The world’s largest regional economic group will take new joint action to boost trade and growth in the Pacific Rim.
The APEC group now comprises of 21 economies, representing around 39 percent of the world’s population, 57% of total global GDP and 47% of international trade. APEC’s total GDP has doubled since November 1989 to 31 trillion USD in 2013, helping millions of people to escape poverty while creating a stronger middle class.
As the host of this year’s event, the Philippines will further enhance the role of APECwith new strategic ideas.
'The Philippines chooses a useful topic which is even development based on 4 priorities: promoting regional economic links, developing human resources, supporting small and medium sized enterprises, and strengthening exchanges between member countries', said Bui Thanh Son, Deputy Minister of Foreign Affairs
Asia-Pacific region is witnessing new steps forward. Several free trade agreements have been signed, connecting APEC member countries and the world.
Luong Hoang Thai, Director, Multilateral Trade Policies Dept., Ministry of Industry and Trade added: 'APEC economies are looking forward to greater agreements, including the Regional Comprehensive Economic Partnership and the Trans-Pacific Partnership'.
Vietnam joined APEC in 1998, which marked a significant step in the country’s economic development. This year’s event is also crucial for Vietnam to prepare for its hosting of APEC in 2017.
