Illustrative image (Photo: VNA)Hanoi (VNA) - Trade ministers and officials from the 21 APEC member economies will meet in Hanoi to alleviate uncertaintyabout the future of trade in the Asia-Pacific and its capacity to boostemployment and living standards for all people across the region.
TheAPEC Ministers Responsible for Trade Meeting on May 20-21 will cap off apivotal set of policy development meetings here over the next 10 days to decidethe next steps for trade amid rising skepticism about the benefits ofglobalization and rapid social and technological change.
Chairedby Vietnam Trade and Industry Minister Tran Tuan Anh, the proceedings willbuild on initiatives introduced during technical exchanges between trade andsectoral officials to confront these challenges and fleshed out by APEC Senior Officials on May 17-18. This work will be shaped bynew trade and growth projections for the APEC region, which accounts for halfof global trade, to be unveiled on May 17.
PacificAlliance, Regional Comprehensive Economic Partnership and Trans PacificPartnership ministerial meetings are expected to be held on the margins of theAPEC Ministers Responsible for Trade Meeting in Hanoi.
“Momentumon market integration and trade is being tested in ways we have not seen sincethese forces transformed the Asia-Pacific into the engine of the worldeconomy,” said Dr Alan Bollard, Executive Director of the APECSecretariat.
“The shifting landscape is both a cause for consternation and an opportunity towork out and align new policy approaches to globalisation that could result inimproved economic and social outcomes.”
By the same token, it is also prompting greater coordinated action to addressconcerns over market competition, worker dislocation and mounting inequality asthe accumulation of wealth increases within economies, he added
Ministersand officials will focus on establishing freer Asia-Pacific trade that securesthe advantages of globalisation while safeguarding the welfare of people hurtby it. This includes new collaborative efforts to facilitate high demandindustries such as digital innovation, environmental services and foodproduction, and address trade restricting measures that undermine theirdevelopment and job creating potential.-VNA
