APEC 2024 Vision for Prosperous, Peaceful and Resilient Asia-Pacific Community

The year 2024 marked the 35th anniversary of the Asia-Pacific Economic Cooperation (APEC), offering members an opportunity to reflect on past achievements and shape the future of regional cooperation. Vietnam’s President Luong Cuong and the Vietnamese delegation attended the APEC Economic Leaders' Week in Peru from November 12 to 16, 2024, reaffirming the country’s commitment to APEC cooperation, highlighting its readiness to further contribute to peace, cooperation, and development in both the Asia-Pacific region and globally, with Vietnam’s upcoming role as the host of APEC 2027 serving as a clear demonstration of this commitment.

The event occurred at an important time when the world faces growing division, rising protectionism, and clear signs of the climate crisis.

Vietnam's State President Luong Cuong and other leaders at the 31st APEC Economic Leaders' Meeting in Lima, Peru

Vietnam with many positive, responsible and effective contributions

With the theme “Empower. Include. Grow”, Peru, the host country of APEC 2024, promoted three main priorities: Trade and investment for inclusive and interconnected growth; Innovation and digitalization to promote transition to the formal and global economy; and Sustainable growth for resilient development.

The 31st APEC Summit issued a joint statement affirming the vision of a prosperous, peaceful and resilient Asia-Pacific community, empowering the most vulnerable groups to benefit from the global economy.

Also, within the framework of the APEC Economic Leaders’ Week, APEC economic leaders adopted 11 ministerial statements and eight technical policy documents. The Foreign and Trade Ministers’ Statement called for the restoration of multilateral cooperation, addressing economic and social challenges and bringing tangible benefits to the people of the Asia-Pacific region.

 
President Luong Cuong at the 31st APEC Economic Leaders' Meeting 

The Lima Roadmap proposed public policy recommendations to address informality in APEC economies with a comprehensive approach. This technical policy instrument is considered the most important outcome of APEC Peru 2024. In addition, there are APEC’s voluntary principles and recommendations on gender equality and structural reforms to foster women’s economic empowerment and the Ichma Statement on “A New Look at the Free Trade Area” of the Asia-Pacific agenda.

President Luong Cuong's attendance at the APEC 2024 Economic Leaders’ Week, marking the 35th anniversary of APEC, reaffirmed Vietnam's active and responsible contributions to addressing regional and global challenges. This included promoting international economic integration, fostering new momentum for regional growth, and further strengthening APEC's role as the leading economic forum where three-fifths of the world’s largest economies converge.

This event also provided President Luong Cuong with an opportunity to meet and engage with APEC leaders, including many of Vietnam's Comprehensive Strategic Partners and Strategic Partners, further contributing to the deepening of the country’s relations with APEC members.

During his activities within the framework of APEC 2024, he made many strategic and innovative proposals to further foster the role and position of APEC in international economic cooperation and connectivity, and to respond to challenges faced by the international community in general and the Asia-Pacific region in particular.

“As an active and responsible member of the international community, Vietnam will continue to closely coordinate with APEC members to effectively implement APEC's orientations and visions. Building on past APEC achievements, Vietnam will carefully prepare for hosting APEC 2027, with the aim of fostering a peaceful, prosperous, sustainable, and inclusive Asia-Pacific,” President Luong Cuong affirmed.

Dare to think, dare to do, seize opportunities for success

At the APEC CEO Summit 2024 within the framework of the 31st APEC Economic Leaders’ Week, President Luong Cuong expressed his view that the world and Asia-Pacific are experiencing significant, epochal changes, with far-reaching impacts on countries and businesses. In this context, he emphasized that APEC must work toward building an international economic governance system that fosters development and ensures a peaceful, stable global environment. This system should encourage global trade and investment, promote international economic integration and connectivity, and ensure equal access to opportunities for all countries and people, allowing everyone to benefit from cooperation and development. Solutions are needed for the green and clean energy transition to effectively address the greatest challenge facing humanity - climate change. It is important to ensure that disruptive technologies, particularly artificial intelligence, are developed and applied responsibly and inclusively, becoming a true driving force for economic growth and social progress.

Highlighting the role of the business community, President Luong Cuong said that optimism, the courage to think boldly, the willingness to act, and the ability to find and seize opportunities even in difficult times are key to success. He emphasized that the business community can pioneer in innovating business models, green and circular production and digital transformation and become a leading force of development of important economic sectors and fields. Moreover, it is necessary to increase investment in research and development, promote the development and application of disruptive technologies to find solutions to urgent matters of the world; and actively participate in shaping laws and regulations for new fields of strategic significance of the world economy.

 President Luong Cuong (5th from left) and other delegates pose for a photo at the APEC CEO Summit 2024 

Specially, according to President Luong Cuong, businesses act as a bridge to connect economies, promote people-to-people exchanges, and contribute to building and strengthening cooperative and friendly relations between countries. He proposed further strengthening the role and contribution of the business community, especially in green transformation, digital transformation and technology development, shaping world economic laws and regulations, and reinforcing people-to-people exchanges, cooperation and friendship between countries.

He affirmed that Vietnam adheres to consistent principles and viewpoints on independence, self-reliance, resilience, multilateralization and diversification for peace, cooperation and development. Vietnam supports the multilateral trading system and the central role of the World Trade Organization. It believes in the value of free trade, international connectivity, and integration, and is committed to participating responsibly and making active contributions to global politics, the world economy, and human civilization in the spirit of being a friend, a reliable partner, and an active, responsible member of the international community.

President Luong Cuong affirmed that Vietnam's strong development will open up many new opportunities for both domestic and international businesses engaged in trade, industry, agriculture, tourism to infrastructure, logistics and high-tech industries. The Vietnamese market has been bringing a lot of benefits and advantages that few places have for international businesses and investors.

The attendance of President Luong Cuong and the Vietnamese delegation at the APEC Economic Leaders' Week reaffirmed Vietnam's commitment to APEC cooperation and its readiness to contribute further to peace, cooperation, and development in the Asia-Pacific region. His remarks at this event once again conveyed a strong message about Vietnam entering a new era, an era of national growth and being a dynamic, innovative Vietnam and a leading destination for international investors.

By Quynh Anh, Vietnam Business Forum