PM Phuc underscores growing protectionism to APEC

VOV.VN - Prime Minister Nguyen Xuan Phuc delivered a keynote speech at the APEC Finance Minister’s Meeting in the ancient city of Hoi An on October 21, underlining the challenges posed by increasing protectionism to APEC member economies.

Welcoming ministers and the heads of delegations to APEC Finance Ministers’ Meeting, the Prime Minister stressed that APEC, with its many dynamic economies, is an important driving force for global growth. However, APEC faces a number of challenges, in particular the increasing trend in protectionism.

Prime Minister Phuc in good spirits entering the talks.

Prime Minister Phuc says that APEC member economies should join hands to maintain peace and stability, and share experiences for sustainable development. Pictured is David Malpass (left), the Under Secretary of the Treasury for International Affairs and head of the US delegation.

José Ángel Gurría Trevino, the Secretary-General of the Organisation for Economic Co-operation and Development (OECD)

On behalf of finance ministers, Vietnamese Finance Minister Dinh Tien Dung,in his speech, pledges to focus on prioritized targets of economies and deal with global challenges.

Senior leaders of 21 APEC member economies and international organizations like IMF, WB, ADA and OECD also attended the meeting.

Delegates at the APEC Finance Ministers’ Meeting discuss the macro-economic situation, economic growth and regional and international financial cooperation, including prominent economic issues and challenges to APEC economies and appropriate response. Pictured is Apisak Tativorawong,the Thai Finance Minister (right).

Scolt Morrison, the Treasurer of Australia in attendance.

James Marape (left), the Finance Minister of Papua New Guinea.

Senior leaders of APEC member economies cordially shake hands, exemplifying the positive attitude of the talks.

Four priorities identified for the APEC cooperation are Long-term Investment in Infrastructure, Base Erosion and Profit Shifting, Disaster Risk Financing and Insurance and Financial Inclusion.

Ministers and heads of 21 APEC member economies have a dialogue with the APEC Business Advisory Council (ABAC) on a number of issues and recommendations to increase the private sector's contributions to the APEC Finance Minister's Process (FMP), and discuss the strategy for implementation of the Cebu Action Plan.