President Luong Cuong attends the 32nd APEC Summit

Leaders and heads of delegations from 21 member economies and guests including the Crown Prince of Abu Dhabi (United Arab Emirates - UAE) and the Managing Director of the International Monetary Fund (IMF) attended the conference.

With the theme “Towards a resilient, connected and far-reaching region”, the meeting discussed two major groups of issues: promoting trade and investment in the context of global uncertainty and enhancing public-private cooperation to unlock the potential of the private sector, towards inclusive and sustainable growth.

In his opening speech, South Korean President Lee Jae Myung said that this conference is an opportunity for leaders to have open and constructive exchanges to promote trade and investment, enhance dialogue and mutual understanding, and work towards the goal of common development and prosperity in the region.

The conference discussed extensively initiatives and solutions to enhance the self-reliance of economies and promote international economic connectivity to respond to common global challenges.

The leaders agreed on the need to promote the role and potential of the private sector, create jobs, improve people's livelihoods, and strengthen coordination and flexibly manage fiscal and monetary policies to adapt to fluctuations in the world economy.

Expanding public-private dialogue and cooperation is an important and effective tool to mobilize resources for common development goals, including promoting green investment, developing sustainable infrastructure, boosting digital trade and enhancing the competitiveness of small and medium-sized enterprises.

APEC leaders and guests also emphasized the importance of inter-regional economic integration and connectivity; called for increased experience sharing and policy dialogue among regions; stepped up trade and investment promotion and facilitation; and built safe, flexible and sustainable supply chains.

Speaking at the conference, President Luong Cuong emphasized the urgent need to increase connectivity and enhance the resilience of APEC economies, especially developing economies, against external shocks and the adverse impacts of technology.

The President proposed three key areas that APEC should focus on. These are: APEC needs to address major bottlenecks in the region's supply chain and infrastructure through effective digitalization of customs clearance processes; upgrading and synchronizing transport, logistics, and information technology infrastructure; harmonizing cross-border data and payment regulations; and narrowing the technology gap between economies.

APEC economies need to promote trade and investment cooperation through efforts to realize the Asia-Pacific Free Trade Agreement, implement multilateral trade agreements of the World Trade Organization such as the Trade Facilitation Agreement, and reduce non-tariff barriers.

APEC needs to support the private sector, especially small and medium enterprises, in accessing capital, technology, markets, and improving governance capacity to adapt and develop in the digital age.

The President stressed that in the context of macroeconomic instability, a solid microeconomic foundation plays a key role for long-term growth and regional development lessons have also affirmed the very important role of the private sector.

The President said that as host of APEC 2027, Vietnam will closely coordinate with economies within and outside APEC to strengthen economic connectivity, promote green growth, and create a favorable environment for cooperation and development for a peaceful, stable, and prosperous Asia-Pacific region.