The forecast was revealed at the first plenary session of the Economic Committee (EC) of APEC, as part of the 10th day of the first Senior Officials’ Meeting (SOM-1) of APEC 2017 and related ongoing meetings on February 27 in Nha Trang city, Khanh Hoa.

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Scene at the Committee on Trade and Investment (CTI) Meeting  

The tenth working day included meetings of seven APEC committees and working groups of the Committee on Trade and Investment (CTI), Economic Committee (EC), Steering Committee on Economic and Technical Cooperation (SCE), Budget and Management Committee (BMC), Policy Partnership on Food Security (PPFS), Oceans and Fisheries Working Group (OFWG), Ad Hoc Steering Group on the Internet Economy (AHSGIE).

Also at EC’s plenary session, delegates discussed APEC cooperation in business facilitation, enterprise governance and law, administration reform, and state governance.

The prospect of the regional economy was also evaluated with contributions from experts of the Asian Development Bank (ADB), PSU, and the Central Institute for Economic Management of Vietnam.

Also according to PSU, in last year alone, APEC growth was estimated to reach 3.3 per cent, higher than the world’s growth of 3.1 per cent. APEC continued taking the global lead in FDI attraction.

After the plenary session on February 26, BMC had a meeting with SCE, focusing their discussions on budget and management to contribute to APEC’s Capacity Building Policy through economic and technical cooperation.

Continuing its discussions on big issues as support for WTO and multilateral trade systems, implementation of Bogor Goals, prospect of the Free Trade Area of the Asia-Pacific (FTAAP), trade and new generation investment, CTI discussed measures to enhance more extensive regional economic connectivity. Participants also focused on cooperation in and development of supply chains, facilitation of micro-, small- and medium-sized enterprises’ (MSMEs) engagement in the global market, green growth, environmental goods and services, and investment.

Meanwhile, at the meeting of AHSGIE, participants voiced their opinions on APEC’s draft principles to help build an APEC road-map on the internet economy in 2017.

Founded in 2015, AHSGIE is one of APEC’s new structures tasked to boost APEC cooperation in digital and internet economy-related issues and coordinate APEC initiatives with the aim of promoting economic growth through digital and internet economy.

For Vietnam, the host of APEC 2017, internet economy is a field with great potential for development. As reported by the Vietnam E-Commerce Association (VECOM), in coming five years, the e-commerce market in Vietnam could earn USD 10 billion with the growth rate of 30 to 50 per cent a year.

February 27 was also the last working day of PPFS and OFWG. They approved working plans for 2017 and mulled over preparations for a high-ranking policy dialogue on food security and sustainable agriculture in response to climate change slated for this August in the Mekong Delta city of Can Tho. They also convened a joint session on promoting the role of fisheries cooperation and sustainable fisheries development in the region’s food security.

At the meetings, Vietnamese participants also proposed initiatives to contribute to APEC 2017’s priorities as enhancement of small- and medium-sized enterprises’ engagement in global value chain in services, adaptation to climate change: impacts on APEC’s new strategy on food security and agricultural business development with the aim of putting forwards the shift of rural labor.

Translated by Mai Huong