Highlights from Day 10 of SOM 1 and Related Meetings

27 February 2017, Nha Trang City, Khanh Hoa, Viet Nam - SOM 1 and Related Meetings entered Day 10 with 7 meetings from APEC committees and working groups, namely Trade and Investment (CTI), Economic (EC), Economic and Technical Cooperation (SCE), Budget and Management (BMC), Food Security (PPFS), Ocean and Fisheries (OFWG) and Ad Hoc Steering Group on the Internet Economy (AHSGIE).

At the first EC plenary meeting, APEC member economies and participants from the Asia Development Bank (ADB), APEC Policy Support Unit (PSU) and Viet Nam Institute for Economic Management (CIEM) presented their views on the regional economic outlook and trends. The meeting also discussed ongoing APEC cooperation in specific areas, including ease of doing business, corporate law and governance, regulatory reform and public sector governance. According to PSU, in the next three years, the APEC region will continue along the path of growth amid uncertainties. In 2016, growth in the APEC region was estimated at 3.3%, higher than world average of 3.1%. The region is also considered the world’s largest recipient of FDI.

After its plenary meeting on the 26 February, the BMC today co-hosted a joint meeting with SCE to explore options to implement aspects of the APEC Capacity Building Policy through economic and technical cooperation.

The CTI continued its second working day. Members focused their discussion on issues such as APEC's contribution to the multilateral trading system and the WTO, the realization of the Bogor goals, the prospect of the eventual realization of the Free Trade Area of the Asia Pacific (FTAAP), next-generation trade and investment issues, supply chain development and cooperation, etc.

Today also saw the AHSGIE delegates discuss the draft APEC internet economy principles with a view to drafting a Roadmap on APEC Internet Economy by the end of 2017. Established in 2015, AHSGIE is a new APEC platform for member economies to discuss issues related to the internet and digital economy and propose cooperative activities and projects in these areas. This is also a forum for members to coordinate cross-cutting APEC initiatives that promote economic growth through the internet and digital economy.

In their last working day, the PPFS and OFWG agreed on their 2017 work plans, discussed preparation and groups' contribution to the proposed "High-Level Policy Dialogue on Food Security and Sustainable Agriculture in Response to Climate Change" to be held in Can Tho this August. The groups also hosted a joint meeting in order to enhance the role of sustainable fisheries, responsible development of aquaculture to regional food security.