APEC is the leading economic forum in the region which shares common interests and responsibilities toward maintaining peace, stability, cooperation, and prosperity, as well as promoting economic connectivity in the Asia-Pacific region.
Since APEC leaders convened their first summit in Seattle 20 yeas ago, the grouping has grown strongly into an organization of 21 member economies that represent nearly half the world’s population, and more than half of global trade and GDP.
Hosting such a summit is an honour and opportunity for the host nation to raise its role and status in establishing and charting a course for a brighter future of the grouping. Russia is no exception, especially after it was admitted to the World Trade Organisation on August 22, 2012.
According to Russia’s first Deputy Prime Minister Shuvalov, the country needs to diversify its economic structure and strengthen its bonds with other countries in the Asia-Pacific region to make it less dependent on raw materials and stimulate its economy.
Analysts say the summit will also help Russia develop prospective partnerships with China, Japan, the Republic of Korea and other APEC economies.
When assuming the APEC presidency at the closing ceremony of the 2011 APEC summit in Hawaii, former Russian President Dmitry Medvedev voiced his country’s resolve to guarantee the inheritance and dynamism of the grouping, especially in establishing a free trade area in the region, while confirming that taking part in regional integration is one of Russia’s top priorities.
Russia has worked with other APEC member economies to define four major issues to be addressed at this year’s summit, namely: trade and investment liberalization, regional economic integration, strengthening food security and establishing reliable supply chains, as well as cooperation to foster innovative growth.
Analysts say these issues are crucial to APEC 2012 and participating nations, especially given the slow recovery of the world economy and other emerging non-traditional challenges. To realize these priorities, Russia has hosted 11 ministerial meetings on trade, finance, business, and economic development among others since the beginning of this year.
Based on the principles of voluntary participation, flexibility, consensus and shared development, all APEC member economies have pursued the primary goal of expanding and strengthening regional economic connectivity.
For nearly 20 years the regional economic connectivity model has played an important role in fuelling regional economic growth, helping its member economies achieve GDP three times the 1989 figure and further integrate into global production and value chains.
APEC has also made positive contributions to accelerating the multilateral trade system and the Doha Round of talks. It is currently undertaking a new growth strategy to match a changing economic environment.
Since joining the grouping in 1998, Vietnam has been a pro-active, dynamic and responsible member of APEC, boosting regional cooperation in various areas. It has also played host to more than 70 initiatives and activities in such areas as trade, investment, technical cooperation, health, emergency preparedness and anti-terrorism.
The country has successfully organized the 14th APEC Leaders’ Meeting and the 18th foreign-Economic Ministerial Meeting, the APEC Business Summit, six ministerial meetings, three senior officials’ meetings and hundreds of group meetings.
State President Truong Tan Sang will lead the Vietnamese delegation to the 20th summit in Russia. The comprehensive strategic partnership between Vietnam and Russia has developed well since Sang’s visit to Moscow in July 2012. Both sides are working on negotiations of a free trade agreement (FTA) between Vietnam and the Customs Union of Russia, Belarus and Kazakhstan.
With its increasing role in APEC, member economies have praised Vietnam’s role in 2012 and supported the Southeast Asian economy in co-chairing the APEC Emergency Preparedness Working Group in the 2012-2013 term.
Add new comment