Kinh tế

Vietnam supports a rules- and rules-based multilateral trading system

Vietnam supports a rules-based and rules-based multilateral trading system - Photo 1.

Vietnam supports a rules- and rules-based multilateral trading system

After more than two years of responding to unprecedented socio-economic crises caused by the Covid-19 pandemic on a global scale, the 28th Trade Ministers Meeting (MRT) of the The Asia-Pacific Economic Cooperation (APEC) event took place in a mixed form (directly combined with online) in Bangkok from May 21-22 under the chair of Deputy Prime Minister cum Minister of Commerce of Thailand. .

The meeting was attended by representatives of 21 APEC member economies, and observers including the Association of Southeast Asian Nations (ASEAN), the Asia-Pacific Economic Cooperation Council (PECC). and the Pacific Islands Forum (PIF). The Vietnamese delegation led by Deputy Minister of Industry and Trade Tran Quoc Khanh attended the conference.

Speaking at the conference, Deputy Minister Tran Quoc Khanh emphasized that Vietnam supports a rules-based and rules-based multilateral trading system, as well as the role of the World Trade Organization (WTO) in global trade. needs and is ready to coordinate with WTO members to promote and approve key contents at the 12th WTO Ministerial Conference scheduled to be held in June this year.

Regarding measures in APEC to reconnect the region after Covid-19, the Deputy Minister welcomed and highly appreciated the initiatives and efforts to remove barriers, contributing to the resumption of safe travel. seamless and economic recovery; support promoting regional cooperation towards facilitating mutual recognition of vaccine passports and emphasize continued close coordination with APEC members to develop and implement viable initiatives.

As an open economy, having signed and implemented 15 Free Trade Agreements (FTAs) with more than 60 partners, Vietnam has been working with APEC members to promote regional economic integration. in the spirit of the APEC Putrajaya Vision to 2040, including the future formation of the Free Trade Area of ​​the Asia-Pacific (FTAAP).

Thailand – hosting APEC for the third time – has chosen the theme for 2022 as “Open. Connect. Balanced”, with priorities open to every opportunity, connected in every aspect, and balanced in every area.

During the APEC Chair Year 2022, Thailand will advance regional development priorities towards inclusive and sustainable growth, and push APEC towards a post-Covid-19 era of sustainability and balance through The concept of a biological, circular and green economy is also known as the BCG (Bio-Circular-Green Economy) model.

At this year’s meeting, APEC Ministers focused on discussing measures to reconnect the region in terms of people, trade and investment towards building a prosperous Asia-Pacific region, achieving sustainable and inclusive growth in the future. Some of the key proposals/initiatives discussed included expanding the scope of the APEC business travel card (ABTC); building an electronic portal on safe travel in the region; initiatives to enhance compatibility, towards mutual recognition of vaccine passports…

Another important content of the 28th MRT Conference was the continued support for the multilateral trading system, including: progress in implementing WTO reforms and a number of issues being discussed at the WTO, including a Some outstanding issues such as the global food crisis, reform, agricultural subsidies, trade barriers and market expansion… and the possibility and orientation to conclude negotiations on fisheries subsidies at MC12.

The Ministers listened to WTO Director-General, Ms. Ngozi Okonjo-Iweala, update on new developments at the organization in recent years, as well as preparations for the 12th WTO Ministerial Conference this year.

The Director General of the WTO and the APEC Ministers highly appreciated and expressed their hope that reform and progress in WTO negotiations would bring positive results, contributing to strengthening the role of the multilateral trading system as well as the role of the multilateral trading system. global and regional economic integration.

In addition, this year, the realization of the FTAAP is also one of the key issues discussed when for the first time, the APEC Trade Ministers (MRT) and the APEC Business Advisory Council (ABAC) for the first time. conversation on this subject within the framework of the 28 MRT Conference.

If successful, FTAAP will become the world’s largest free trade area with a population of about 2.9 billion people, accounting for 38% of the global population, with a total GDP of US$52 trillion, equivalent to 62% of GDP of the country. world.

This year’s 28-year MRT conference takes place in the context that the world economy has been showing signs of recovery when most of the epidemic restrictions were lifted thanks to the Covid-19 vaccination programs around the world. bridge.

Tourism, transportation, aviation, retail, and cross-border trade have gradually become active again thanks to measures to prevent epidemics, vaccinations, financial support packages, etc. in many economies.

In the Asia-Pacific region (APEC), according to the latest report of the APEC Policy Research Unit (PSU) in February 2022, the gross domestic product (GDP) of the entire APEC region increased by 5 .8% in 2021, the regional economic growth rate will moderate in the following years, reaching 4.2% in 2022 and 3.8% in 2023, and inflation is expected to drop from 3% 2021 to 2.5% in 2022, and 2.3% in 2023.

However, while the bottlenecks in the seaborne supply chain have not been removed, new difficulties and challenges have emerged along with the long-term consequences of the Covid-19 pandemic, rising commodity and energy prices. increased, Russian-Ukrainian political tensions have resonated, having a far-reaching effect on the future world economy.

The International Monetary Fund (IMF) also lowered its forecast for global economic growth to 3.6% in 2022 and 2023, down 0.8 and 0.2 percentage points, respectively, from projections made. in January 2022. In addition, 143 countries around the world have had to adjust their growth forecasts in a downward direction.

MRT 28 conference ended on May 22.

You are reading the article Vietnam supports a rules- and rules-based multilateral trading system
at – Source: – Read the original article here

Back to top button