Twenty one member economies of the Asia – Pacific Economic Cooperation (APEC) forum have voiced their support for free trade in the context that global economy is being affected by the US-China trade war.

                                                                                                         Source: VNA

The APEC ministers responsible for trade, who met in Viña del Mar, Chile on May 17th and 18th, affirmed in their joint statement the importance of transparency and non-discrimination rules agreed upon in the World Trade Organisation (WTO), which can enhance market predictability, enable business confidence and allow trade to flow.

They said that APEC members should reach consensus on measures to improve the efficiency of operation as well as promote the open and constructive engagement of business community so that the firms can continue support for the multilateral trade system.

The trade representatives also agreed priority on digital society, sustainable growth, and enhancing the participation of women to realise the inclusive growth target.

Furthermore, they committed to attaining the Bogor Goals of achieving free and open trade and investment in the Asia-Pacific through collective and individual efforts. They welcomed the progress that has been made and recognised that more work remains to be done.

APEC gathers 21 member economies that make up 40 percent of the global population, 60 percent of the global gross domestic product and 50 percent of the world’s total trade revenue./.

                                                                                                   Souce: CPV


Related Topics

Removing “bottlenecks” in global problems

The Foreign Ministers’ Meeting of the world’s leading developed and emerging economies (G20) recently held in Rio de Janeiro, Brazil emphasised the need to reform global governance institutions, especially the United Nations Security Council. The meeting is also an opportunity for G20 to find solutions to a series of hot issues facing the world, such as poverty, climate change, and conflict.

ASEAN FMs issue statement on maintaining, promoting stability in maritime sphere in Southeast Asia

The Association of Southeast Asian Nations (ASEAN) Foreign Ministers on December 30 issued a statement on maintaining and promoting stability in the maritime sphere in Southeast Asia.

Optimistic signals of the world economy

The world economy has overcome a challenging year, but has proven more resilient than expected. The Financial Times (UK) commented that 2023 was a positive year for the world economy as the economic surprise index collated by Citigroup shew that actual data have underwhelmed economists’ predictions for much of the past months. These economic trends are the basis for optimism about the world economy in 2024.

Laos announces theme, logo of ASEAN Chairmanship 2024

Laos has announced the theme and logo for its the Chairmanship of the Association of Southeast Asian Nations (ASEAN) in 2024.

Vietnam elected Vice President of UNESCO General Conference

Vietnam was elected a Vice President of the 42nd session of the UNESCO’s General Conference, representing the Asia-Pacific, on November 8.

Safe and responsible use of AI promoted

Since the "blockbuster" ChatGPT was launched a year ago, the prospects for the development of artificial intelligence (AI), as well as concerns about the risks from this technology, have become hot topics in the technology world.