President Luong Cuong proposes three key focus areas at the APEC Economic Leaders' Week 2025
WVR - On the morning of October 31, at the Gyeongju International Convention Center (South Korea), following the formal welcome ceremony for APEC leaders, President Luong Cuong attended and delivered a speech at the First Session of the APEC Economic Leaders Meeting.
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| President Luong Cuong speaks at the First Session of the 32nd APEC Economic Leaders Meeting. (Photo: Lam Khanh) |
With the theme “Towards a Resilient, Connected, and Expanding Region”, the session discussed two major issues: promoting trade and investment amid global uncertainties and enhancing public-private cooperation to unlock the potential of the private sector, aiming for inclusive and sustainable growth.
In his opening remarks, Korean President Lee Jae Myung emphasized that this Meeting is an opportunity for leaders to engage in open and constructive exchanges to promote trade and investment, enhance dialogue and mutual understanding, and work towards the common goal of regional development and prosperity.
The IMF Managing Director reported to the Leaders on the global outlook, urging APEC economies to focus on four priorities: ensuring public finance, especially public debt; maintaining financial stability, addressing macroeconomic imbalances; creating a favorable business environment for private sector development; and strengthening regional cooperation to address economic imbalances.
The Meeting extensively discussed initiatives and solutions to enhance the resilience of economies and promote international economic integration to tackle common global challenges. Leaders agreed on the need to harness the role and potential of the private sector, create jobs, improve people's livelihoods, and enhance coordination and flexible management of fiscal and monetary policies to adapt to global economic fluctuations.
Expanding public-private dialogue and cooperation is a crucial 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 enterprises.
APEC leaders and guests also emphasized the importance of inter-regional economic integration and connectivity; called for increased experience sharing and policy dialogue between regions; and promoted trade and investment facilitation, building safe, flexible, and sustainable supply chains.
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| The President affirmed Vietnam's continuous support and active participation in APEC's initiatives, especially in areas aligned with national priorities. (Photo: Lam Khanh) |
Speaking at the Meeting, President Luong Cuong emphasized the urgent need to enhance connectivity and resilience among APEC economies, particularly developing ones, against external shocks and the adverse impacts of technology.
Accordingly, the President proposed three key focus areas for APEC. First, APEC should address major bottlenecks in supply chains and regional infrastructure through effective digitalization of customs processes; upgrading and synchronizing transportation, logistics, and information technology infrastructure; harmonizing data and cross-border payment regulations; and narrowing the technology gap among economies.
Second, efforts should be made to promote trade and investment by realizing the Asia-Pacific Free Trade Agreement, implementing multilateral trade agreements of the World Trade Organization such as the Trade Facilitation Agreement, and reducing non-tariff barriers.
Third, support for the private sector, especially small and medium enterprises, in accessing capital, technology, and markets, and enhancing management capacity to adapt and thrive in the digital era is essential. The President highlighted that in the context of macroeconomic instability, a solid microeconomic foundation is crucial for long-term growth, and the region's development experience has affirmed the significant role of the private sector.
President Luong Cuong affirmed that, as the host of APEC 2027, Vietnam will closely coordinate with economies within and outside APEC to enhance economic integration, promote green growth, and create a conducive environment for cooperation and development for a peaceful, stable, and prosperous Asia-Pacific region.
