The APEC Symposium on Trade and Innovation is held prior to the APEC Ministers Responsible for Trade (MRT) Meeting.

In his opening remarks, Minister of Industry and Trade Tran Tuan Anh highlighted that trade, among other important enablers, plays a very essential role in determining one economy’s innovation policy and strategies.

Minister of Industry and Trade Tran Tuan Anh speaks at the event. 
In return, innovation in general and innovation commercialization in particular contribute to promoting trade among economies, which reflects an intertwined and reciprocal relation between trade and innovation, he said.

“Being aware of both opportunities and challenges that innovation results in, APEC member economies have made great efforts in pursuing innovation to foster sustainable and innovative growth,” according to the minister.

He cited that in 2014, APEC Leaders declared the APEC Accord on Innovative Development, Economic Reform and Growth that underscores innovative development through promoting cooperation in science and innovation; facilitate voluntary transfer, dissemination and commercialization of technology; promote the use and commercialization of intellectual property and ensure IPR protection and enforcement; and improve the environment for innovation.

Also, the 2015 APEC Strategy for Strengthening Quality Growth reiterates innovation as one of most important drivers of economic growth in the APEC region, he added.

So as to make this a reality, economies need to facilitate freer flows of capital, people, ideas, technologies, goods, and services across borders in ways that promote competition, he noted.

From wise approaches to trade and investment, it is also important for governments to embrace critical core innovation principles to lay the tracks for businesses to run on, he said, adding based on the sound policies, businesses can harness all their capability and sources to foster innovation and develop.

During the event, delegates will share their experience and insights into the importance and impacts of trade and investment in promoting innovation through various means.

They are scheduled to discuss the roles of trade policies in creating an environment that enable innovation and other enablers of innovation such as financial markets, education systems, effective policies for research and development, efficient, science-based and international harmonized regulatory systems, and protection of intellectual property rights, and taxation.

There will be a dialogue between trade ministers and the business community on how trade and other policies can be used to help provide the enabling conditions for innovation, and how governments can help promote the commercialization of innovation in APEC economies, especially developing ones.

Source: VNA