averages,” Minh said.

“The FourthIndustrial Revolution hascreated hopes for higher productivity, but also anxiety about itstransformative implications. 

“International cooperation andintegration endeavors continue to be reinforced. But threats posed byregional tensions, terrorism, inequality, natural disasters and cybersecurity are becoming more acute.”

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

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

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

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

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

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

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

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