National APEC 2017 Committee set up

The two vice Chairmen are Deputy Foreign Minister Bui Thanh Son and Deputy Minister of Trade and Industry Nguyen Cam Tu.

APEC Viet Nam 2017 is by and large a lynchpin of Viet Nam’s foreign policy towards 2020, reflecting the country’s determination to accelerate international integration and raise its multilateral diplomacy profile.

It is a good chance for Viet Nam to mobilize international resources for the realization of the 2011-2020 socio-economic development strategy and for localities and businesses to expand exchanges with the wider world, said Deputy PM, FM Pham Binh Minh in a recent workshop.

For more than 25 years now, APEC has proved itself to be the world's leading mechanism for economic cooperation. It has been a pioneer in advancing trade and investment liberalization and bolstering the vibrant trend of multi-layer-economic cooperation and integration for peace and development.

APEC encompasses many of the most dynamic economies in the region, representing around 39% of the world population, 57% of total global GDP and 47% of world trade.

Since APEC's inception, the average tariff rate among its members has declined nearly three-fold and intra-regional trade has increased by more than seven-fold.

In the coming decades, APEC will certainly continue to play an indispensable role in the evolving regional architecture, particularly in fostering coordination and inter-connection among regional mechanisms. And APEC will continue to serve as a key platform to elevate the profile of Asia - Pacific and an engine for global economic growth and integration.

In this flatter and more connected world, APEC is undergoing a fundamental shift in substance with more in-depth and pragmatic elements for integration.

A sense for an APEC Community will definitely be solidified by growing shared interests among its member economies. Such common denominators include maintenance of peace, stability and cooperation for sustainable development and prosperity.

By Hai Minh