The Vietnamese President's recommendations were highly evaluated and supported by leaders at the meeting held as part of the APEC Economic Leaders' Week in San Francisco, the U.S., on November 16 (local time).
President Vo Van Thuong said that the IPEF is a concerted effort to enhance cooperation and coordination among economies as the world is facing numerous intertwined changes, opportunities and challenges.
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President Vo Van Thuong speaks at the event. |
The IPEF is expected to become a model of dynamic and efficient economic connectivity, bringing practical benefits to the people, and contributing to peace, stability, and prosperity in the region and the world, he said.
He acknowledged that trade ministers had agreed on important premises for cooperation based on the principles of equality, mutual benefit, inclusiveness, adherence to international law, and respect for the political institutions of each country.
For IPEF to be truly effective, the President put forth three major orientations for the implementation in the coming time.
First, the IPEF needs to be an open, inclusive, with a non-discriminatory cooperation mechanism, one that would support the rules-based multilateral trading system. It should welcome the participation of countries within and outside the region, and complements and supplements other regional economic connectivity initiatives.
Second, cooperation within the IPEF should meet the development needs of each party, balance the interests of all parties, respect and take into account the differences and particular characteristics of each country, and focus on technical support and capacity building.
Third, it should encourage new investment in building infrastructure, transition to clean energy, and high-tech industrial production in the region.
Concluding the meeting, the leaders adopted the Leaders’ Statement on the IPEF.
Source: VNA