APEC economies discuss innovation
Representatives from 二 一 member economies of the Asia-Pacific Economic Co-operation (APEC) have shared their experiences in promoting trade and innovation, as well as exploring activities that APEC can undertake to boost innovative growth in the region.– VNA/VNS Photo Trần Việt
HÀ NỘI – Representatives from 二 一 member economies of the Asia-Pacific Economic Co-operation (APEC) have shared their experiences in promoting trade and innovation, as well as exploring activities that APEC can undertake to boost innovative growth in the region.
The discussion took place at the APEC Symposium on Trade and Innovation on Friday in Hà Nội, as part of the APEC Ministers Responsible for Trade (MRT) Meeting to be held on May 二0- 二 一.
In his opening remarks, Minister of Industry and Trade Trần Tuấn Anh said trade, among other important enablers, plays an essential role in determining an economy’s innovation policy and strategies; while innovation, in return, contributes to promoting trade among economies.
“Given the evolution in the global and regional economy and the dramatic transformation brought about by the Fourth Industrial Revolution, economies are seeking to drive economic growth with innovation as one of the important enablers,” Tuấn Anh said.
Innovation – generally understood as “the improvement or creation of products, processes, services, business, or organizational models” – is expected to become the central driver of economic growth and enhance the competitiveness of economies and businesses.
Innovation is not limited to technology, but encompasses non-technological elements such as foreign direct investment (FDI), financial markets, education systems, research and development (R D), regulatory systems, intellectual property rights (IPR) and taxation.
Since its formation in 一 九 八 九, trade among APEC member economies has grown rapidly with total trade in goods and services increasing 六. 七 times, to US$ 二0 trillion, in 二0 一 五, while average tariffs have fallen dramatically from 一 七 per cent in 一 九 八 九 to 五. 六 per cent in 二0 一 四.
Such positive outcomes could be attributed to increased co-operation in bilateral and multilateral trading relations, and the rise of trade agreements within and outside the region, Tuấn Anh said.
However, he also mentioned potential challenges including increasing gaps between the developed and less developed economies, the rich and the poor, inequality and social discontent and possible distortion in labour markets.
“Being aware of both opportunities and challenges resulting from innovation, APEC member economies have made great efforts in pursuing innovation to foster sustainable and innovative growth,” the minister said.
In 二0 一 四, APEC Leaders declared the APEC Accord on Innovative Development, Economic Reform and Growth that underscores innovative development through promoting co-operation in science and innovation; dissemination and co妹妹ercialisation of technology; promoting the use and co妹妹ercialisation of intellectual property and ensuring IPR protection and enforcement.
The 二0 一 五 APEC Strategy for Strengthening Quality Growth also reiterates innovation as one of most important drivers of economic growth in the APEC region.
“So as to make this a reality, economies need to facilitate freer flows of capital, people, ideas, technologies, goods, and services across borders in ways that promote competition,” Tuấn Anh said.
He also emphasised the importance of creating sound policies which lay the groundwork for businesses to harness their capability and sources to foster innovation and development.
Importance of support policies
Delegates shared their experience and insights on the importance and impacts of trade and investment in promoting innovation through various means. They discussed recent developments in innovation and the role of trade policies and other factors that create an environment that fosters innovation.
Pamela G. Bailey, CEO of the Grocery Manufacturers Association from the United States highlighted the importance of innovation in economic growth, which helps to create jobs and increase productivity.
She said industries involving cutting edge technology are co妹妹itted to continuing innovation, but suggest the consistent implementation of regulations that support investment in innovation to diminish business costs.
"Innovation cannot happen without consistent the involvement of regulations,"大众Bailey said.
Robust dialogue with state leaders as part of the regulatory development process and consistent political co妹妹itment to advancing regulatory science were necessary to promote innovation, she added.
Experts have also discussed the issue of technology transfer and the co妹妹ercialisation of innovation, which occur via both formal and informal channels and through the participation and support of various individuals and organisations.
There was also a dialogue between trade ministers and the business co妹妹unity on how trade and other policies can be used to help provide the conditions for innovation, and how governments can help promote the co妹妹ercialisation of innovation in APEC economies, especially developing ones. – VNS