APEC 2017: APEC enhances regional integration, globalisation

Update: 10:47 | 03/11/2017
The Asia-Pacific Economic Cooperation (APEC) forum has created a free trade area and enhanced regional integration and globalization, said Sergio Ley Lopez from the Mexican Entrepreneurial Council for Foreign Trade, Investment and Technology (COMCE).
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The important axis of the global economic integration will be the Atlantic Ocean - the Pacific and the APEC economies are well on their way to form the most important economic community in the world, said Sergio Ley Lopez, President of the COMCE’s Business Section for Asia and Oceania.

apec 2017 apec enhances regional integration globalisation
Sergio Ley Lopez, President of the Mexican Entrepreneurial Council for Foreign Trade, Investment and Technology's Business Section for Asia and Oceania. (Photo: Milenio)

APEC mechanism for cooperation is the best antidote to protectionism, which is emerging in some economies, he noted, stressing that the protectionism has no future as the future of the world would be globalization.

He took Mexico as an example where every goods here have their components produced in different countries such as Vietnam, Malaysia, the US, and Japan.

Vietnam and Mexico participated in the negations for the Trans-Pacific Partnership Agreement (TPP), serving as a tool for new-generation cooperation by moving towards globalization, he said.

He went on to say that Mexico, Vietnam as well as other countries remain committed to the TPP despite the withdrawal of the United States; and thanks to the trade deal, Mexico-Vietnam relations will grow further.

Mexico is ready to be a gate for made-in-Vietnam products to get access to Pacific Alliance (AP), including Mexico, Chile, Peru and Colombia alongside the Latin America and at the same time, Vietnam would open the door for Mexico to expand trade with other ASEAN nations, Lopez stated.

Trade between Vietnam and Mexico reached nearly 5 billion USD in 2016.

Established in 1989 to enhance economic growth and prosperity for the region and to strengthen the Asia-Pacific community, APEC has 21 member economies, which accounts for nearly 60 percent of global GDP and about 47 percent of world trade.

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(Source: VNA)