Hanoi (VNA) - As a powerhouseof new technologies, skilled workforce and burgeoning middle class,the Asia-Pacific region is expected to contribute 70 percent of the global GDP by 2050 and now 10 out ofthe 20 largest economies are from the region, said a high-ranking Vietnamese official.

In his opening speechdelivered at the 24th General Meeting of the Pacific Economic Cooperation Council (PECC) themed “Visionfor an Asia-Pacific Partnership for the 21st Century”, Deputy PrimeMinister and Foreign Minister Pham Binh Minh said, over the last three decades,the Asia-Pacific has been transformed into a region of peace and a driver of global growthand economic integration. 

Asia-Pacific is the only region that has not suffered from a single armed conflict since the end ofthe Cold War. When PECC was established in 1980, the region accounted for over 40 percent of the global GDP and has now risen to over 50 percent. Over one billion people in the region have been lifted out ofextreme poverty, Minh noted.

The Deputy PM affirmed that the region is a testament to the shared prosperity thatcan be gained through deeper economic integration and cooperation and more opentrade and investment. So it would not be an exageration to project that the 21st century is an “Asia-Pacific century”.  

However, Minh also pointed out three“baskets” of immediate and long-term challenges facing the region such as sluggish productivity, rising inequality within and among economies; the fourth IndustrialRevolution, and the lingering risks of geopoliticalconflicts and the lack of a responsive regional governance. 

PECC, as a pioneer for newideas on trade, investment, growth and integration, has been taking a leadingrole in charting a vision for the region, he said, expressing his hope that atthis meeting, delegates would shareinsights and perspectives on major components of a vision for the region.

Therecommendations and insights proposed at this meeting are important to APEC’sprocess of reflection on its work toward 2020 and beyond and “creating newdynamism, fostering a shared future” which is the overarching theme of APEC2017, he stressed.

Duringthe course of the meeting, delegates from 21 APEC member economies arescheduled to focus discussions on important achievements and growth prospectsof the Asia-Pacific region.

Theywill also touch upon issues regarding new driving forces for economic growthand connectivity as well as the Asia-Pacific agenda on the digitaleconomy/internet economy and the prospects of the Asia-Pacific partnership.-VNA