Pacific Economic Cooperation Council meets in HN

Delegates of the 24th general meeting of the Pacific Economic Cooperation Council, Ha Noi, May 15, 2017 - Photo: VGP/Hai Minh

Deputy PM, FM Pham Binh Minh made the remark on May 15 in Ha Noi at the 24th general meeting of the Pacific Economic Cooperation Council.

Asia-Pacific is the only region that has not suffered from a single armed conflict since the end of the Cold War, said Deputy PM Minh.

When PECC was established in 1980, the region accounted for over 40% of global GDP and has now risen to over 50%. Over a billion people in the region have been lifted out of extreme poverty.

Looking forward, the global economic power is shifting to Asia – Pacific, with emerging economies in the region expected to drive regional and global growth. The outlook for the region remains robust – the strongest in the world, he said.

The region is a testament to the shared prosperity that can be gained through deeper economic integration and cooperation and more open trade and investment. So it would not be an exaggeration to project that the 21st century is an “Asia-Pacific century”. 

Mr. Minh figured out three “baskets” of challenges facing the region, both immediate and long-term including (1) sluggish productivity, rising inequality within and among economies, demographic challenges, including aging population, poverty, urbanization, and climate change; (2) the Fourth Industrial Revolution; (3) the lingering risks of geopolitical conflicts and the lack of a responsive regional governance.  There are also emerging security issues, such as security implications of emerging technologies, cyber vulnerabilities, resources management, he added.

Region’s future is the future of Viet Nam

Lying at the heart of Asia-Pacific, Viet Nam has been pursuing comprehensive renovation, extensive international integration and proactive multilateral diplomacy. The region has always been a corner-stone of Viet Nam's foreign policy. “The region’s future is the future of Viet Nam,” Deputy PM Minh stressed.

Recommendations and insights today are important to APEC’s process of reflection on its work toward 2020 and beyond and “creating new dynamism, fostering a shared future” which is the overarching theme of APEC 2017. All these are very meaningful for the “APEC Multi-stakeholder Dialogue on APEC toward 2020 and beyond” co-organized by Viet Nam and PECC tomorrow. 

Viet Nam treasures the strong support and effective collaboration extended by PECC and all of those who are here today. "You have always stood side by side with us over the past years"./.

By Kim Loan