The Managing Director of the International Monetary Fund (IMF) Christine Lagarde also participated in the session as guest.
In his remarks, President Quang said, "A quarter century ago, our predecessors had their first APEC Economic Leaders’ Retreat in Blake Island, the US., with a desire to build a new economic foundation for the Asia-Pacific.
"Over the past 25 years, the world and the region have witnessed profound changes in economy, international relations and the correlation of forces, but with the strategic orientation of looking at economic cooperation as the foundation, and focusing on removing barriers to trade and investment, we can now be satisfied with the results we have achieved so far," he said.
"Within only one year since the last meeting in Peru, we have seen faster and more complicated changes than expected. The global security and politics has become more unstable. 10 years after the economic crisis, the global economy is on its way to recovering and continuing to adjust itself to the dramatic changes. Yet, economic linkages in the region are being hampered by global uncertainties about free trade and market opening.
"APEC has continued to exhibit its dynamic characters and adaptability to become the leading regional forum, reaffirming its leading role in tackling global challenges."
"Even so, the world economy has still improved. The fourth industrial revolution has offered unprecedented opportunities for development and innovation. Global agreements, especially the 2030 Agenda for Sustainable Development, are of historical significance and long-term orientations for international cooperation and sustainable development," Quang said.
"This context requires the APEC Forum to affirm and promote its pioneering role in finding new impetus for growth, trade, investment, and connectivity as well as ways for people to enjoy equal benefits from globalization and economic linkages, contributing to building a peaceful, stable, dynamic, connected, and prosperous Asia-Pacific."
APEC leaders in attendance included Australian Prime Minister Malcolm Turnbull, Brunei Sultan Hassanal Bolkiah, Canadian PM Justin Trudeau, Chilean President Michelle Bachelet, General Secretary of the Communist Party of China and President of China Xi Jinping, Chief Executive of China’s Hong Kong Carrie Lam, Indonesian President Joko Widodo, Japanese PM Shinzo Abe, President of the Republic of Korea Moon Jae In, Malaysian PM Najib Razak, Mexican President Enrique Pena Nieto, New Zealand PM Jacinda Ardern, Papua New Guinea PM Peter O’Neil, Peruvian President Pedro Pablo Kuczynski, Philippine President Rodrigo Duterte, Russian President Vladimir Putin, Singaporean PM Lee Hsien Loong, head of Chinese Taipei’s delegation James Soong, Thai PM Prayut Chan-o-cha, and US President Donald Trump.
Under the theme “Creating new dynamism, fostering a shared future,” the meeting covers retreats, a ceremony to hand over the APEC Chairmanship to Papua New Guinea and an international press conference.
The APEC leaders discussed important issues to create new dynamism for sustainable development and regional connectivity, thus fostering a shared future of peace, stability, development and prosperity in Asia-Pacific.
The Second Retreat, under the theme of "New Drivers for Regional trade, Investment and Connectivity" was held later. Between the two Retreat sessions. APEC Economic Leaders had a working lunch, discussing the topic of "Fostering a Shared Future"
Established in 1989, APEC consists of Australia, Brunei, Canada, Chile, China, Hong Kong (China), Indonesia, Japan, the Republic of Korea, Malaysia, Mexico, New Zealand, Papua New Guinea, Peru, the Philippines, Russia, Singapore, Chinese Taipei, Thailand, the US, and Vietnam.
It represents 39% of the world population, 57% of the world GDP and 47 % of the total trade.