Vietnam ready to cooperate with WTO in promoting multilateral trade system
Vietnam continues to work with other members in ensuring sustainable development for the world economy, bringing inclusive benefits while striving to provide practical support to the developing and least developed members.
Vietnam stands ready to cooperate with WTO members in fostering a multilateral trade system, seen as the foundation to facilitate trade and investment, and avoid disruption to the global supply chain.
Minister of Industry and Trade Nguyen Hong Dien at the event. Source: congthuong.vn |
Minister of Industry and Trade Nguyen Hong Dien gave the remarks at the WTO’s 12th Ministerial Conference (MC12), taking place on June 12-15 at the WTO headquarters in Geneva.
The event drew the participation of trade ministers and high-ranking officials from 164 WTO members at a time when the global economy is facing enormous challenges in addressing the consequences of the Covid-19 pandemic, as well as geopolitical tensions leading to high food security risks and economic recession.
According to Dien, thanks to continual efforts from WTO members, there has been a recovery of economic, trade, and investment activities around the world, but uncertainties are still lying ahead.
“Never have we observed the issues on healthcare, environment, food security, and supply-chain disruption become more pressing and urgent than today,” he said.
Dien called for WTO members to confront the root causes of these challenges and explore appropriate solutions so that the WTO can overcome them and continuously improve its operational efficiency.
“The WTO should not be limited itself to providing an effective negotiating platform, but also need to be a contributor to solving global crises, whilst maintaining and ensuring a level playing field in the world trade,” he added.
Dien said that since joining the WTO, Vietnam has been and will continue to be committed to the multilateral trading system.
“We are ready to cooperate with WTO members in maintaining and strengthening the multilateral system with WTO at its core, in promoting and facilitating trade and investment, as well as in ensuring the vital supplies of goods and materials in the region and across the world,” he stressed.
At the same time, the country is willing to stand with other members in ensuring sustainable development for the world economy, bringing inclusive benefits while striving to provide practical support to the developing and least developed members.
Dien noted that Vietnam is attaching great importance to key WTO negotiations such as fisheries and agricultural subsidies while expecting members to focus on topics of urgency and interest such as securing a supply of food and essential goods for the people comprehensively and practically.
At a session discussing trade and climate change, Minister Dien noted enhancing climate resilience is a key priority for the world to ensure fair and sustainable development.
“One of the key issues would be to realize carbon neutrality while keeping up with economic growth and improving people’s living standards, especially for vulnerable groups,” he said.
Dien stressed the view that such a process should consider each country’s characteristics and conditions, including the development levels of countries.
The topmost decision-making body of the WTO is the Ministerial Conference, which usually meets every two years. It brings together all members of the WTO, all of which are countries or customs unions. The Ministerial Conference can take decisions on all matters under any of the multilateral trade agreements. |
Other News
- Deep discounts at Hanoi Midnight Sale
- Hanoi controls fruit traders to ensure safety
- Vietnam, Hesse (Germany) promote high-tech cooperation
- Big discounts on offer at Hanoi's November Promotion Festival
- Hanoi unveils 150 most popular Vietnamese products and services for 2024
- Hanoi hosts the Vietnam Regional Specialties Fair 2024
- Hanoi strengthens export competitiveness and trade protection measures
- US reiterates Vietnam is not manipulating currency
- Vietnam, Brazil: Building bridges through shared history and new partnerships
- Hanoi to attract tourists by showcasing local specialties at wholesale markets
Trending
-
Shared responsibility for preserving Hanoi’s timeless elegance and civilization: Party Chief
-
Vietnam news in brief - December 3
-
“Truc Bach Night” filled with nostalgia for subsidy period
-
Hanoi grasps opportunities to drive semiconductor industry growth
-
Raising profile of Hanoi pho
-
World-class opera house gets green light in Hanoi
-
Hanoi’s property market poised for new growth cycle
-
Christmas in Vietnam: A blend of Western cheer and local charm
-
Hanoi's Pho declared national intangible heritage