Vietnam supports multilateral trade at APEC meeting

Vietnamese Deputy Prime Minister and Foreign Minister Pham Binh Minh made the statement during the 31st APEC Ministerial Meeting that was held virtually on November 16.

Deputy PM Minh said APEC must play a leading role in promoting an open, rules-based multilateral trading system that is effective alongside the reform of the World Trade Organization (WTO), in order to ensure the adaptability of the multilateral trading system amid the rapid development of science and technology, and a profound transformation of economic and business models.

He added that the novel coronavirus (COVID–19) pandemic has had an enormous impact on all national economies worldwide, a further indication of the interdependence of different economies. He therefore called on all APEC members to unite for the purpose of upholding the spirit of solidarity and responsibility while making a practical contribution so that the Asia-Pacific region can rapidly overcome its current challenges and lead the globe’s economic recovery.

Deputy PM Minh cited ASEAN’s experience this year, outlining how the spirit of cohesion and proactive adaptation has served the bloc well and allowed it to get through the COVID-19 crisis and move forward.

He expressed his belief that with a fresh ambitious and well thought-out vision that will be endorsed by APEC leaders over the coming days, APEC will continue to assert its role as a leading economic co-operation mechanism in the region and go on to be an important driving force in building a peaceful, connected, resilient, and creative Asia-Pacific community.

During the event, Vietnam put forward a number proposals aimed at co-ordinating on tasks such as disease control, economic recovery efforts, ways to strengthen connectivity, methods to ensure the sustainability of supply chains, and structural reforms, alongside developing the digital economy aimed at maintaining the region’s economic recovery and enhancing its resilience amid future crises and shocks.

As a non-permanent member of the United Nations Security Council and the ASEAN Chair in 2020, Vietnam will work closely with the international community to promote multilateral co-operation, including with APEC, Deputy PM Minh stressed.

The 31st APEC Ministerial Meeting endorsed a joint statement, affirming that all 21 APEC members have a strong resolve to unite to build a resilient Asia-Pacific community.

The APEC is an inter-governmental forum comprised of 21 member economies from throughout the Pacific Rim that aims to promote free trade throughout the Asia-Pacific region.

Malaysia has played host to APEC meetings from December 2019 until November 2020, marking the second occasion that it has hosted these meetings after its first time in 1998.