President attends first session of APEC 2025 Leaders' Meeting

President Luong Cuong attended and delivered a speech at the First Session of the APEC 2025 Leaders' Meeting together with Leaders, Heads of Delegations of 21 member economies and guests.

On the morning of October 31 local time, at the Gyeongju International Convention Center (Korea), after the solemn welcoming ceremony for APEC Leaders, President Luong Cuong attended and spoke at the first session of the APEC Leaders' Meeting 2025 with the Leaders, Heads of Delegations of 21 member economies and guests including the Crown Prince of Abu Dhabi, United Arab Emirates and Managing Director of the International Monetary Fund (IMF).

With the theme “Towards a resilient, connected and far-reaching region,” the meeting discussed two major groups of issues: promoting trade and investment in the context of global uncertainty and enhancing public-private cooperation to unlock the potential of the private sector, towards inclusive and sustainable growth.

In his opening speech, South Korean President Lee Jae Myung emphasized that this conference is an opportunity for leaders to have open and constructive exchanges to promote trade and investment, enhance dialogue and mutual understanding, and work towards the goal of common development and prosperity in the region.

The IMF Managing Director reported to Leaders on the global outlook, calling on APEC economies to focus on four priorities: ensuring public finances, especially public debt; maintaining financial stability, addressing macroeconomic imbalances; creating an open business environment, facilitating private enterprise development; and strengthening regional cooperation to address imbalances between economies.

The conference discussed extensively initiatives and solutions to enhance the self-reliance of economies and promote international economic connectivity to respond to common global challenges.

The leaders agreed on the need to promote the role and potential of the private sector, create jobs, improve people's livelihoods, and strengthen coordination and flexibly manage fiscal and monetary policies to adapt to fluctuations in the world economy.

Expanding public-private dialogue and cooperation is an important and effective tool to mobilize resources for common development goals, including promoting green investment, developing sustainable infrastructure, boosting digital trade and enhancing the competitiveness of small and medium-sized enterprises.

APEC leaders and guests also stressed the importance of inter-regional economic integration and connectivity; called for increased experience sharing and policy dialogue among regions; stepped up trade and investment promotion and facilitation; and built safe, flexible and sustainable supply chains.

President Luong Cuong attends the 32nd Asia -Pacific Economic Cooperation (APEC) Summit. (Photo: Lam Khanh/VNA)

Speaking at the conference, President Luong Cuong emphasized the urgent need to increase connectivity and enhance the resilience of APEC economies, especially developing economies, against external shocks and the adverse impacts of technology.

The President proposed three key areas for APEC to focus on. First, APEC needs to address major bottlenecks in the region's supply chain and infrastructure through effective digitalization of customs clearance processes; upgrading and synchronizing transport, logistics, and information technology infrastructure; harmonizing cross-border data and payment regulations; and narrowing the technology gap between economies.

Second, it is necessary to promote trade and investment cooperation through efforts to realize the Asia-Pacific Free Trade Agreement, implement multilateral trade agreements of the World Trade Organization such as the Trade Facilitation Agreement, and reduce non-tariff barriers.

Third, it is necessary to support the private sector, especially small and medium-sized enterprises, in accessing capital, technology, markets, and improving management capacity to adapt and develop in the digital age.

The President stressed that in the context of macroeconomic instability, a solid microeconomic foundation plays a key role for long-term growth and regional development lessons have also affirmed the very important role of the private sector.

President Luong Cuong affirmed that as host of APEC 2027, Vietnam will closely coordinate with economies within and outside APEC to strengthen economic connectivity, promote green growth, and create a favorable environment for cooperation and development for a peaceful, stable, and prosperous Asia-Pacific region./.

(TTXVN/Vietnam+)

Source: https://www.vietnamplus.vn/chu-tich-nuoc-du-phien-thu-nhat-cua-hoi-nghi-cac-nha-lanh-dao-apec-2025-post1074060.vnp