 The APEC Economic Leaders’ Week 2017 begins in Da Nang city on November 6, 2017 |
APEC was established in 1989 in Australia to promote economic, trade and investment liberalization in the region. After 28 years, APEC has been through numerous landmarks. From its 12-member group initially, APEC has been expanded to 21 member economies with diverse development levels, contributing to regional prosperity and sustainable growth, representing 59% of world GDP and 49% of global trade.
During the APEC Meeting in Indonesia in 1994, APEC economic leaders released the Bogor Goals identifying long-term visions and targets by 2020, with trade and investment liberalization for developed economies in 2010 and for developing economies in 2020.
Following Bogor Goals, APEC has implemented various trade and investment facilitation measures. In particular, regional tariffs fell from almost 17% in 1989 to 5% in 2007. APEC has completed its goal of trimming business cost by 5% between 2001 and 2006 and another 5% by 2010. Environmentally friendly and clean technologies were incentivized by tax reduction of 5% before 2015. 14 member economies have put in place one-stop shop model to facilitate trade in 2013. Freer movement of business people in APEC has boosted trade and investment transactions. APEC has been the cradle of most dynamic and resilient economies during crisis to fuel future global economic growth.
In the context of terrorism and increasing unconventional security threats, APEC cooperation has gone beyond economic ties to security and political issues. APEC leaders issued two separate statements to combat terrorism in 2001 and 2002 and a statement to cope with climate changes in 2007. A series of initiatives have been adopted in aviation, maritime and railway security, food security and disease prevention.
Based on flexible, voluntary and non-binding dialogues, APEC has proved itself as an important cooperation mechanism in the Asia Pacific, supplementing other regional cooperation such as ASEAN, ASEAN+3 (ASEAN plus China, Japan and the Republic of Korea), and the East Asia Summit (EAS).
APEC leaders have repeated their commitment to the Doha Round of Talks in the APEC High-level Meeting in Hanoi in 2006.
Since its admission to APEC in 1998, Vietnam has contributed actively to the forum, particularly in its hosting of the APEC Vietnam Year 2006, the 6th APEC Ministerial Meeting on human resource development in Hanoi as well as initiatives and recommendations in more than 100 projects.