HÀ NỘI – The outlook for Asia Pacific remains the strongest globally, but its prospects in the near future are weighed down by challenges and uncertainties, hence economies must promote multilateral co-operation.

Deputy Minister of Foreign Affairs Bùi Thanh Sơn  made this comment in Hà Nội on Wednesday during his speech at the official opening of the APEC 2017 Second Senior Officials Meeting (SOM2), which he is presiding.

Sơn, who was citing the International Monetary Fund (IMF)’s latest World Economic Outlook, pointed out that since the first Senior Officials Meeting (SOM1) and other related meetings, both the regional and global economies have shown positive signs.

According to the IMF, the world economy is achieving the desired growth rate, and this growth will be sustained, owing to the strong recovery of developed economies, and the significant growth in emerging markets and developing economies. The report supports growth while promoting structural reforms, increasing resilience and coverage.

In the past nine days, Sơn said, there have been around 50 meetings, seminars and conferences organised between the APEC committees and working groups to provide core content at SOM2.

As a result, representatives of the APEC member economies have continued the process of implementing the adopted priorities, promoting new initiatives, preparing for the 23rd Ministers Responsible for Trade Meeting, and have begun shaping the agenda and identifying the contents of the APEC Leaders’ Summit, to be held in Đà Nẵng City this November.

During the two-day SOM2, delegates are expected to discuss this year’s priorities and action plans of the APEC Economic Committee, APEC Trade and Investment Committee, the APEC Economic Policy Report 2017 in human resources development and structural reform; the process of building the APEC framework for cross-border economic promotion; the recent development of free trade agreements in the region; and the implementation of Lima Joint Declaration on the Asia-Pacific Free Trade Area. — VNS