27th APEC Summit is held online (photo: VGP/Quang Hieu)

APEC Vision 2040 is designed to build an open, dynamic, resilient and peaceful Asia-Pacific community by 2040, for the prosperity of all people and future generations. The leaders are committed to APEC’s mission and determined to achieve this Vision by pursuing the three economic drivers: Trade and Investment, Innovation and Digitalization, and Strong, Balanced, Secure, Sustainable and Inclusive Growth.

Consensus on key development orientations

Regarding trade and investment, the Asia-Pacific region aims to remain the world’s most dynamic and interconnected regional economy to deliver a free, open, fair, non-discriminatory, transparent and predictable trade and investment environment. The leaders reaffirmed their support for agreed-upon rules of the WTO in delivering a well-functioning multilateral trading system and promoting the stability and predictability of international trade flows. They will further advance the Bogor Goals and economic integration in the region in a manner that is market-driven, including through the work on the Free Trade Area of the Asia-Pacific (FTAAP) agenda which contributes to high-standard and comprehensive regional undertakings.

To empower all people and businesses to participate and grow in an interconnected global economy, APEC leaders pledge to foster an enabling environment that is market-driven and supported by digital economy and innovation. They promised to strengthen digital infrastructure, accelerate digital transformation, narrow the digital divide, facilitate the flow of data and consolidate consumer and business trust in digital transactions.

To ensure that the Asia-Pacific region is resilient to shocks, crises, pandemics and other emergencies, the leaders agreed to foster quality growth and intensify inclusive human resource development as well as economic and technical cooperation to better equip regional people with the skills and knowledge needed for the future. APEC economies will promote economic policies, cooperation and growth which support global efforts to comprehensively address all environmental challenges, including climate change, extreme weather and natural disasters, for a sustainable planet.

Vietnamese Prime Minister Nguyen Xuan Phuc speaks at the summit (Photo: VGP/Quang Hieu)

Vietnamese Prime Minister Nguyen Xuan Phuc said at the event: "APEC needs to coordinate actions to control the pandemic, step up economic connectivity, and ensure supply chains so that the Asia-Pacific region can continue to be a driving force during the economic recovery process. As ASEAN Chair, Vietnam has worked closely with other ASEAN countries and partners who are also APEC members to respond to and take prompt measures to contain the epidemic and deal with socio-economic impacts to gradually restore the economy. 15 countries have signed the Regional Comprehensive Economic Partnership."

Vietnam pledges closer cooperation with APEC members

Prime Minister Phuc stressed the need to make a balance between short-term actions and the settlement of medium- and long-term challenges. More than ever, APEC countries need to promote international cooperation and strengthen multilateral cooperation, Mr. Phuc said, urging countries to promote economic stimulus packages and facilitate essential travel and ensure the fair access of all people to vaccines and essential medical products. The Prime Minister said APEC needs to lead Asia-Pacific to become an innovation and technology hub, develop digital human resources, strengthen connectivity and narrow development gaps.

Phuc said: "I agreed with the adoption of the APEC Vision 2040. With determination and effort and the support of the international community, Vietnam will continue to work closely with other APEC economies to turn visions and aspirations into peace, stability and the happiness of people in the region."

APEC is a leading regional economic forum which initiated and led the trend of liberalization of economics, trade, and investment in the region and the world. Despite the COVID-19 pandemic and increasing strategic competition between major countries, APEC economies, including Vietnam, agreed on development strategy orientations for the future.