On the morning of October 31, local time, at the Gyeongju International Convention Center (Korea), after a solemn welcoming ceremony for APEC leaders, Politburo member and President Luong Cuong attended and spoke at the First Session of the APEC 2025 Leaders' Meeting with leaders, heads of delegations of 21 member economies and guests including the Prince of Abu Dhabi, the United Arab Emirates and the Executive Director of the International Monetary Fund (IMF).
With the theme "Towards a self-reliant, 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.
Speaking at the conference, President Luong Cuong emphasized the urgent need to increase connectivity and enhance resilience of APEC economies, especially developing economies, to external shocks and mixed impacts of technology.
The President proposed 3 key areas that APEC focuses on:
Firstly, APEC needs to resolve major bottlenecks in the supply chain and infrastructure of the region through effectively digitizing customs clearance processes; upgrading and synchronizing transportation, logistics, and information technology infrastructure; harmonizing data regulations and cross-border payments; 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-tax barriers.
Third, it is necessary to support the private sector, especially small and medium-sized enterprises in accessing capital, technology, markets, and improving governance capacity to adapt and develop in the digital age.
President Luong Cuong emphasized that in the context of unstable macroeconomics, a solid micro-economic foundation plays a key role in long-term growth and the development lesson of the region has 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 inside and outside APEC to strengthen economic linkages, promote green growth, and create a favorable environment for cooperation and development for a peaceful, stable and prosperous Asia-Pacific region.
