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President of Viet Nam H.E. Tran Dai Quang chaired

(MOFA)- On the morning of 11 November, in Da Nang City, the 25th APEC Economic Leaders' Meeting has commenced under the chairmanship of the President of Viet Nam H.E. Tran Dai Quang. The meeting saw participation from APEC Economic Leaders and Heads of Delegation. The Managing Director of the International Monetary Fund (IMF) Madame Christine Lagarde also participated in the Opening Session as guest.

During his Opening remarks, President Quang stressed that over the past 25 years, the world and the region have undergone profound changes in economic and international relations, and the balance of power. However, with the strategic vision to promote economic cooperation as the foundation of APEC and a focus on removing barriers to trade and investment, we can be happy with what we have together achieved so far.

APEC has shown its dynamism, adaptability and self-transformation to become the premier regional economic forum and a driver of global growth and integration. It has also played a leading role in addressing urgent global challenges. The Bogor Goals of free and open trade and investment, and support for the multilateral trade system, as well as the growth and connectivity strategies and programs, have provided long-term orientations for APEC’s activities, and unfolded hundreds of concrete areas of cooperation, including the next generation trade and investment issues. These have also responded to the new demands of the digital era.

On the regional and global landscape, President Quang shared that within the past year, the world has witnessed changes more rapid and complex than expected. The world security and political situation has seen unstable developments. Exactly 10 years after the global economic and financial crisis, the world economy is recovering and continues to adjust itself in face of profound changes. Yet, regional economic integration has been impeded by global uncertainties facing free and open trade. Given that context, the world economy has recovered. The Fourth Industrial Revolution has created unprecedented opportunities for development and innovation. The historic global agreements, especially the 2030 Agenda for Sustainable Development, have set the long-term directions for international cooperation on sustainable development.

This requires APEC to uphold its leadership in finding new drivers for growth, trade, investment, connectivity and ensure that benefits from globalization and economic integration are equally distributed. Only by so doing, can we contribute to a peaceful, stable, dynamic, interconnected and prosperous Asia-Pacific.

After the President's remarks, Madame Christine Lagarde reported to APEC Economic Leaders on the prospects of the global and regional economy. She also shared policy implications that suggest new momentum for Asia-Pacific to continue to be a driver of growth and linkages in the coming years.

APEC Economic Leaders shared deep insights on prospects of the global and regional economy, and highly regarded Madam Lagarde's contribution to promote cooperation and enhance the role of the Forum.

APEC Economic Leaders then proceed with the first Retreat Session, under the theme of "Innovative Growth, Inclusion and Sustainable Employment in the Digital Age".

In the afternoon, the meeting will continue with the Second Retreat, under the theme of "New Drivers for Regional trade, Investment and Connectivity". Between the two Retreat, APEC Economic Leaders will have a working lunch, discussing the topic of "Fostering a Shared Future"./.

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