President Vo Van Thuong speaks at the event. (Photo: VNA) San Francisco (VNA) – Vietnamese President Vo Van Thuong has put forth three major orientations for the effective implementation of the Indo-Pacific Economic Framework forProsperity (IPEF) while delivering a speech at a meeting of leaders of IPEF partner nations.
The Vietnamese President's recommendations were highly evaluated and supported by leaders at the meeting held as part of the APEC Economic Leaders' Week in SanFrancisco, the US, on November 16 (local time).
President Thuong said that the IPEF is a concerted effort toenhance cooperation and coordination among economies as the world is facingnumerous intertwined changes, opportunities and challenges.
The IPEF isexpected to become a model of dynamic and efficient economic connectivity, bringing practical benefits to the people, and contributing to peace, stability, andprosperity in the region and the world, he said.
Heacknowledged that trade ministers had agreed on importantpremises for cooperation based on the principles of equality, mutual benefit,inclusiveness, adherence to international law, and respect for the political institutions of each country.
ForIPEF to be truly effective, the President put forth three major orientations for the implementation in the coming time.
First, the IPEFneeds to be an open, inclusive, with a non-discriminatory cooperation mechanism, onethat would support the rules-based multilateral trading system. It should welcome theparticipation of countries within and outside the region, and complements andsupplements other regional economic connectivity initiatives.
Second,cooperation within the IPEF should meet the development needs of each party,balance the interests of all parties, respect and take into account thedifferences and particular characteristics of each country, and focus ontechnical support and capacity building.
Third, itshould encourage new investment in building infrastructure, transition to cleanenergy, and high-tech industrial production in the region.
Concludingthe meeting, the leaders adopted the Leaders’ Statement on the IPEF./.
