Vietnam ready to unite in responding to challenges facing global economy

VOV.VN -Minister of Industry and Trade Nguyen Hong Dien has affirmed the nation’s support for the multilateral trading system, as well as joint efforts in responding to challenges currently facing the global economy.

A Vietnamese delegation led by Minister of Industry and Trade Nguyen Hong Dien attended the 12th World Trade Organization (WTO) Ministerial Conference (MC 12) which took place in Geneva, Switzerland from June 12 to June 15, with the event featuring the participation of various trade ministers and other senior officials from 164 WTO members.

The MC12 took place amid countries facing severe challenges, such as handling the consequences of the COVID-19 pandemic and recovering economic and trade activities in the post-pandemic period, while international geopolitical tensions cause serious effects on food security and the world economy as a whole.

During his speech at the conference, Minister Dien emphasised the role of the WTO as part of international trade. However, he noted that it is time for the largest trade organisation to implement fundamental reforms in order to maintain and strengthen the three core pillars and to promptly adapt to drastic changes and new requirements.

According to the Vietnamese Minister, never before has the world faced urgent issues in the form of health care, the environment, food security, and supply chain disruption.

It can be viewed as imperative that WTO members directly deal with the root causes of these challenges and find appropriate solutions, thereby making it possible for the global organisation to overcome and continuously improve its performance. In line with this, the WTO should not simply limit itself to providing an effective negotiating platform, but should also be viewed as a contributor to resolving global crises, while simultaneously maintaining and ensuring a level playing field in terms of worldwide trade.

Since joining the WTO, the nation has been and will continue to wholeheartedly participate in the trading system.

Furthermore, the country is also willing to co-operate alongside WTO members in maintaining and strengthening the multilateral system, with the body serving as a cornerstone in promoting and facilitating greater trade and investment, as well as in terms of ensuring supplies of important goods and materials both regionally and globally.

The nation places great importance on key WTO negotiations relating to fisheries and agricultural subsidies, whilst it also wants members to focus on urgent and concerned topics, such as ensuring a comprehensive and practical supply of food and essential items for people, Minister Dien went on to emphasise.

As part of his speech at the debate on trade and climate change held on the sidelines of the MC12, Minister Dien highlighted climate change response as an important goal which aims to ensure equitable development on a global scale.

It is therefore crucial to achieve carbon neutrality while maintaining economic growth and strive to improve living conditions for all, especially vulnerable groups, he continued.

The Minister emphasised the need to promote activities in a number of fields through a range of measures such as integrating environment-related factors and climate change adaptation in commitments stipulated in trade arrangements.

It remains essential to speed up negotiations in the WTO in areas that are likely to bring about practical benefits to the environment and climate change, such as negotiations on environmental goods and services, as well as activities in these areas affected by climate change such as agriculture and food security.

Moreover, according to Minister Dien, the establishment of a coalition of trade ministers in the field of climate can be one of the ways to realise these goals. Therefore, ministers must augment co-operation and regular exchanges, not only within the WTO framework, but also in regional and bilateral frameworks, he stated.

At a meeting held among the Cairns Group, a coalition of 19 agricultural product exporting countries, Minister Dien highlighted three issues that must be prioritised, including the application of trade-distorting subsidies or domestic support measures which affects many important commodities such as sugar and other essential agricultural products. This is along with the application of special safeguards in agriculture that leads to unequal farm produce trade and measures recently adopted by countries following geopolitical and supply chain tensions which directly threaten global food security and could cause several chain reactions.

Minister Dien also joined a number of MC12 sideline discussions and held several bilateral meetings with partners such as the EU, Australia, Singapore, and Israel.

The WTO Ministerial Conference is the highest decision-making body of the organisation and takes place every two years. However, due to impact of the COVID-19 pandemic, MC12 was postponed twice. This event represents a good chance for the WTO to prove that trade is part of solutions to numerous great challenges in the current era, whether it be public health or the environment.

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