As the chair of APEC 2006, Mr Triet thanked ABAC for its significant contributions to APEC development to promote trade and investment liberalisation and facilitation and enhance cooperation among APEC member economies.

Mr Triet noted that with approximately 40 percent of the world’s population, APEC is contributing nearly 50 percent of total global trade and 60 percent of total global GDP, making it the most dynamically developing region in the world. Despite the impact of uncertainties of the oil market, APEC continues to maintain a growth rate higher than the average level of the world. This demonstrates that trade and investment liberalisation and facilitation are the driving force behind development, bringing about prosperity to APEC and each member economy in particular.

However, Mr Triet said that APEC is facing a series of challenges, including the development gap, tough competition, complicated market fluctuations, pandemics and natural calamities as well as manifestations of protectionism that are posing difficulties to the movement of capital, services, technology and labour. This requires APEC economies to foster cooperation in such key areas as improvements in business environment, rational exploitation and utilisation of natural resources, transfer of new technology and settlement of new issues such as aging population and shrinking labour force.

Mr Triet said on October 2 he received an ABAC report, including recommendations to APEC economic leaders to revitalise the Doha Development Agenda negotiations, stabilise the energy market, encourage transparent trade agreements and promote trade and investment liberalisation and facilitation in the region. He said that the recommendations will be carefully examined by APEC leaders in their meeting later this week. He continued to say that ABAC members will have a direct dialogue with APEC leaders on November 18 to voice their concern and ideas for the common development of the region.

He said Vietnam is implementing the Doi Moi (Renewal) process and international economic integration. Notably, it was admitted to the World Trade Organisation as the 150^th member on November 7. He thanked APEC and ABAC for their support and assistance to Vietnam in recent times.

“Vietnam is doing its utmost to improve its investment and business environment and it has been and will be an attractive and safe destination for investors,” said Mr Triet.   

He expressed his belief that with its own efforts and close cooperation from APEC economies, Vietnam will continue to obtain further success in national socio-economic development and national industrialisation and modernisation.