Within the framework of the Asia-Pacific Economic Cooperation (APEC) forum, the 30th APEC Trade Ministers Meeting was held in Arequipa, Peru from the afternoon of May 17 to 18, 2024 under the chairmanship of MRT Chair - Ms. Elizabeth Galdo, Minister of Foreign Trade and Tourism of Peru.
The conference was attended by 21 APEC member economies, Ms. Angela Ellard (Deputy Director General of the World Trade Organization - WTO), APEC Secretariat and observers including: Association of Southeast Asian Nations (ASEAN), Asia-Pacific Economic Cooperation Council (PECC). The Vietnamese delegation attending the conference included representatives of the Ministry of Industry and Trade, Ministry of Foreign Affairs, and Government Office .
The MRT 30 conference took place in the context of a decline in trade and investment growth in 2023 due to the impact of reduced aggregate demand as well as challenges related to geopolitics , environment, supply chains, rising inflation, etc. The International Monetary Fund (IMF) and the Organization for Economic Cooperation and Development (OECD) forecast global economic growth in 2024 at 3.2% and 2.9%, respectively, lower than in 2023. However, the United Nations (UN) and the World Bank (WB) gave more pessimistic forecasts for global economic growth in 2024, both reaching 2.4%, lower than in 2023. According to the latest report of the APEC Policy Support Unit (PSU), the gross domestic product of the entire APEC region is forecast to decrease to 2.8% in 2024. The PSU also assessed regional growth in the period 2025 - 2028. 2026 will also be very modest due to the impact of geopolitical tensions, protectionist policies and unpredictable fluctuations in commodity prices.
Hosting APEC for the third time, host Peru proposed the theme of APEC 2024 as “Empowerment - Inclusion - Growth” with 3 priorities: (i) Trade and investment for inclusive and connected growth, (ii) Innovation and digitalization to enhance the transition to the formal economy and the global economy, (iii) Sustainable growth for self-reliant development.
An important content of the MRT 30 Conference is the continued support for the multilateral trading system, focusing on activities at the WTO. Ministers listened to Ms. Angela Ellard update on the main results of the 13th WTO Ministerial Conference (MC 13, taking place from February 26 to March 20, 2024) and new developments at the Organization in recent times. Ms. Angela Ellard also proposed the contents that the WTO needs to focus on negotiating/implementing in the coming time such as implementing the Agreement on Fisheries Subsidies, reforming the dispute settlement mechanism, concluding negotiations on outstanding contents on agriculture and fisheries subsidies, etc.
Speaking at the Conference, the Vietnamese delegation highly appreciated the results achieved by MC13 and was ready to work with APEC members to promote the implementation of these results; agreed that APEC should continue to contribute to maintaining and strengthening the role and operation of the multilateral trading system based on rules, openness and fairness. The Vietnamese delegation shared the views of APEC Trade Ministers on continuing to strengthen cooperation, support the WTO and continue APEC's role as an "idea incubator" to ensure that trade will bring benefits to member economies. APEC should continue to prioritize capacity building activities for developing economies to narrow the gap and integrate more quickly and effectively into the multilateral trading system.
With the goal of building a new model and high standards of regional economic cooperation, Peru continues to consider the realization of the Free Trade Area of the Asia-Pacific (FTAAP) as one of the priorities of APEC 2024. Specifically, to renew the discussion on FTAAP, the host plans to: (i) Develop a report reviewing the areas of cooperation related to FTAAP that have been implemented by APEC; assess the current world economic context, changes, challenges, areas that need priority and enhanced cooperation to make recommendations for cooperation in the next phase; (ii) Conduct research on the convergence and divergence of FTAs in the region; (iii) Organize 03 dialogues on the sidelines of the Committee on Trade and Investment (CTI) Meeting, etc. APEC is currently focusing on sharing experiences in negotiating and implementing existing FTAs in the region, while also considering and seeking new areas of cooperation.
Regarding the APEC Roadmap on Internet Economy and Digital Economy (adopted in 2017 in Vietnam), the Ministers prioritized activities to facilitate e-commerce and digital trade, contributing to innovative, inclusive and sustainable economic growth. Over the years, APEC members have shared experiences in digital transformation, digital economy and digital society, digital governance and digital society, especially new services and technologies that are the development trends of world telecommunications in the period 2024 - 2026 (cloud computing services, data center services, 5G equipment technology, Internet of Things, etc.), narrowing the digital gap, enhancing digital capacity, and recognizing technical standards on ICT among countries in the region. In the coming time, APEC needs to continue capacity building activities, improve digital knowledge and skills, narrow the digital gap, build digital infrastructure and ensure human resources have appropriate knowledge and skills in the digital age.
On the sidelines of MRT 30, the Ministers also had a working lunch with representatives of the APEC Business Advisory Council (ABAC) to exchange views with the private sector on important trade-related issues, including those related to FTAAP, the WTO and women’s economic empowerment. On this occasion, ABAC also proposed a number of trade and investment recommendations for the Trade Ministers to consider.
The 30th MRT Meeting concluded on May 18, 2024 with the adoption of the APEC Trade Ministers' Joint Statement.
Multilateral Trade Policy Department - Ministry of Industry and Trade Portal
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