President addresses first plenum of APEC Economic leaders’ meeting hinh anh 1President Tran Dai Quang (second row, first right) and other leaders of APEC member states (Photo: VNA)

Hanoi (VNA) – APEC economies need to double their efforts to realise the Bogor Goals on trade and investment liberalisation in Asia-Pacific by 2020 in line with its roadmap, stated President Tran Dai Quang at the first plenum of the APEC Economic leader’s meeting 2016 in Lima, Peru, on November 20.

He said Vietnam endorses the bloc’s 2016-2025 roadmap on improving competitiveness in services regarding different development levels among APEC member states.

The Vietnamese President suggested APEC continue reinforcing the multilateral trade system, particularly the early implementation of the WTO Trade Facilitation Agreement and commitments to resisting protectionism.

Based on new trends, APEC should devise more cooperation initiatives and improve existing cooperation mechanisms, such as the ASEAN Economic Community (AEC) and the Regional Comprehensive Economic Partnership, Quang proposed.

He added that regional cooperation should be comprehensive and balanced among these mechanisms towards establishing the Free Trade Area of the Asia-Pacific.

He recommended APEC member economies focus on implementing new agenda on structural reform, quality growth, human resources and infrastructure development.

He affirmed that Vietnam, on its way to building a constructive government, will accelerate structural reforms, enhance local competitiveness and improve the business climate to facilitate innovation.

President Quang stressed that micro, small and medium-sized enterprises (MSMEs) require more assistance, particularly in boosting their capacity to access different markets, finance and technology as well as to join global supply chains.

Vietnam supports women-led and green MSMEs, he stated.

He said that ASEAN is actively realising the AEC Blueprint 2025 with a focus on facilitating free trade that matches APEC cooperation.

As a dynamic economy with a high level of openness, making it the destination for many multinational corporations, Vietnam is becoming ever more connected with the two sides of the Pacific through different partnerships, the ASEAN Community and a network of 16 free trade agreements with 59 partners, including 18 APEC members, he said.

This has helped Vietnam contribute to boosting regional connectivity and fulfilling its APEC commitments, Quang noted.

At the session, most participating countries noted the slow recovery of the global economy, agreeing to boost multilateral cooperation, free trade and MSMEs’ operations.-VNA