Under the theme of “Towards a dynamic community for sustainable development and prosperity”, the APEC Summit 2006, Vietnam’s most important diplomatic event this year, is expected to mark the beginning a new period of building an economic community in the Asia-Pacific region.

From barely 12 members in 1989, the grouping now boasts 21 members, most of them being members of the World Trade Organisation (WTO). Of the total, three are permanent members of the United Nations Security Council and four belong to the group of the world’s leading industrialised countries. Over recent years, APEC has emerged as a dynamic economic region in the world, making up nearly 50 percent of total global trade, 60 percent of global GDP and 40 percent of the population. Its operations are based on the principles of equality, mutual benefit, consensus and voluntarism.

At a meeting in Indonesia in 1994, APEC economic leaders set a target of building a free, open trade and investment area in the Asia-Pacific region by 2010 for developed economies, and by 2020 for developing economies due to different levels of development and interest. At the 13^th APEC Meeting in the Republic of Korea in 2005, APEC economic leaders adopted the Busan Roadmap to achieve the Bogor Goals.

Despite the impact of fluctuations in the oil market last year, APEC still secured an economic growth rate higher than the global level. This proved that the Bogor Goals for a free, open trade and investment area have become a driving force behind the development and prosperity of the region and that of each member economy as well.

However, several member economies are still facing numerous challenges including natural disasters, pandemics, complicated market fluctuations, changes in the business environment, stalemate in the Doha Round and widespread impact of globalisation, which affects the realisation of the Bogor Goals. This requires APEC economic leaders at the 14^th APEC Meeting to discuss these issues thoroughly and seek measures to increase the efficiency, linkage and dynamism of APEC with the aim of achieving the Bogor Goals.

Vietnam’s two initiatives: the Hanoi Action Plan to implement the Busan Roadmap and achieve the Bogor Goals, and the APEC Structural Reform are considered important documents for the APEC process. The two initiatives, which have been submitted to the economic leaders for approval, will serve as important prerequisites for APEC to realise the goal of trade and investment liberalisation and facilitation and help member economies develop more dynamically and efficiently, while increasing the efficiency of cooperation and bringing into full play all strengths of APEC.

After 20 years of implementing the Doi Moi (Renewal) process and eight years of APEC membership, Vietnam has experienced enormous changes with its annual economic growth of seven percent and socio-political stability. Particularly, APEC plays a very important role in Vietnam’s economic development as it makes up more than 70 percent of the country’s exports and 73 percent of foreign direct investment. Vietnam’s WTO membership, and candidacy for a non-permanent seat of the UN Security Council for the 2008-2009 term, and the hosting of APEC 14, have demonstrated the country’s proactive approach towards international integration. The hosting of the APEC Economic Leaders’ Meeting and more than 100 meetings throughout the APEC Year 2006 has shown that Vietnam is capable of implementing international commitments and agreements. This has also testified to the international community’s acknowledgement of Vietnam’s achievements during the Renewal process, as well as its increasing position and prestige in regional and international forums.

In addition, APEC 14 gathers the heads of state from the 21 member economies including influential powers such as the US, China, Russia and Japan as well as other economies which are important to Vietnam in terms of trade, investment, tourism, labour and official development assistance. The meeting will be a golden opportunity for Vietnam to strengthen bilateral cooperation with all APEC member economies and make use of all resources for national development.

As the host of APEC 14, Vietnam is determined to ensure the success of the meeting, making it a milestone in the APEC process. “We will try our best to put in place the Hanoi Action Plan and the APEC structural reform. With joint efforts made by Vietnam and other member economies, we are confident that the 14^th APEC Economic Leaders’ Meeting will be a success to contribute to bringing the APEC process to a new level for the sake of peace, stability, sustainable development and prosperity in the Asia-Pacific region.”

VOV