Hanoi (VNA) – The discussion of the Indo-Pacific Economic Framework for Prosperity (IPEF) should aim at a framework that brings practical benefits to the people, stated Prime Minister Pham Minh Chinh at the launch ceremony of the IPEF on May 23.
Participating virtually at the hybrid event held in Tokyo, Chinh said it should be an open, inclusive, and balanced process in line with international law and meeting the lawful and legitimate interests of parties involved.
The leader affirmed that Vietnam will work with other ASEAN member countries and relevant partners to continue discussing and clarifying the content of IPEF pillars, bringing about a positive, effective, and feasible economic agenda for the region and for each nation; as well as for peace, stability, cooperation, development and prosperity in the region ang the world at large.
Chinh highlighted the need to adjust the growth model and economic linkage to be more sustainable and more self-resilient to make the most of internal power and external resources.
It is also necessary to uphold multilateralism and strengthen international solidarity on the basis of sincerity, trust and responsibility, he added.
The launch of the framework will kickstart a serious discussion to exchange ideas towards jointly addressing critical regional and global issues, such as supply chains diversification and resilience, technological innovation, digital transformation, e-commerce, climate change response, emission reduction, green growth, taxation issues and anti-corruption, among many others, the Vietnam ese Government leader said.
Vietnam is committed to pursuing and is making all efforts towards an independent, self-reliant economy in association with extensive and substantive international integration, Chinh continued.
Vietnam is also participating in various initiatives on international connectivity, and is making active and responsible contributions to the joint efforts to accelerate economic recovery and sustainable development in the region and the world, he stated.
The formal rollout of the IPEF saw in-person and remote participation of leaders of many countries, including US President Joe Biden, Japanese Prime Minister Fumio Kishida, Indian Prime Minister Narendra Modi, PM of the Republic of Korea Yoon Suk-yeol, Thai PM Prayut Chan-o-cha, Singaporean PM Lee Hsien Loong, and PM of New Zealand Jacinda Ardern.
Participating leaders agreed to initiate the IPEF discussion process and stand ready to invite countries in the region to join in a hope that this cooperation framework will help economies build resilience, particularly in post-pandemic recovery, enhance their competitiveness, adaptability, sustainability, and inclusivity in contribution to the regional cooperation, stability, prosperity, development and peace, for the sake of the people.
The US said this framework with an initial 13 countries represents 40 percent of global GDP. It will focus on four key pillars – Connected Economy (including rules on digital economy, standards on cross-border data flows and data localisation, online privacy, and use of artificial intelligence); Resilient Economy (first-of-their-kind supply chain commitments that better anticipate and prevent disruptions); Clean Economy (commitments on clean energy and decarbonisation, infrastructure that promote good-paying jobs); and Fair Economy (effective tax, anti-money laundering, anti-bribery regimes)./.
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