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APEC economies seek to promote trade and innovation

access_time May 19,2017 chat_bubble_outline 23 views

Representatives from APEC member economies gathered at a symposium in Hanoi on May 19 to share experience in promoting trade and innovation and explore activities that APEC can undertake to boost innovative growth in the region.


APEC economies seek to promote trade and innovation

Minister of Industry and Trade Tran Tuan Anh speaks at the event.


The APEC Symposium on Trade and Innovation is held as part of the APEC Ministers Responsible for Trade (MRT) Meeting.

In his opening remarks, Minister of Industry and Trade Tran Tuan Anh highlighted that trade, among other important enablers, plays a very essential role in determining one economy’s innovation policy and strategies. 

In return, innovation in general and innovation commercialisation in particular contribute to promoting trade among economies, which reflects an intertwined and reciprocal relation between trade and innovation, he said.

“Being aware of both opportunities and challenges that innovation results in, APEC member economies have made great efforts in pursuing innovation to foster sustainable and innovative growth,” according to the minister.

He cited that in 2014, APEC Leaders declared the APEC Accord on Innovative Development, Economic Reform and Growth that underscores innovative development through promoting cooperation in science and innovation; facilitate voluntary transfer, dissemination and commercialisation of technology; promote the use and commercialisation of intellectual property and ensure IPR protection and enforcement; and improve the environment for innovation. 

Also, the 2015 APEC Strategy for Strengthening Quality Growth reiterates innovation as one of most important drivers of economic growth in the APEC region, he added. 

So as to make this a reality, economies need to facilitate freer flows of capital, people, ideas, technologies, goods, and services across borders in ways that promote competition, he noted.

Afrom wise approaches to trade and investment, it is also important for governments to embrace critical core innovation principles to lay the tracks for businesses to run on, he said, adding based on the sound policies, businesses can harness all their capability and sources to foster innovation and develop. 

During the event, delegates will share their experience and insights into the importance and impacts of trade and investment in promoting innovation through various means.

They are scheduled to discuss the roles of trade policies in creating an environment that enable innovation and other enablers of innovation such as financial markets, education systems, effective policies for research and development, efficient, science-based and international harmonised regulatory systems, and protection of intellectual property rights, and taxation.

There will be a dialogue between trade ministers and the business community on how trade and other policies can be used to help provide the enabling conditions for innovation, and how governments can help promote the commercialisation of innovation in APEC economies, especially developing ones.

The winners of the MSME (Micro, Small and Medium Enterprises) App Challenge will be announced at the symposium. 

The contest involved software developers from APEC economies, over the course of 24 hours (from May 18), building a mobile site or app that helps MSMEs and household export using the internet.

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