The Prime Minister emphasized ASEAN's role in a multipolar world.

VnExpress•04/09/2023

Prime Minister Pham Minh Chinh believes that with its large population and numerous initiatives being promoted, ASEAN is fully 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 4th, Prime Minister Pham Minh Chinh assessed that a multipolar world is an inevitable trend, in the context of increasingly fierce strategic competition among major powers.

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

According to him, ASEAN is a dynamically developing region with a population of over 600 million. It offers a vast business environment with a network of eight free trade agreements (FTAs), including the ASEAN Free Trade Area (AFTA) and seven FTAs with key partners, among which is the Regional Comprehensive Economic Partnership (RCEP). These agreements create a free trade area encompassing 30% of the world's population and 32% of global GDP.

Many new initiatives are also being strongly promoted to enable ASEAN to promptly seize and take advantage of opportunities from new development trends such as the development of the ASEAN Digital Economy Framework, the Circular Economy Framework, the Blue Economy Framework, and the Carbon Neutrality Strategy.

Other initiatives are underway to expand the legal framework for business, such as upgrading the ASEAN Trade in Goods Agreement, and Free Trade Agreements (FTAs) between ASEAN and China, South Korea, Japan, and India.

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

The Prime Minister also affirmed that ASEAN is a bright spot in economic growth globally. In 2022, ASEAN's economic growth reached 5.6%, while the global average was 2.9%. This year, ASEAN's economy is projected to grow by 4.5%, higher than that of developed countries.

Intra-bloc trade reached US$856 billion, while intra-bloc investment reached US$27 billion, accounting for 12% of the region's total FDI. ASEAN countries have effectively responded to challenges in energy security and food security, and overcome the Covid-19 pandemic, the Prime Minister assessed.

ASEAN is also a crucial link in regional cooperation mechanisms such as ASEAN+1, ASEAN+3, and the East Asia Summit (EAS), helping the bloc build and maintain balanced and flexible relations with external partners. 43 countries have joined the Treaty of Friendship and Cooperation (TAC) in Southeast Asia.

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

The Prime Minister stated that ASEAN needs to maintain its long-term commitment to open markets, promote intra-regional trade and investment, and better leverage the region's strengths such as green growth and circular economy.

Prime Minister Pham Minh Chinh and the Vietnamese delegation attend the ASEAN Business and Investment Summit on the afternoon of September 4th. Photo: Nhat Bac — *Prime Minister Pham Minh Chinh attended the ASEAN Business and Investment Summit on the afternoon of September 4th. 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, and I am in you' to develop together," the Prime Minister urged, expressing his belief 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 region's largest annual high-level event, attended by leaders from Southeast Asian countries and partners, as well as many international organizations.

The 43rd ASEAN Summit and related events are the concluding activities of Indonesia's 2023 ASEAN Chairmanship, themed "One ASEAN of Greatness: A Hub of Growth". Partners participating in the meeting with ASEAN 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).

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