The leaders of the 21 APEC member economies will gather for the Summit, held in Singapore on November 14-15 to find ways of helping their economies recover, thus adding fresh impetus to global economic growth.
This scenario may become true as the Asia-Pacific region is showing signs of economic rebound earlier than other regions in the world.
Like other regions, the Asia-Pacific has suffered from the negative effects of the global economic downturn over the past two years.
APEC is considered to be the largest regional economic forum in the world as it includes several major economies growing along the Pacific’s shores, which embrace the whole of Asia, eastern America and the southern rim of the Pacific. APEC includes developed economies such as the US, Japan, Canada and the Republic of Korea and emerging economies such as China, Russia and Vietnam. After existing for two decades, APEC has developed dynamically and accounts for nearly 60 percent of global GDP and more than 50 percent of global trade.
It is no surprise that powerful member economies such as the US and Russia regard APEC as an important lever for economic development.
Focusing on the theme of “ Sustaining Growth, Connecting the Region”, the 17th APEC Summit is a chance for member economies to enhance their role in boosting global growth. This target will be realised especially when the world economy begins sprinting out of the recession with its member economies adopting priority policies for the Asia-Pacific region.
After the end of the 2009 conference of senior APEC leaders in Singapore to prepare for the two-day summit, representatives from the member economies agreed that APEC should enhance its dynamic role and increase inks and cooperation using a model of “ Comprehensive and Sustainable Growth”.
Therefore, this summit will deal with both new opportunities and tough challenges for APEC member economies. Currently, the economic downturn is still impeding the development of member economies, particularly developing countries while APEC fails to bring into full play its position at different forums, in line with other mechanisms in the region. Unanimity and efforts will be the key to the success of the 17th APEC Summit and will be a driving force behind APEC’s determination to iron out snags.
Vietnam officially joined APEC in November 1998. Over the past ten years, APEC has become one of the forums to bring practical benefits to the country in the economic, political and cultural fields and also an effective channel for promoting bilateral cooperation with other member economies.
Despite its low level of development compared with other APEC member economies, Vietnam has actively contributed to APEC’s activities. Most impressive, among other things, was Vietnam’s successful holding of APEC 2006, which confirmed its increasing role in the grouping.
A top-level Vietnamese delegation led by State President Nguyen Minh Triet will contribute to tackling important issues particularly related to growth and regional economic links at the 17th APEC summit.
By the way, Vietnam will accumulate a lot of experience in the APEC cooperation process. Along with the significant achievements recorded during the Renewal (Doi Moi) process, Vietnam now feels more self-confident in working closely together with other member economies to build APEC into the world’s most dynamic economic forum for the benefit of a peaceful and prosperous community.