World Video | Defence | Foreign Affairs | Natural Events | Trade | NZ in World News | NZ National News Video | NZ Regional News | Search


APEC-G20 Align Trade and Growth Priorities

APEC-G20 Align Trade and Growth Priorities
Issued by the APEC Secretariat
Hamburg, Germany, 10 July 2017— Viet Nam Prime Minister Nguyen Xuan Phuc, representing APEC during the Group of 20 leaders’ summit in Hamburg, delivered a strong message of support for international cooperation to address trade and growth challenges in the unsettled global environment.
Invited by German Chancellor Angela Merkel to join the summit in Viet Nam’s capacity as APEC chair for 2017, Prime Minister Phuc underscored the alignment of APEC and the G20’s policy priorities and vowed to take new and impactful actions to advance them leading up to the APEC Economic Leaders’ Meeting in Da Nang in November.
“Creating a new and more powerful momentum for growth from innovation is essential to maintain dynamic development,” declared Prime Minister Phuc, in his remarks to G20 leaders.
Prime Minister Phuc noted that APEC economies and G20 countries are both working to realize deeper, next generation economic integration and trade. This includes efforts to promote regional connectivity, limit protectionism and strengthen the global trading system while ensuring that greater benefits reach all corners of society.
Recognizing concerns about the unintended consequences of globalization, Prime Minister Phuc explained that APEC economies are actively pursuing measures to foster more inclusive and sustainable trade and growth while helping those displaced by competitive and technological change.
“The fourth industrial revolution and global network connections have boosted labor productivity and created new industries and jobs, and also posed many challenges,” said Prime Minister Phuc. “We believe that the G20 and APEC can coordinate and share ideas and good practices for a multidimensional approach, in all global, regional and domestic aspects, on this matter.”
This includes APEC initiatives to open up channels that can enable small businesses to modernize and participate in trade and global markets.
“Governments need to provide a favorable institutional and financial environment for small and medium enterprises, especially to encourage innovative startups, application of digital business models and participation in global value chains,” Prime Minister Phuc said.
APEC is taking parallel steps to enhance employment prospects across workforces as demand for new skills evolves as well as improve labor protections to mitigate the effects of market competition, automation and sectoral change. This includes helping those hurt by job losses and empowering people to take advantage of new opportunities as economies look to the future.
Members are also having intensive discussions on inclusive economic, social and financial development, and are working closely in promoting sustainable growth and tackling the impacts of climate change.
Nearly half the G20 are also APEC member economies. Viet Nam joined the G20 members to draft the declarationendorsed at the conclusion of the G20 leaders’ summit.
Trade and sectoral officials from all 21 APEC economies, which together account for half of global trade and 60 per cent of world GDP, will convene in Ho Chi Minh City from 18-30 August to press ahead with implementation of the region’s policy priorities.
It will be followed by key sectoral ministerial meetings in Viet Nam, Korea and Papua New Guinea to build on this progress and culminate with the 2017 APEC Economic Leaders’ Week hosted by Viet Nam Prime Minister Phuc from 6-11 November in Da Nang to provide directives on moving forward.
# # #

© Scoop Media

World Headlines


Victory Declared: New Stabilisation Funding From NZ As Mosul Is Retaken

New Zealand has congratulated the Iraqi government on the successful liberation of Mosul from ISIS after a long and hard-fought campaign. More>>

Gordon Campbell: On The Current US Moves Against North Korea

If Martians visited early last week, they’d probably be scratching their heads as to why North Korea was being treated as a potential trigger for global conflict... More>>


Gordon Campbell: On The Lessons From Corbyn’s Campaign

Leaving partisan politics aside – and ignoring Jeremy Corbyn’s sensational election campaign for a moment – it has to be said that Britain is now really up shit creek... More>>


Another US Court: Fourth Circuit Rules Muslim Ban Discriminatory

ACLU: Step by step, point by point, the court laid out what has been clear from the start: The president promised to ban Muslims from the United States, and his executive orders are an attempt to do just that. More>>


  • Pacific.Scoop
  • Cafe Pacific
  • PMC