Asia-Pacific Economic Cooperation (APEC)
Comment by the Information and Press Department on the upcoming APEC events in Da Nang, Vietnam
On November 10−11, Da Nang (Vietnam) will host the 25th Economic Leaders’ Week of the Asia-Pacific Economic Cooperation (APEC). The event will be attended by the heads of state and government from Russia, Australia, Brunei, Vietnam, Indonesia, Canada, China, South Korea, Malaysia, Mexico, New Zealand, Papua New Guinea, Peru, Singapore, the United States, Thailand, the Philippines, Chile and Japan, as well as the Chief Executive of the Hong Kong Special Administrative Region of China and a representative of the leadership of the Chinese Taipei (Taiwan).
Following the meeting, the APEC leaders will adopt a joint declaration, in which they will present their views on regional and global issues, the APEC economies’ coordinated approaches to current development issues, as well as their plans for the future.
At the final stage of preparations for the APEC summit, the APEC economies’ foreign and trade ministers will meet in Da Nang on November 8, where they will adopt a joint ministerial statement and coordinate a draft of the APEC leaders’ final declaration.
The Asia-Pacific Economic Cooperation (APEC) is an informal intergovernmental dialogue forum that was established in November 1989. Since the group includes Hong Kong and Chinese Taipei, which are not legal entities under international law, the forum does not use state symbols and the forum members are described as economies.
The APEC’s Bogor Goals, which were adopted in Bogor, Indonesia in 1994, are designed to achieve “free and open trade and investment in the Asia-Pacific by 2020 for developing economies.” The movement towards these goals is based on the member economies’ voluntary steps taken within the framework of their consensus advisory decisions towards liberalising and harmonising the national regulatory systems. This mechanism is designed to take into account the interests and specifics of each economy and helps promote the principle of equal multilateral cooperation in international affairs.
Throughout its nearly 30-year long history, APEC has reaffirmed its international standing as a useful tool for coordinating approaches to regional and global challenges. In the past few years, the APEC economies’ agenda has shifted towards the development of measures for the comprehensive promotion of all-round development as the best answer to the main current threats to the economic security in the Asia Pacific region, such as growing protectionism, stagnating international trade, increasing inequality between various economies and social groups, as well as the deteriorating demographic situation.
In this context, APEC is highlighting the continued liberalisation of trade and investment, primarily in the services, as well as regional economic integration based on the coordination of a concept for the Free Trade Area of the Asia-Pacific (FTAAP), which should replace the loosely formulated Bogor Goals after 2020. The APEC economies are also focused on strengthening regional connectivity through human resources development, supporting micro, small and medium enterprises (MSME), as well as on economic restructuring aimed at enhancing labour efficiency in the context of population aging.
The priorities formulated by Vietnam within the framework of its APEC chairmanship, which are consistent with the above goals, are as follows: promoting sustainable, innovative and inclusive growth, deepening regional economic integration, strengthening MSMES’ competitiveness and innovation in the digital age, and enhancing food security and sustainable agriculture in response to climate change. The theme of Vietnam’s chairmanship is Creating New Dynamism, Fostering a Shared Future.
Russia joined APEC in 1998. The President of Russia has attended all the annual APEC Leaders’ Weeks, with the exception of 2015 when Russia was represented by Prime Minister Dmitry Medvedev.
Russia hosted the APEC leaders on Russky Island in Vladivostok in 2012.
Russia’s APEC membership is a major tool of the federal executive authorities’ efforts to implement a policy of integrating Russian companies into the system of economic relations in Asia Pacific in the interests of promoting the country’s socioeconomic development and, primarily, to boost the development of Siberia and the Russian Far East.
The achievement of this strategic goal is facilitated by the importance of Russia’s contribution to comprehensive, sustainable, and safe quality growth in Asia Pacific.
The APEC actions to promote regional economic integration take into account Russia’s principled position regarding respect for the experience of all regional associations, including the Eurasian Economic Union. This is fresh evidence of the promising future of our concept to align the integration processes that are underway in Asia Pacific and Eurasia.
Our partners recognise Russia’s leading positions in the sphere of prompt response to natural and man-made disasters, as well as to pandemics and, which is especially important in the current situation, to the threat of international terrorism.
They highly assess Russia’s contribution to the strengthening of regional connectivity through the system-wide improvement of the transport, logistic, energy, information and communication infrastructure, the streamlining of customs procedures and closer cooperation in education.
This year APEC has adopted Russia’s initiative on bridging the economic development gap and integrating remote areas in the APEC region so as to make APEC connectivity all-inclusive. Our partners have expressed appreciation for Russia’s contribution to the drafting of the APEC Cross-Border E-Commerce Facilitation Framework and the APEC Internet and Digital Economy Roadmap.
The agenda of the upcoming Leaders’ Week in Da Nang, which is focused on the search for the best possible concepts for regional economic integration and ways to deal with current development challenges, offers an opportunity to promote Russia’s views on regional cooperation in the interests of harmonious mutual development.