An overview of Da Nang city - which is hosting the APEC Economic Leaders' Week 2017 from November 4-11 (Photo VNA)Hanoi (VNA) – Vietnam became a member of the Asia-Pacific EconomicCooperation (APEC) forum 19 years ago, an important milestone in theimplementation of the Party and State’s external policies of expansion,diversification and multilateralisation of relations and international economicintegration.
While commenting on the importance of APEC to Vietnam, Deputy Prime Ministerand Foreign Minister Pham Binh Minh said APEC is a leading economic cooperationmechanism in the region and globally. For Vietnam, APEC has strategic importancein both politics and economics.
Strategic move
The APEC forum was established on November 6, 1989 in Canberra, Australia, as oneof the first cooperation mechanisms in the region to promote economicpartnership and connectivity.
After nearly three decades, APEC has become a leading economic cooperationmechanism in the Asian-Pacific region with the involvement of major economieslike the US, China, Japan, Russia and Canada. APEC represents 39 percent of theworld’s population and contributes 57 percent to global GDP and 49 percent ofinternational trade.
Recognising the importance of APEC to external policies future development, onJune 15, 1996, Vietnam applied for membership. In November that year, thePolitburo issued a Resolution on improving the efficiency of the externaleconomy in 1996-2000. On November 14, 1988, the Southeast Asian country wasadmitted to the forum along with Russia and Peru.
Increasing Vietnam’s position
Deputy Minister of Foreign Affairs Bui Thanh Son affirmed that sinceVietnam joined APEC in 1998, the forum has supported the country’s efforts topush ahead with reform and economic restructuring, change growth model, andintegrate into the global economy.
APEC is a key factor in boosting Vietnam’s position and capacity on theinternational arena. Along with membership in the Association of SoutheastAsian Nations (ASEAN) in 1995, the Asia-Europe Meeting (ASEM) in 1996, and theWorld Trade Organisation (WTO) in 2007 and being a non-permanent member of theUN Security Council in the 2008-2009 tenure, admission to APEC has helpedincrease the position of Vietnam in the region and beyond.
Joining APEC also supported Vietnam’s efforts in multilateralisation anddiversification of international relations and deepening bilateral relationsbetween Vietnam and APEC members. This is significant since APEC consists ofVietnam’s top economic partners, accounting for 75 percent of trade, 78 percentof foreign direct investment, 38 percent of official development assistance,and 79 percent of foreign tourists to Vietnam.
Contributions to build a “common house”
Only eight years after joining APEC, Vietnam hosted the forum for the firsttime in 2006. With more than 100 activities, notably the APEC Economic Leaders’Week in mid-November, Vietnam held a successful APEC 2006. The 14th APEC EconomicLeaders’ Meeting in Hanoi adopted important documents for APEC’s development,including the Hanoi Action Plan to implement the Busan Roadmap towards theBogor Goals on trade and investment liberalisation by 2020.
The Hanoi Action Plan proposed by Vietnam was an important contribution torealise measures to promote trade, investment and sustainable development,prevent diseases, develop human resources, improve competitiveness of small-andmedium-sized enterprises, prevent corruption, and embrace links among APECmember economies.
Now 11 years on, Vietnam once again hosts the APEC Year, during which thecountry has put forth initiatives to build a “common house” and promotecooperation among member economies in various fields such as preventing avianinfluenza, coping with natural disasters, and developing human resources.
Vietnamese ministries and departments have implemented more than 100 projectsand activities to enhance cooperation in new and practical issues such asaviation transport security, community-based natural disaster risk management,and infrastructure investment in ensuring food security.
Vietnam’s admission to APEC demonstrated the country’s aspiration for reformand international integration as well as contributions to peace, cooperationand development in the region and the world.
Established in 1989, the Asia-Pacific Economic Cooperation (APEC) forumcomprises 21 economies, including Australia, Brunei, Canada, Chile, China, HongKong-China, Indonesia, Japan, the Republic of Korea, Malaysia, Mexico, NewZealand, Papua New Guinea, Peru, the Philippines, Russia, Singapore, ChineseTaipei, Thailand, the US, and Vietnam.-VNA
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