Prime Minister highlights ASEAN's role in multipolar world

Prime Minister Pham Minh Chinh said that with a large population and many initiatives being promoted, ASEAN is capable of assuming the position of a pole in a multipolar world.

Speaking at the ASEAN Business and Investment Summit (ASEAN BIS) 2023 in Jakarta, Indonesia on the afternoon of September 4, Prime Minister Pham Minh Chinh assessed that the multipolar world situation is an inevitable trend, in the context of increasingly fierce strategic competition between major powers.

The Prime Minister stated four reasons why ASEAN is capable of undertaking the mission of being a pole in a multipolar world, a center in regional cooperation and structure.

According to him, ASEAN is a dynamically developing region with a population of over 600 million. It has a wide open business space with a network of 8 free trade agreements (FTAs) including the ASEAN Free Trade Area (AFTA) and 7 FTAs ​​with important partners, including the Regional Comprehensive Economic Partnership (RCEP). These agreements create a free trade area accounting for 30% of the world's population and 32% of global GDP.

Many new initiatives are also being strongly promoted so that ASEAN can promptly grasp and take advantage of opportunities from new development trends such as building the ASEAN Digital Economy Framework Agreement, the circular economy framework, the blue economy framework, and the carbon neutral strategy.

Other initiatives are being taken to expand the business legal corridor such as upgrading the ASEAN Trade in Goods Agreement, the Free Trade Agreement (FTA) between ASEAN and China, Korea, Japan, and India.

Prime Minister Pham Minh Chinh speaks at the ASEAN Business and Investment Summit on the afternoon of September 4. Photo: Duong Giang

The Prime Minister also affirmed that ASEAN is a bright spot in economic growth in the world. In 2022, ASEAN economic growth will reach 5.6%, while the global rate is 2.9%. ASEAN's economy this year is forecast to grow 4.5%, higher than the group of developed countries.

Trade within the bloc reached 856 billion USD, while investment within the bloc reached 27 billion USD, accounting for 12% of the region's FDI. ASEAN countries effectively responded to challenges of energy security, food security, and overcame the Covid-19 pandemic, the Prime Minister assessed.

ASEAN is also an important link in regional cooperation mechanisms such as ASEAN+1, ASEAN+3, East Asia Summit (EAS), etc., helping the bloc build and maintain balanced and flexible relations with external partners. There are 43 countries participating in the Treaty of Amity and Cooperation (TAC) in Southeast Asia.

To seize opportunities from the modern world order, Prime Minister Pham Minh Chinh said that ASEAN needs to unite and maintain strategic balance in relations between countries in the region and partners to "take advantage of the advantages of countries supporting ASEAN and resolve difficulties that may arise at any time".

The Prime Minister said that ASEAN needs to maintain its long-term commitment to opening markets, promoting intra-bloc trade and investment, and better exploiting the region's strengths such as green growth and circular economy.

Prime Minister Pham Minh Chinh attended the ASEAN Business and Investment Summit on the afternoon of September 4. Photo: Nhat Bac

The Prime Minister hopes that ASEAN businesses will take the lead in innovation, increase labor productivity, and be socially responsible so that no one is left behind.

"Businesses must unite, share and support each other with the spirit of 'you are in me, I am in you' to develop together," the Prime Minister called for, believing that ASEAN will catch up with new trends, effectively respond to challenges, and balance the goals of short-term growth recovery and sustainable development.

Prime Minister Pham Minh Chinh is attending the 43rd ASEAN Summit and related meetings in Jakarta. This is the largest annual summit in the region, attended by leaders of Southeast Asian countries and partners, along with many international organizations.

The 43rd ASEAN Summit and related events are a series of activities to conclude Indonesia's ASEAN Chairmanship 2023 under the theme "One ASEAN of stature: The heart of growth". ASEAN's partners participating in the meeting include China, South Korea, Japan, the United States, India, Australia, Russia, the United Nations, and Canada. Indonesia will also host the ASEAN Business and Investment Summit and the ASEAN Indo-Pacific Forum (AIPF).

Vnexpress.net