Hanoi,  (VNA)🐎 – The important role of APEC and theclear benefits that Vietnam has gained from its 20-year membership in thegrouping have been underlined at a conference held in Hanoi on November 30 bythe Vietnamese Foreign Ministry.

Addressing the event, Deputy Prime Minister and ForeignMinister Pham Binh Minh stressed that joining the Asia-Pacific EconomicCooperation (APEC) forum was a decision of strategic significance to Vietnam,marking an important step forward in implementing a foreign policy of openness,multilateralisation, diversification and economic integration. The country has reaped remarkable achievements indevelopment and integration during the two decades it has participated in APEC,Minh said. In the same period, APEC also underwent a profoundtransition to establish itself as the leading economic cooperation mechanism ofthe region, leading the way in the liberalisation of trade and investment whilepromoting the trend of cooperation and multi-level linkages for peace anddevelopment, the Deputy PM said. He attributed the success of APEC to the convergent visions,strong political resolves and untiring efforts of its members, includingVietnam. Vietnam’s imprints in the grouping, particularly as host of APEC Yearin 2006 and 2017, have been recognised, Minh said. At the same time, the Deputy PM noted that new issues havearisen for APEC and Vietnam in the third decade of the 21st centurywhen the world and the Asia-Pacific region are undergoing deep changes. He pointed to some of the issues, one of which is the fundamentaltransition the world economy’s foundation in association with thedigitalisation process. While enjoying a high growth rate, the world economyalso faces many risks, particularly from rising protectionism and trade disputes.The multilateral trade system and the World Trade Organisation are facing thebiggest challenges ever since their establishment. Digital technology opens upgreat potential for productivity and living conditions while also widening thegap of development. According to Deputy PM Minh, the recent APEC EconomicLeaders’ Week in Papua New Guinea has revealed challenges to APEC. The forum isencountering difficulties in maintaining the core values of its cooperation,which advocate the multilateral trade system along with free and open trade andinvestment. More than ever, APEC should do more to affirm itsindispensable role in the forming multi-polar structure, he said. He proposed that the conference focus discussion on newgoals and contents for APEC cooperation in order to maintain APEC’s corevalues. All initiatives, projects and cooperative schemes of APEC should putthe people at the centre, and aim to bring practical benefits to the people andenterprises. Minh also underlined that APEC should enhance itsadaptability and leadership in global economic governance, stressing that thegrouping is capable of working as the motive force in building a new economic structurein the region following the principles of openness, fairness, transparency, therule of law and harmonisation of interests of all stakeholders in and outside theregion. For Vietnam, the Deputy PM said the Asia-Pacific region andAPEC will continue to be among key focuses in Vietnam’s external policy.Vietnam commits itself to continue to cooperate with other members to promotethe role of APEC towards the goal of building an Asia-Pacific community ofpeace, stability, dynamism, innovation and prosperity in the interest of thepeople and enterprises. At a discussion on APEC as a driving force of regional andglobal economic growth and connectivity, delegates agreed that more than ever,APEC should lead the way in boosting economic growth and connectivity in theregion and addressing challenges in the 21st century. Participants also made proposals on how to promote Vietnam’sparticipation and contributions to APEC and the forming regional economic structure. In the framework of the conference, there was anotherdiscussion on a new vision for a dynamic, connected and prosperous Asia-Pacificcommunity, in which APEC plays an indispensable role. Ambassador Nguyen Nguyet Nga, representing Vietnam in theAPEC Vision Group, said the APEC post-2020 agenda should look to build aresilient, close-knit, inclusive and innovative region. On the occasion, Deputy PM Minh handed over the Labour Orderto 25 units and individuals, in recognition of their contribution to the success of the 2017APEC Year.-VNA