Economic and trade issues topped the agenda of the second plenary session of the 26th Annual Meeting of the Asia-Pacific Parliamentary Forum (APPF-26) in Hanoi on January 19.

In his speech at the session, Hue reiterated the significance of the topics of the forum’s plenary session, which will create a foundation for regional sustainable development.

The world is changing greatly thanks to strong influence of science and technology, the 4^th Industrial Revolution, globalization, and the pressure of geopolitical competition among countries across the globe, he said.

Wide-ranging and equitable integration is creating new opportunities for nations, Hue said while citing the Vietnamese economy as a typical example as saying that the country has set up economic and trade ties with more than 220 countries and territories in the world.

Vietnam’s total export and import turnover showed a solid upswing, increasing from US$300 to US$ 400 billion in just two years and even up to US$425 billion at the end of 2017, 1.9 times higher than GDP growth.

 “We need to renovate our mindset on development and boost links and cooperation in various aspects, especially in economics and trade. We need more practical acts to improve connectivity like APEC and ASEAN initiatives focusing on infrastructure, human, and institutions in which parliament plays a key role in each country. It is imperative to uphold the role of the National Assembly and government in the development of a legal system, policies, and regulations to ensure fair competition, enhance supply and demand, and improve governance,” he said.

The Asia-Pacific region accounts for 55% of the world's population and 50% of trade in goods, and contributes more than 40% of global GDP. However, the delegates also pointed out hurdles and challenges to the emergence of protectionism tendencies and differing points of view on integration and globalization.

In that context, many delegates suggested that cooperation and linkages between the regional economies should be more effective to cope with trade barriers and intensify investment for sustainable development. To seek growth drivers based on innovation and inclusive growth requires more closer and effective collaboration from regional countries to boost experience sharing and to reach unanimity, they said.

A representative from the Mexican Parliament stressed that the consensus of countries in creating a free trade area for anti-protectionism would benefit all people, aiming to build a peaceful, stable and prosperous Asia-Pacific region.

Sharing the story of his nation’s successful economic development, a member of parliament from New Zealand said from a country with protectionist policies and numerous tariff barriers, the country has become the most developed and dynamic economy.

It took New Zealand two years to reform and to open the market. Trade is the only way for economic cooperation ,thus turning New Zealand into an open and harmonious economy, he said.

National Assembly Vice Chairman Phung Quoc Hien said, “It’s essential to increase support for enterprises and ensure food security in response to climate change. The Vietnam National Assembly has revised a raft of economic laws in line with international practice and commitments. The Vietnamese legislature’s efforts have improved the national investment environment, and we have affirmed our readiness to work hand in hand with member parliaments to pursue the goal of comprehensive economic connectivity.”

In his remarks, Deputy Foreign Minister Bui Thanh Son described Vietnam's successful hosting the APEC 2017 Economic Leaders' Meeting in Novermber in Da Nang as a practical result that has benefited people, businesses and member economies. The commitments made by APEC leaders during the APEC Meeting affirmed APEC's core values ​​of free trade and investment, as well as continued support for the multilateral trading system.

He also emphasized many mutually supplementary areas between the APPF and APEC, namely promoting peace, security and prosperity in the Asia-Pacific region, ensuring sustainable development and inclusive growth, deepening regional economic integration, supporting the multilateral trading system, micro, small, medium enterprises (MSMEs) and women empowerment.

Source: vov.vn