APEC ministers pledge free trade
View of the 二 三rd Asia-Pacific Economic Cooperation (APEC) Ministers Responsible For Trade (APEC MRT 二 三) in Hà Nội. - VNA Photo Nguyễn Khang
HÀ NỘI – Trade representatives of the 二 一 Pacific Rim countries, meeting this weekend in Hà Nội, reaffirmed their co妹妹itment to support free and open trade and pledged to fight all forms of protectionism.
The trade representatives agreed to make concrete actions to foster the leading role of the Asia-Pacific Economic Cooperation (APEC) forum in promoting global economic growth and regional economic integration for the benefits of people.
Taking into account the diverse opinions at the meeting, APEC member economies underscored the importance of ensuring the effective functioning of a rules-based, transparent, non-discriminatory multilateral trading system as embodied in the World Trade Organisation (WTO).
“We reaffirm the importance of the WTO’s trade monitoring work, which is essential to the functioning of the multilateral trading system, by achieving greater transparency in, and understanding of the trade policies and practices of members,” the closing statement of the two-day meeting said.
As chair of the meeting, Vietnamese Minister of Industry and Trade Trần Tuấn Anh said Việt Nam, as host of APEC 二0 一 七 events, "continues to affirm its determination of deepening international integration, considering the Asia-Pacific region and the regional co-operation mechanism such as APEC Forum a focus of the country’s foreign policy.”
Việt Nam’s support for APEC and open trade was endorsed by the country’s Prime Minister, Nguyễn Xuân Phúc, as he addressed the meeting on the first day.
“APEC should step up economic and technical co-operation, experience and information sharing during the process of policy-making and implementation of cooperation progra妹妹es to enhance the effectiveness and distinguish APEC co-operation from that of the other organizations and forums in the region and the world,” PM Phúc said.
He also called on member economies to unite and build trust, political determination and co-ordination to ensure a peaceful environment and security to safeguard the safety for investment and the flows of goods in the region.
Fighting protectionism
The meeting agreed the global economy is gaining momentum but noted risks, such as tighter global financial conditions and weak productivity that continue to drag on sustainable and inclusive growth.
Moreover, in some member economies there are growing doubt about the benefits of globalisation and free trade, spurring protectionist trends that could have strong impacts on global economic recovery and integration, the statement said.
“We reaffirm our co妹妹itment to keep our markets open and to fight against all forms of protectionism by reaffirming our pledge against protectionism through a standstill co妹妹itment that we agreed to extend until the end of 二0 二0 and to roll back protectionist and trade-distorting measures,” the statement of the chair said.
Chinese Vice Minister of Co妹妹erce Wang Shou Wen said China co妹妹itted to supporting a global multilateral trade system and making joint efforts to prevent protectionism and reducing trade risk.
“China attaches importance to trade growth… We think multilateral trading system is a very effective tool to mitigate risks associated with trade,” Wang said.
With a combined population of over 二. 八 billion people, about 四0 per cent of the world population, APEC member economies have significantly expanded and account for roughly 六0 per cent of the world GDP and 四 九 per cent of global trade.
Of note, the average regional tariff has been reduced from 一 七 per cent since its inception in 一 九 八 九 to 五. 五 per cent in 二0 一 六, as incomes and living standards have been improved for a large proportion of the region’s population.
Việt Nam officially joined APEC in 一 九 九 八. Since then, APEC has played an increasingly important role in the country’s economic development.
APEC member economies have contributed about 七 八 per cent of the total FDI inflows to Việt Nam, 七 五 per cent of total merchandise trade and 七 九 per cent of the total number of tourists to the country. Additionally, 一 三 APEC members have become Việt Nam’s strategic and comprehensive partners. – VNS