Vietnam proposes playing host to APEC Year 2027

The meeting brought together heads of delegations of all 21 APEC economies, namely Brunei, Canada, Chile, Chinese Taipei, the United States, Indonesia, Korea, Hong Kong (China), Malaysia, Mexico, Russia, New Zealand, Japan, Australia, Papua New Guinea, Peru, the Philippines, Thailand, China, Singapore and Vietnam.

Delegates reviewed 30 years of APEC cooperation since the first summit in the United States in 1993 and examined cooperation directions in the new period. They also discussed the world economic situation, challenges and opportunities facing the Asia-Pacific region.

The leaders highly appreciated APEC’s important contributions to promoting global economic growth over the past decades, and affirmed that the grouping needs to continue to be a key driving force for economic growth in an increasing global landscape.

They also stressed the need for the grouping to realize the APEC Vision to 2040 toward an open, dynamic, resilient and peaceful Asia-Pacific community, for prosperity of the people and future generations.

The leaders committed to promoting a free, open, fair, non-discriminatory, transparent, inclusive, and predictable trade and investment environment, maintaining open markets and addressing supply chain disruptions. They underlined the importance of the rules-based multilateral trading system, with the World Trade Organization at its core.

They reaffirmed their commitment to create an enabling, inclusive, open, fair and non-discriminatory digital ecosystem for business and consumers. They welcomed the US’ efforts to implement the APEC Internet and Digital Economy Roadmap (AIDER), which will foster an inclusive digital economy for all.

They encouraged all economies to accelerate efforts to implement AIDER, including in the areas of data privacy, cloud computing, telecommunications networks, promoting interoperability, ICT security, and digital trade and e-commerce, emerging technologies, and promoting innovation and adoption of enabling technologies and services. 

The leaders reaffirmed their commitment to rationalize and phase out inefficient fossil fuel subsidies and step up clean energy transition to realize the global goal of cutting greenhouse gas emissions to zero.

They approved major principles on just energy transition and food security in APEC cooperation, and the Disaster Risk Reduction Framework and Action Plan. They agreed to accelerate the implementation of the Bio-Circular-Green Economy model, and integrate sustainable and inclusive contents into APEC activities.

The leaders agreed that more efforts should be made to improve the quality of people’s lives; expand their access to healthcare and education services, promote gender equality, and empower women, minorities, and rural and remote communities.

Addressing the meeting, Vietnamese President Vo Van Thuong highlighted major lessons learnt from the APEC cooperation process over the past three decades. According to the president, the openness and goodwill of all parties, the vision and strategic thinking of generations of leaders, and the strong support and companionship of the business community and people help the economies understand and overcome differences, find a common ground and promote common interests.

He stressed the need for APEC to maintain and consolidate its important achievements in trade liberalization and investment facilitation; support member economies to take advantage of development opportunities and promote growth drivers; and join hands to respond to challenges.

More than ever, APEC members need to be open and sincere, and have constructive dialogue to increase understanding, narrow differences, and create consensus, stressed the president.

To further contribute to the APEC cooperation process, President Thuong proposed that Vietnam play host to the APEC Economic Leaders’ Meeting and other related events in 2027. The proposal received strong support from the leaders attending the meeting.

The leaders later adopted the APEC Leaders’ 2023 Golden Gate Declaration themed ‘Creating a Resilient and Sustainable Future for All’.