APEC – driver of world economy: Trade Minister

The APEC region will maintain its motive force position in the global economy and continue contributing to the world economic growth through huge production, consumption, and services supply power.

Minister of Industry and Trade Tran Tuan Anh (Source: VNA)

Hanoi (VNA) – The Asia-Pacific Economic Cooperation (APEC) region willmaintain its motive force position in the global economy and continue contributingto the world economic growth through its huge production, consumption, andservices supply power.

Ministerof Industry and Trade Tran Tuan Anh made the statement in an interview grantedto Vietnam News Agency on the threshold of the 23rd Meeting of APEC MinistersResponsible for Trade (MRT 23) to be held in Hanoi on May 20-21.

Heaffirmed that over the past 28 years, APEC economies have recorded impressivegrowth. The region’s gross domestic product (GDP) increased from 16 trillionUSD in 1989 to over 20 trillion USD in 2016, with per capita income rising by74 percent.

Regardingtrade, Anh noted that the region’s average tax rate declined from 11 percent in1996 to 5.5 percent in 2016, which reflected efforts made by the region andeach economy to implement cooperative activities on trade liberalisation andtrade and investment facilitation.

TheInternational Monetary Fund’s Regional Economic Outlook for Asia and thePacific estimates growth for the region to increase this year to 5.5 percentfrom 5.3 percent in 2016, he revealed.

Theminister emphasised the need for APEC economies to coordinate harmoniously inbuilding a general trade system towards equality and balance, for interests ofpeople and businesses and for prosperity of society.

“Specially,we need to always define shortcomings of globalisation and trade liberalisationso to take thorough and sustainable moves that ensure each economy’s benefitsharmoniously,” he said.

Infact, Vietnam also has economic sectors where people and businesses arevulnerable to negative impacts of the globalisation process. Therefore, it isnecessary to consider demand, capacity and specific conditions to ensure theintegration are feasible, effective, and transparent.

“Onceequality in the integration framework and commitments to joining the globalisationprocess are achieved, each economy’s sustainable development, social equalityand prosperity will be guaranteed,” he added.

Regardingthe MRT 23, Minister Anh said that Vietnam gives high priority to main outcomesthat need to be reached during the event with a hope to coordinate with otherAPEC economies in building a peaceful, stable, and prosperous Asia-Pacificregion.

Withinthe MRT 23 framework, Vietnam wants ministers to review achievements and discussresponsibly cooperative agreements and orientations on trade developmenttowards trade liberalisation, he added.-VNA

VNA