Key agendas ranging from trade to security are expected during President Moon's visit
to Vietnam.
Our Kim Ji-yeon explains what to expect during the APEC summit.
The heads-of-state and representatives of more than 20 member economies are gathering
in Vietnam's port city of Danang to attend this year's Asia-Pacific Economic Cooperation
meeting.
Founded in 1989, the APEC was established to boost economic cooperation through free
and fair trade among 21 economies in the Asia-Pacific region.
APEC's economic growth had been enormous,... with trade among the 21-member economies expanding
nearly seven-fold in 2015 compared to when it was first established...
while the average tariff rate fell to 5-point-6-percent from 17-percent.
Income per capita also increased by 76-percent during the period.
(standup) "Despite these achievements...
APEC faces challenges,... from low growth to wealth polarization,... that are driving
support away from free trade and globalization.
In light of this, Vietnam, the host country, chose the theme for this year's APEC summit
... as "creating new dynamism, fostering a shared future."
Among the four main agendas, President Moon is expected to particularly focus on the promotion
of sustainable, innovative and inclusive growth, as it reflects his administration's initiatives
on "people-centered" and "income-driven" economic
growth... which places emphasis on leaving no one behind... in order to address chronic
structural problems of low-growth and economic polarization.
(Korean , Nov. 9, Indonesia-Korea Business Forum)
"My hope is that we can build together a community of people, where the people’s hearts are
connected, a community of peace that will contribute to peace in Asia through security
cooperation, and a community of prosperity through mutually beneficial economic cooperation."
, . . .
(Korean) "Economic inequality is one of the most important
issues for South Korea.
Ever since the country opened up its doors when it experienced the Asian Financial Crisis
in 1997 and 1998... it has been suffering from wealth polarization, despite achieving
higher economic growth."
President Moon is also expected to hold a number of bilateral summits including leaders
that are part of the six-party denuclearization talks...
including China, Russia and Japan.
His so-called "balanced diplomacy" will be put to test to see whether President Moon
can garner international cooperation and efforts to pressure North Korea to give up its nuclear
and missile programs.
Balanced diplomacy, according to President Moon, aims at securing cooperation from China
on the North Korea issue while maintaining a strong alliance with the U.S.
(English) "I think the concept 'balanced diplomacy'
by President Moon Jae-in is something that is proposed I think has been proposed in a
very timely period of time.
Now the U.S. and China relations are going into much harsher competition now.
The U.S. recovered its economic capabilities and it's not trying to pressure China.
(President) Xi Jinping stabilized his domestic power beginning a very solid second term."
President Moon's biggest task is to get closer with Chinese President Xi Jinping... not only
to resolve issues concerning North Korea, but also to make a breakthrough in resolving
economic tensions stemming from Beijing's retaliatory measures against Seoul's deployment
of the U.S. missile defense system THAAD.
(English) "I think the two countries needed to restore
their relationship.
(President) Xi Jinping needed to restore the relationship with South Korea so that South
Korea would not sideline the U.S. and Japan, which are now trying to sanction and pressure
China.
South Korea needs to restore the relationship because of economic relations."
President Moon's visit to Vietnam comes as an opportune time to promote economic ties,...
as this year marks the 25th anniversary since Seoul and Hanoi first established diplomatic
ties... which led to soaring trade and economic exchanges.
South Korea is Vietnam's number one investing partner as of 2014,... with investments amounting
to 55-point-8-billion U.S. dollars, and trade between the two surpassing 45-billion dollars.
Kim Ji-yeon, Arirang News.