Hanoi (VNA) – The Vietnam Business Summitwill kick off in the central city of Da Nang on November 7 within the frameworkof the APEC Economic Leaders’ Week, heard a press conference in Hanoi onOctober 9.

The conference, held by the Vietnam Chamber of Commerce and Industry (VCCI) andrelevant parties, updated outcomes of the third meeting of the APEC BusinessAdvisory Council (ABAC 3) in Toronto, Canada, on July 24-28,  as well as recommendations of APEC businessleaders to be submitted to APEC ministers during the week.

Hoang Van Dung, ABAC Chair, said that at the meeting, the council highly valuedpositive impacts of the global trade system which is developing on the basis oflaw and open market, helping improve living standards of people in the APECmember economies.

ABAC3 held that APEC not only gears towards a more open and integrated regionbut also aims to bring about sustainable, inclusive growth to the community, hesaid.

The meeting heard that trade liberalisation has generated great socialbenefits, helping millions of people escape from poverty, Dung said, addingthat trade liberalisation has been reflected through the formation andimplementation of promising trade agreements like the Trans-Pacific Partnership(TPP) agreement, the Regional Comprehensive Economic Partnership (RCEP)agreement and the Pacific Alliance.

Such deals have contributed to creating new jobs andensuring food security in the region, while promoting trade in the future and layinga foundation for the formation of a Free Trade Area of the Asia-Pacific(FTAAP), he noted.

The council, therefore, underlined the need for APEC to take concrete steps to realisethe target of the FTAAP.

Dung said business leaders expressed their support for multilateral trade whileagreeing to continue the FTAAP, pursue the new agenda on services, remove non-tariffbarriers, facilitate trade and investment, and put forth a post-2020 Vision forAPEC.

They also backed the APEC connectivity programme and suggested intensifyingdigital and internet connectivity, facilitating the movement of skilled workers,developing a contingent of quality labourers and enhancing the participation ofmicro, small and medium-sized enterprises in the global market via digitaleconomy and e-commerce.

Vu Tien Loc, VCCI Chairman, such issues as innovative business model, thefacilitation of small enterprises’ access to finance and women’s participationin economic activities, along with economic, financial and social inclusion,food security and energy, and green growth also won approval of businesses.-VNA