President Luong Cuong: Vietnam is ready to cooperate with economies in and outside APEC.

President Luong Cuong attends the Informal Dialogue between APEC leaders and guests – Photo: VNA

On the morning of November 15 (local time), at the Lima Convention Center (Peru), President Luong Cuong attended and spoke at the Dialogue between APEC leaders and guests.

This is an important activity within the framework of the Summit Week and an opportunity for APEC Leaders to exchange and share information to strengthen cooperation with partners within and outside the region.

This year's dialogue session was attended by leaders and heads of delegations from 21 APEC member economies and three guest partners, including representatives of the United Arab Emirates (UAE), the Food and Agriculture Organization of the United Nations (FAO) and the Development Bank of Latin America and the Caribbean (CAF).

Speaking at the Conference, President Luong Cuong supported the view that inter-regional cooperation and connectivity are both an opportunity and an urgent requirement for development.

The President affirmed that as the world's leading region in terms of scale, growth rate and level of international economic integration, Asia-Pacific is confidently entering a new era for more peace, stability, prosperity, sustainability and inclusiveness.

However, in a world full of changes and challenges, Asia-Pacific cannot “go it alone” but needs to “move forward” with other regions. Strengthening cooperation and connectivity will help regions share knowledge, coordinate strategies, coordinate policies and resources, thereby opening up new growth spaces.

President Luong Cuong and US President Joe Biden attend the Informal Dialogue between APEC leaders and guests – Photo: VNA

To build effective regional economic links, the President emphasized three principles and four main solutions.

Accordingly, the three principles include enhancing dialogue and consensus, maintaining a peaceful environment for development; respecting international law, promoting multilateralism; ensuring balanced, inclusive, equal interests, with people and businesses at the center.

Meanwhile, the four solutions are to implement the process of selective and planned linkage, maximizing the advantages and complementarities between regions; perfecting institutions, improving the effectiveness of existing mechanisms; unlocking resources, promoting the effectiveness of North-South, South-South, and public-private partnerships; and at the same time focusing on building inter-regional and inter-community bridges, digital transformation cooperation networks, green transformation, trade-investment linkages, finance-banking, infrastructure, cultural-people exchanges.

The President affirmed that Vietnam is ready to cooperate with economies within and outside APEC to promote effective inter-regional connections that benefit all people and businesses. With a favorable geographical location in Southeast Asia and a modern logistics network, Vietnam is capable of playing a bridging role in expanding trade and inter-regional connections.

Participation in large-scale free trade agreements such as the Comprehensive and Progressive Agreement for Trans-Pacific Partnership, the Regional Comprehensive Economic Partnership and the Vietnam-EU Free Trade Agreement helps Vietnam become an important link in the global value and supply chain.

In the coming time, Vietnam will work with ASEAN countries to promote cooperation between the ASEAN Economic Community and the dynamic and creative Latin American region.

APEC leaders and guests welcomed and appreciated the practical comments and proposals of President Luong Cuong.

President Luong Cuong talks with Peruvian President Dina Ercilia Boluarte Zegarra at the Informal Dialogue between APEC leaders and guests – Photo: VNA

At the conference, APEC leaders and guests emphasized the role of integration and inter-regional economic connectivity in economic development and addressing global challenges; and called for increased mutual understanding among people of the regions.

Given the strong movements of the current world situation, APEC needs to promote cooperation with ASEAN, African, European and Middle Eastern countries on digital transformation, green transformation, inclusive growth, innovation and building sustainable supply chains. Delegates also emphasized the benefits of complementarity between the Free Trade Area of ​​the Asia-Pacific (FTAAP) Agenda and other regional free trade agreements.

President Luong Cuong with leaders at the Informal Dialogue between APEC leaders and guests – Photo: VNA