At the meeting, Financial Ministers focused on discussing economic cooperation and seeking measures to deal with global and regional challenges.The Financial Ministers agreed that the global and Asia-Pacific regional economy has actively recovered over the years and affirmed the importance of the APEC Finance Ministers' Process (FMP) in cooperation and policy coordination in the Asian-Pacific region.
They continued discussing the implementation of a Cebu Action Plan, pledged to focus on prioritized activities and international cooperation on economics and finance and looked for measures to deal with global and regional challenges to stability and sustainable financial connectivity in the Asian-Pacific region.
As the host of APEC 2017, Vietnam has proposed and received high unanimity of APEC members on four priority themes which are important and of great significant to APEC member economies. They include “Long-term Investment Infrastructure”, “Base Erosion and Profit Shifting”, “Disaster Risk Financing and Insurance” and “Financial Inclusion”. All issues discussed at the meeting are major challenges in the region that require effort and cooperation of all APEC member economies.
They continued discussing the implementation of a Cebu Action Plan, pledged to focus on prioritized activities and international cooperation on economics and finance and looked for measures to deal with global and regional challenges to stability and sustainable financial connectivity in the Asian-Pacific region.
As the host of APEC 2017, Vietnam has proposed and received high unanimity of APEC members on four priority themes which are important and of great significant to APEC member economies. They include “Long-term Investment Infrastructure”, “Base Erosion and Profit Shifting”, “Disaster Risk Financing and Insurance” and “Financial Inclusion”. All issues discussed at the meeting are major challenges in the region that require effort and cooperation of all APEC member economies.
Prime Minister Nguyen Xuan Phuc and delegates attending the APEC 2017 Financial Ministers’ Meeting. Photo: Thanh Hoa / VNP
Prime Minister Nguyen Xuan Phuc attends the opening session of the APEC 2017 Finance Ministers' Meeting. Photo: Thanh Hoa / VNP
Prime Minister Nguyen Xuan Phuc delivers a speech at the APEC 2017 Financial Ministers’ Meeting. Photo: Thanh Hoa / VNP
Delegates welcome Prime Minister Nguyen Xuan Phuc to attend the opening session of the APEC 2017
Financial Ministers’ Meeting. Photo: Thanh Hoa / VNP
Prior to the APEC Financial Ministers’ Meeting, the APEC Finance and Central Bank Deputies' Meeting (FCBDM)
is held in Nha Trang. Photo: Thanh Hoa/VNP
APEC Finance and Central Bank deputies pose for a photo: Photo: Thanh Hoa/VNP
Addressing the APEC 2017 Finance Ministers’ Meeting, Prime Minister Nguyen Xuan Phuc said that the Financial Ministers’ Meeting was taking place in the context of global economic recovery as well as improvement in trade, investment and finance. The Asia-Pacific region, which has several of the world’s leading economies, continues to be a driver of global growth. However, the region faces many challenges in economic growth and productivity in some economies is still low.
According to the forecast of the Asian Development Bank (ADB), regional trade growth has shown signs of slowing down and the protectionism and use of non-tariff barriers have tended to increase. There are challenges from the 4th industrial revolution, climate change and not all members of society benefit from globalization and trade liberalisation and investment.
Leaders and representatives from the Ministry of Finance of 21 APEC member economies attend the
APEC 2017Finance Ministers’ Meeting. Photo: Thanh Hoa/VNP
APEC 2017Finance Ministers’ Meeting. Photo: Thanh Hoa/VNP
Vietnamese and American delegates exchange views on the sidelines of the meeting. Photo: Thanh Hoa / VNP
The US delegate reads documents prepared for the opening session. Photo: Thanh Hoa / VNP
Two delegates from Australia and Singapore exchange views on the sidelines of the meeting. Photo: Thanh Hoa / VNP
Delegates exchanged opinions before the meeting. Photo: Thanh Hoa / VNP
Sebastian Eckhardt, chief economist of the World Bank in Vietnam gives an interview to the press at the meeting. Photo: Thanh Hoa/VNP
Therefore, Prime Minister Nguyen Xuan Phuc applauded the four financial cooperation priorities of the APEC 2017 Financial Ministers’ Meeting and hoped that the ministers would continue their efforts to coordinate policy and provide practical solutions for implementing policy priorities. Also needed are addressing difficulties and challenges in achieving the goals of a stable financial system and sustainable development.
Mentioning the Vietnamese Government’s commitments, Prime Minister Nguyen Xuan Phuc said that Vietnam had made great strides in the last 30 years of its economic renewal process. From an under-developed economy, it advanced to become a middle-income country in 2010. Vietnam has set a gross domestic product (GDP) target of 6.5-7% in the next three years. He affirmed that Vietnam would continue to renew its economy, especially the financial sector, towards improving efficiency and competitiveness and ensuring sustainable growth.
Mentioning the Vietnamese Government’s commitments, Prime Minister Nguyen Xuan Phuc said that Vietnam had made great strides in the last 30 years of its economic renewal process. From an under-developed economy, it advanced to become a middle-income country in 2010. Vietnam has set a gross domestic product (GDP) target of 6.5-7% in the next three years. He affirmed that Vietnam would continue to renew its economy, especially the financial sector, towards improving efficiency and competitiveness and ensuring sustainable growth.
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The APEC 2017 Financial Ministers’ Meeting is the most important event of the APEC 2017 Finance Ministers’ Process hosted by Vietnam. Attending the APEC Finance Ministers’ Meeting and related meetings are about 300 international and domestic participants, including Finance Ministers and Financial and Central Bank Leaders of 21 member economies, senior leaders from international organizations, such as the Asian Development Bank, the International Monetary Fund (IMF), the Organisation for Economic Co-operation and Development (OECD) and the World Bank (WB). |
By Thanh Hoa/VNP
