Vietnam proposes three policy recommendations at the 16th UNCTAD Ministerial Conference

On October 21, the 16th Ministerial Conference of the United Nations Conference on Trade and Development (UNCTAD 16) continued in Geneva (Switzerland) with general discussions around the theme "Shaping the Future: Promoting Economic Transformation towards Equitable, Inclusive and Sustainable Development". At the meeting, Deputy Minister of Foreign Affairs Nguyen Minh Hang made three policy recommendations to promote equitable, inclusive and sustainable trade.

The 16th Ministerial Conference of the United Nations Conference on Trade and Development (UNCTAD 16). (Photo: People's Army Newspaper)

The speeches at the conference highlighted the world's many intertwined challenges - from geopolitical polarization, supply chain disruptions, debt crises and rising inequality. Delegates agreed that fair, transparent and inclusive trade is a key driver of growth, job creation and narrowing the development gap between countries.

Many countries also affirmed UNCTAD's central role in supporting countries in building sustainable trade policies, attracting responsible investment, transferring technology and turning debt into a development tool, while calling for reform of the multilateral system so that global trade can truly become a driving force for peace , prosperity and sustainable development.

Deputy Minister of Foreign Affairs Nguyen Minh Hang speaks. (Photo: People's Army Newspaper)

Speaking at the conference, Deputy Minister of Foreign Affairs Nguyen Minh Hang said that the world is undergoing turning-point economic, technological and geopolitical changes, while the global trade environment is increasingly fragmented and unpredictable, deeply impacting developing countries. In that context, Vietnam's economy has shown good resilience to external shocks, maintaining a high growth rate, expected to reach about 8%, among the highest in the region and the world. Vietnam is continuing to promote institutional reform, develop the private economic sector, promote science and technology, innovation, digital transformation and deep international integration.

Deputy Minister Nguyen Minh Hang made three key policy recommendations:

First, strengthen cooperation and vigorously reform global institutions on trade and finance towards openness, fairness and inclusiveness, adapting to current profound changes, while reflecting the voices of developing countries.

Second, enhance the resilience of developing countries through financial support, technology transfer, promoting gender equality and expanding the participation of small and medium enterprises in global value chains.

Third, promote dual transformation, focusing on green economy and digital economy, considering trade and investment as drivers for emission reduction, circular economy and innovation, while ensuring inclusive sustainability standards that do not become barriers for developing countries.

Deputy Foreign Minister Nguyen Minh Hang and the Vietnamese delegation attended the general discussion session of the UNCTAD16 conference. (Photo: VNA)

On the occasion of attending the conference, Deputy Minister Nguyen Minh Hang had bilateral meetings with Oman's Minister of Commerce, Industry and Investment Promotion Qais Bin Mohammed Al Yousef; Bhutan's Minister of Industry, Commerce and Employment Namgyal Dorji; Swiss State Secretary for Foreign Affairs Alexandre Fasel; Dutch Deputy Foreign Minister Steven Collet; World Economic Forum (WEF) Managing Director Stephan Mergenthaler and Director of the Swiss Smart Factory Technology Center Dominic Gorecky.

The partners expressed their impression of the remarkable development of Vietnam - a country with the leading growth rate in Southeast Asia, and highly appreciated Vietnam's contributions to the global effort to respond to climate change, promote green transformation and sustainable development. The parties agreed to strengthen dialogue and expand cooperation in areas of mutual interest such as innovation, green finance, intellectual property and the development of an international financial center in Vietnam.

Deputy Minister of Foreign Affairs Nguyen Minh Hang received Director of the Swiss Innovation Park Dominic Gorecky. (Photo: Ministry of Foreign Affairs)

Deputy Minister Nguyen Minh Hang affirmed that Vietnam attaches importance to bilateral relations with its partners, and proposed to continue sharing experiences and sending experts to support Vietnam in the fields of digital transformation, application of science and technology, improving capacity to respond to natural disasters and adapt to climate change. In particular, the Deputy Minister asked Switzerland to continue accompanying Vietnam in the new development stage, focusing on the fields of education, innovation, science and technology and building international financial centers in Ho Chi Minh City and Da Nang.

In a discussion with the Minister of Commerce, Industry and Investment Promotion of Oman, Deputy Minister Nguyen Minh Hang asked Oman to increase investment in Vietnam, support the launch of negotiations on the Free Trade Agreement between Vietnam and the Gulf Cooperation Council (GCC) countries, and coordinate to soon organize a Joint Committee on bilateral economics.

At the meeting with the Bhutanese Minister, the two sides agreed to promote trade cooperation, tourism, cultural exchange and people-to-people exchanges. At the meeting with the Dutch Deputy Foreign Minister, Deputy Minister Nguyen Minh Hang asked the Netherlands to soon ratify the Vietnam - European Union Investment Protection Agreement (EVIPA) and support the EU to soon remove the IUU "yellow card" for Vietnam.

Working with the World Economic Forum (WEF), Deputy Minister Nguyen Minh Hang welcomed the WEF's active cooperation in the preparation process for the WEF Autumn Economic Forum, scheduled to take place in Ho Chi Minh City next November; and at the same time, asked the WEF to continue supporting Vietnam in developing its economy based on science and technology, innovation and smart production, and attracting high-quality investment sources.

Source: https://thoidai.com.vn/viet-nam-de-xuat-3-khuyen-nghi-chinh-sach-tai-hoi-nghi-bo-truong-unctad-16-217120.html