By : Post Courier
PAPUA New Guinea is now officially an APEC hosting nation after Prime Minister Peter O’Neill met with all the 21 APEC economy leaders in Da Nang, Vietnam for the 2017 Summit.
The gavel and key were officially handed to PNG on Friday.
Preparation to host APEC – Asia-Pacific – Economic Co-operation Leaders’ Summit next year is well underway.
The leaders of the 21 APEC member economies who met for a week in Da Nang are determined to take bolder and sustained collective actions to inject new dynamism into APEC co-operation.
Leaders sought to formulate a shared vision for advancing APEC’s role as a driver of economic integration and growth, an incubator of ideas for economic co-operation, a coordinating mechanism of trade agreements, and a global leader in addressing pressing problems. These will be carried on as the discussion agenda in PNG when the country hosts APEC.
This is to better position people and businesses across the Asia Pacific to navigate complex and fundamental shifts in the regional and global landscapes, building on the half century of progress achieved through voluntary, non-binding, consensus-based co-operation between APEC economies that is well suited for today’s new realities.
“APEC has shown its dynamism, adaptability and flexibility towards changes,” Vietnam President Tran Dai Quang, chair of the APEC Economic Leaders’ Meeting, said.
“The Bogor Goals of free and open trade and investment, and the support for the multilateral trading system, as well as the growth of connectivity strategies and programs have provided the long-term orientations for APEC’s activities and afforded hundreds of concrete cooperation areas, including next-generation trade and investment issues.
“These have also responded to the new demands of the digital era. Yet, regional economic integration has been impeded by global uncertainties facing free and open trade,” he said.
President Quang pointed to unfolding world security and economic and social transition challenges that threaten the momentum of trade and growth recovery.
“Within a year since our last meeting in Peru, we have witnessed changes more rapid and complex than we expected,” he said.
“This requires APEC to uphold its leadership in finding new drivers for growth, trade, investment, connectivity and in finding ways to ensure that the benefits of globalisation and economic integration are equally distributed.”
Leaders are exchanging their views on how APEC can promote balanced, inclusive, sustainable, innovative and secure growth and employability; create new drivers for regional economic integration, strengthen the capacity and innovation of micro, small and medium enterprises, and enhance food security and sustainable agriculture in response to climate change, he said.
“Only by so doing, can we contribute to a peaceful, stable, dynamic, interconnected and prosperous Asia-Pacific,” President Quang said.