APEC outlines directions for post-crisis development

VGP – State President Nguyễn Minh Triết and APEC leaders on Sunday in Singapore continued evaluating the world economic status and mapping out orientations for post-crisis development.

November 15, 2009 7:09 PM GMT+7

APEC leaders discuss ways to maintain growth, Singapore, November 15, 2009 - Photo: VOV

APEC leaders agreed to continue economic stimulus packages and realize strong, balanced and sustainable global economic growth in order to ensure long-term economic recovery in line with goals set out at the G20 Summit in September 2009.

Accordingly, focus will be placed on reforming international economic and financial institutions, promoting trade, investment and anti-protectionism, stabilizing energy markets and encouraging the use on clean energies.

The leaders adopted the APEC Agenda on Comprehensive Growth with two pillars: (i) undertaking structural adjustments; and (ii) improving social stability. They also reconfirmed their commitment to Bogor goals of free and open trade and investment.

APEC leaders vowed to join hands in responding to climate change, keeping their markets open and creating no new barrier to trade and investment, and concluding the Doha Round by 2010.

Speaking at the discussion, State President Nguyễn Minh Triết stressed the urgency of bringing the regional and world economies back on tracks in a healthy and stable manner.

He suggested APEC members issue a strong message toward the Copenhagen Summit, strengthen cooperation, and transfer technologies to help developing members mitigate impacts of climate change.

The 17^th APEC Leaders’ Meeting was concluded with the approval of the Declaration on “Sustaining growth, connecting the region” and the Declaration on “New growth paradigm for a connected Asia-Pacific in the 21^st century.”

In the “Sustaining growth, connecting the region” Declaration, APEC leaders underlined their resolve to ensure that future economic growth is more inclusive, to broaden access to opportunities created by growth and to spread the benefits of growth more widely. This will enable our economies to better seize the opportunities created by globalization and to respond to its challenges. Inclusive growth will strengthen the consensus for free and open trade and investment.

The Declaration “New growth paradigm for a connected Asia-Pacific in the 21^st century,” the leaders pledged to take a comprehensive approach to build a 21st century model of economic integration that will combine trade liberalization "at the border", improve the business environment "behind the border", and enhance supply chain connectivity "across the border."

Regarding the "Behind the Border" Structural Reforms, the leaders stated that

a key component of structural reform efforts to reduce regulatory impediments is the Ease of Doing Business Action Plan. So, they vowed to achieve by 2015 a collective 25% reduction in the cost, time, and number of procedures while reducing business transaction costs by 5% by 2010, having already achieved a cost reduction of 3.2% between 2006 and 2008 through the Trade Facilitation Action Plan II.

State President Nguyễn Minh Triết meets Russian President Dmitri Medvedev on the sideline of the 17^th

APEC Leaders’ Meeting, Singapore, November 15, 2009 - Photo: VNA

On the sideline of the 17ht APEC Meeting, President Nguyễn Minh Triết had separate meetings with leaders of APEC members, including China, Russia, US, Canada, Indonesia, Malaysia, Australia, Chile, Peru and the Republic of Korea to discuss measures for closer bilateral cooperation between Việt Nam and these countries.

By Xuân Hồng