Professor Yeah Kim Leng (Photo: The Malaysian Reserve)
According to him, one of the biggest threats to the global economy is trade protectionism.
To ensure trade flows as well as globalization, it is important to maintain free trade. The reality is that economies, especially emerging economies, really benefit from trade liberalization.
In this context, APEC 2017 plays an important role. With Vietnam as the host country, the idea of trade liberalization in Asia-Pacific can be revived, even more concerned by governments to break trade barriers and promote cross-border trade and investment flows.
He also said that APEC should make policy changes to accelerate the implementation of initiatives instead of the current voluntary operation mechanisms. In addition, the elimination of non-tariff barriers and greater trade liberalization are important factors to further boost inner-regional investment among member economies.
Now is the time for governments to adopt a number of initiatives and continue committing to market liberalization, towards a win-win solution, including between governments and between government and the private sector.
Regarding to Vietnam's efforts as host of APEC 2017, the Professor said that if the Transpacific Partnership Agreement (TPP) is considered, Vietnam is one of the key beneficiary economies. However, as the TPP is in danger of collapsing after the US declared its withdrawal, Vietnam may re-gather APEC member economies to create a free trade area in Asia -Pacific.
If Vietnam could mobilize a network as host of APEC 2017, member economies could intensify their efforts, towards a form of regional integration, or in the form of an ASEAN Free Trade Area Council or some other regional agreements. This will help create a common forum to ensure that trade in the Asia-Pacific region continues to be liberalized.
With the theme of "Creating a new momentum, looking after a common future together", Prof. Yeah Kim Leng said that the theme Vietnam gives to APEC 2017 is very appropriate as Asia-Pacific is still the most dynamic development area in the world. APEC is one of the largest markets in terms of scale and growth potential as well as the growing middle class. These factors help boost trade and create enormous potentials to attract investment from regions, such as the European Union (EU) and the US.
He also said that Vietnam's economy has developed strongly over the past decades and is continuing to open up to global trade and business. The pace of market opening and trade liberalization will continue to lead to Vietnam’s growth potential and great resources of the country, especially labour resources.
Vietnam has well trained human resources. According to the professor, the potential for Vietnam to continue its economic growth, in terms of trade and investment, will be further enhanced through greater regional economic integration, especially ASEAN trade liberalization regional integration or in the framework of APEC./.