President Nguyễn Xuân Phúc (far right) at the meeting between APEC leaders and the APEC Business Advisory Council (ABAC) on Friday in Bangkok, Thailand. VNA/VNS Photo Thống Nhất

HÀ NỘI — Leaders of the Asia-Pacific Economic Cooperation (APEC)'s member economies and members of the APEC Business Advisory Council (ABAC) joined a dialogue yesterday afternoon.

The event is an activity held annually within the framework of the APEC Summit Week, for leaders to listen to recommendations and have substantive exchanges with the business community in the Asia-Pacific region.

In a report submitted to APEC leaders, ABAC members expressed concern that major geopolitical, economic, and environmental challenges are negatively impacting the realisation of APEC's Vision 2040. 

The council proposed many suggestions to control inflation, halt the wage-price spiral in the short term, and accelerate sustainable economic recovery.

APEC needs a comprehensive approach to cooperate in the fields of environment and climate change, clean energy transition and digital transformation, regional economic linkage and integration, and to support the business community in responding to and recovering from the pandemic in order to achieve sustainable, inclusive, and resilient growth, it added.

The leaders appreciated the recommendations and contributions of the business community to post-pandemic economic recovery, adding that they would consider their proposals in the process of developing APEC's cooperation orientation, as well as in specific policies of each economy, in order to bring more practical results to the people and the business community.

Speaking at the meeting, President Phúc suggested APEC and ABAC committees and working groups strengthen dialogue and actively cooperate in implementing a long-term vision on trade and investment in the Asia-Pacific region, strengthening the multilateral trading system.

The President said that Việt Nam supports a multilateral trading system based on principles and rules, with the World Trade Organisation (WTO) at the centre. Despite many newly formed bilateral and regional mechanisms, WTO is still considered a foundational multilateral cooperation mechanism to help maintain stability and equality in international trade and economic relations, contributing to sustainable global development. 

He also called on APEC economies to promote crucial discussions and negotiations in the current WTO on fisheries subsidies, agriculture, and WTO reform. 

Việt Nam is ready to work closely with APEC members in implementing the results of the 12th WTO Ministerial Meeting Conference and resolving issues that have not yet reached consensus in the WTO.

The President said that Việt Nam is an open economy, having signed and implemented 15 free trade agreements (FTAs) with more than 60 partners, working closely with APEC members to promote regional economic integration in line with the APEC Vision 2040. 

The country welcomes and is participating in a number of multilateral initiatives on small, medium, and micro enterprises, trade, and the economic empowerment of women. It is also working to understand more about other initiatives.

The President asked ABAC to continue promoting its active role in APEC for a peaceful Asia-Pacific region, sustainable development, and prosperity for all people. VNS