Five things to expect at APEC 2017

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The 2017 Asia-Pacific Economic Cooperation (APEC) Leaders’ Week will be held in Da Nang, Vietnam from November 6 to 11. Under the theme of "Creating New Dynamism, Fostering a Shared Future", the main item on the agenda will be trade liberalization, with a focus on inclusive and sustainable regional growth.

Against the backdrop of rising anti-globalization and protectionism, what can we expect to be achieved at this year’s meetings?

Can APEC contribute to stronger global growth?

The Asia-Pacific economy is the biggest and most dynamic in the world: the region's trade volume accounts for 57 percent of global gross domestic product and 49 percent of global trade. Its continued success is vital for global growth.

The financial crisis exposed structural problems in the economies of many developed countries, and the legacies of the meltdown live on – notably in the form of slow growth, and the rising trends of anti-globalization and trade protectionism.

APEC members gather this year hoping to strengthen policy coordination, inject fresh dynamism into regional economic integration, and to promote the recovery of the world economy. Host country Vietnam has proposed initiatives on promoting inclusiveness in developing the regional economy, society and finance.

Leaders poses for a group photo with other participants of the 24th APEC Economic Leaders' Meeting in Lima, Peru, Nov. 20, 2016. /Xinhua Photo

Delegates are expected to hold talks on the APEC Cross-Border E-Commerce Facilitation Framework and APEC Supply Chain Connectivity Framework Action Plan, in order to drive forward the pledge to making trade and investment easier among the APEC economies.

At APEC Peru 2016, leaders adopted the Lima Declaration and highlighted the fight against protectionism. This year's event is expected to reiterate a commitment to open and multilateral trade arrangements, upon which APEC prosperity is built, while also seeking ways to achieve regional sustainable and inclusive growth.

Will progress be made on trade deals?

New guidance towards realization of the Free Trade Area of the Asia Pacific (FTAAP), which includes all the 21 APEC members, is expected in Vietnam.

FTAAP has been a key topic at each APEC economic leaders' meeting since it was proposed in 2010. APEC leaders endorsed the Beijing Roadmap to push forward the FTAAP process in 2014, and agreed on advancing talks under a committee at last year's event in Lima.

Chinese President Xi Jinping poses for a group photo with participants of the 22nd APEC Economic Leaders' Meeting in Beijing, capital of China, Nov. 11, 2014. /Xinhua Photo

FTAAP "is a strategic initiative critical for the long-term prosperity of the Asia-Pacific", Chinese President Xi Jinping said during a keynote speech at APEC 2016.

Progress on the 11-nation Trans-Pacific Partnership (TPP) is expected in Vietnam despite the US withdrawal from the trade deal. The Regional Comprehensive Economic Partnership (ASEAN plus six dialogue partners – China, Japan, South Korea, Australia, New Zealand and India) is still under negotiation.

Future of the Bogor goals

The Bogor goals – which target free and open trade and investment in the Asia-Pacific region – have underpinned APEC's agenda since they were set in 1994 in the Indonesian city of Bogor.

The goals set out two phases for developed economies and developing countries to reach trade and investment liberalization: by 2010 and 2020 respectively.

A motorbike waits in front of a sign promoting APEC 2017 in Hanoi, Vietnam May 17, 2017. /Reuters Photo

Pham Binh Minh, deputy prime minister and foreign minister of Vietnam, told the press earlier this year: "Vietnam is hosting the APEC Year 2017 at a critical time for fulfilling the Bogor goals on trade and investment liberalization by 2020. Vietnam and other member economies need to discuss a post-2020 vision."

As 2020 approaches, challenges to completing the Bogor goals remain as leaders share their visions for the long-term.

APEC on the Belt and Road

The Belt and Road Initiative, proposed by Chinese President Xi Jinping in 2013, aims to build a trade and infrastructure network connecting Asia with Europe and Africa along ancient trade routes.

The initiative’s goal of bridging the "infrastructure gap" and thus accelerating economic growth across Eurasia and the Asia-Pacific is in line with APEC's connectivity blueprint, a development plan in APEC Leaders’ 2013 Declaration.

"The Belt and Road Initiative is very important in general. We (APEC economies) are looking for ways to promote the development of infrastructures through the APEC region. We welcome the initiative," said Anthony J.L. Nightingale, chair of APEC Business Advisory Council's Connectivity Working Group ahead of the Economic Leaders' Week.

Xi Jinping delivers a report to the 19th National Congress of the Communist Party of China (CPC) on behalf of the 18th Central Committee of the CPC at the Great Hall of the People in Beijing, capital of China, Oct. 18, 2017. /Xinhua Photo

The goals of building a community of common interests of all humankind and win-win development through implementing the Belt and Road Initiative are also in tune with theme of this year’s APEC – "fostering a shared future."

The APEC conference will be Xi's first overseas trip since being re-elected in October as the general secretary of the Communist Party of China (CPC) Central Committee. He delivered a report to the 19th CPC National Congress which identified the Belt and Road Initiative as key to the continued opening-up of the country.

As China calls on more efforts to maintain openness, support a multilateral trade system and facilitate trade and investment, APEC economies could find more common ground through the Belt and Road Initiative.

First APEC for Trump

The APEC 2017 meeting is the fourth leg on US President Donald Trump's first Asian tour. According to a press release from the White House, the theme of Trump’s speech at the APEC CEO Summit will be the US "vision for a free and open Indo-Pacific region", a widely anticipated articulation of his policy in the Asia-Pacific.

Tensions on the Korean Peninsula will likely feature in bilateral meetings, while there will be intrigue around a meeting between Trump and Russian President Vladimir Putin.

US President Donald Trump and first lady Melania arrive on Air Force One at Beijing, China, November 8, 2017. /Reuters Photo

It will also be the first APEC meeting for South Korean President Moon Jae-in, Hong Kong Chief Executive Carrie Lam and New Zealand Prime Minister Jacinda Ardern.

Vietnam also aims to enhance cooperation between APEC members and the ASEAN bloc by inviting some non-APEC ASEAN countries, namely Laos, Cambodia and Myanmar to participate in this year's event. They will attend the APEC-ASEAN Informal Dialogue and take part in several bilateral meetings.

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