Asia-Pacific parliaments backs regional economic-trade cooperation

The issue, among the topics put forth by the host Vietnam in the agenda of the freshly-ended 26th Annual Meeting of the Asia-Pacific Parliamentary Forum (APPF-26) were applauded by delegations from the participating members and considered as a goal for the APPF’s future affairs. It was the highlight of its second plenary session, with 11 related resolutions submitted. For more than half a century, Asia–Pacific has thrived to become a driver of the global economic growth, largely thanks to its efforts to capitalise on extensive economic connectivity and advantages of micro-, small- and medium-sized enterprises (MSMEs) networks.In this regard, law-making bodies can facilitate positive changes through policies in each nation and through bilateral and multilateral legal frameworks agreed among them.Parliamentary diplomacy complements traditional diplomacy as a means of building mutual trust and promoting the exchange of information that is not normally obtained through official diplomatic channels.  Joint parliamentary efforts needed for Asia-Pacific economic-trade integrationThe Asia-Pacific region accounts for approximately 40 percent of the world’s population, approximately 60 percent of its gross domestic product and 50 percent of global trade. Trade and investment have generated unprecedented prosperity in Asia-Pacific, but there remained barriers, such as increasing protectionism and differing views on integration and globalisation. Concerted efforts to boost trade and economic integration in the region have produced important outcomes, particularly the signing and implementation of bilateral and multilateral free trade agreements (FTAs). For example, ASEAN, of which APPF members Vietnam, Laos, Cambodia, Malaysia, Singapore, Thailand, and the Philippines are also members, has signed… [Read full story]


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