30 Aug

APEC commits to trade and investment liberalisation

APEC commits to trade and investment liberalisation

The Third APEC Senior Officials Meeting (SOM 3) opened this morning in Ho Chi Minh City aiming to push up trade liberalisation and inclusive growth.

The SOM3 meeting welcomed nearly 200 participants from 21 member economies, representatives from the Secretariat of the Association of Southeast Asian Nations (ASEAN), the Pacific Economic Cooperation Council (PECC), the Joint Advisory Council APEC (APAC), APEC International Secretariat, and numerous international organisations. The meeting runs until the end of August 30.

At his opening speech, SOM APEC 2017 chair and Vietnam Deputy Minister of Foreign Affairs Bui Thanh Son stressed that since the beginning of the year, through more than 200 meetings at all levels, APEC cooperation has achieved positive results.

“Among these are commitments to trade and investment liberalisation and inclusive growth by all trade ministers of the APEC,” said Son in his opening speech.

Over the last ten days, the participants have attended nearly 80 meetings related to many areas of APEC cooperation.

At the opening session, as the chair of the APEC Business Advisory Council (ABAC) in 2017, Vietnam announced the results of the ABAC 3 Conference (held in Toronto, Canada, from July 26 to 29) and the ABAC's documents are scheduled to report to senior leaders this November.

Also as chairman of the Senior Finance Officers Meeting (SFOM), Vietnam has announced the results of financial cooperation in recent months.

All presentations emphasised the co-operation focus of business and financial channels that will complement and contribute to the concretisation of the theme and priorities of APEC 2017.

Since August 18, a series of APEC-related meetings took place in Ho Chi Minh City and Can Tho province.

SOM 3 includes 75 meetings, conferences, and dialogues of APEC committees and working groups in various fields, including trade and investment liberalisation and business facilitation. The meetings cover many different fields, such as economics, finance, quality growth, small- and medium-sized enterprises development.

Through 27 years of establishment and development, APEC continues to affirm its role as the leading economic cooperation initiative in Asia and the Pacific, focusing on the three main pillars of cooperation in trade and investment liberalisation, business facilitation, and economic and technical cooperation.

SOM 3 is the final important preparatory step for the APEC Summit to take place in Danang this November.

By Bich Ngoc