MoIT leader reaffirms Vietnam’s commitment to the multilateral trade system

18:12 | 15/05/2025

Within the framework of the 2025 APEC Trade Ministers’ Meeting (MRT), the second discussion session titled “Connecting through the Multilateral Trade System” recently took place, featuring numerous opinions and exchanges from APEC members on ways to reform the WTO and the role of APEC in restoring the multilateral trade system.

As the first speaker in the second session, Minister of Industry and Trade (MoIT) Nguyen Hong Dien, Head of the Vietnamese Delegation, shared Vietnam’s views on the current multilateral trade system.

The Minister stated that amid a global economy facing difficulties and challenges due to geopolitical tensions and military conflicts disrupting supply chains, as well as climate change-related challenges, the multilateral trade system, with the World Trade Organization (WTO) at its core, plays a more important role than ever before.

Minister Nguyen Hong Dien emphasized that in the context of global economic challenges, APEC must continue to be a leading flagbearer of cooperation, openness, and reform.

Over past decades, the multilateral trade system has served as the foundation for global economic growth, enabling economies of all sizes to benefit from predictable rules, reduced barriers, and effective dispute resolution mechanisms.

“For developing economies, the multilateral trade system also plays a crucial role in promoting structural reforms, attracting investment, and reducing poverty,” Minister Nguyen Hong Dien emphasized.

Nonetheless, the multilateral trade system currently faces significant pressures. In this context, APEC must continue to be a pioneering flagbearer for cooperation, openness, and reform. “We must work together to strengthen and modernize the WTO, including restoring and upgrading the dispute settlement system and advancing critical negotiations such as e-commerce and fisheries subsidies,” the Minister stressed.

Furthermore, Minister Nguyen Hong Dien noted that Vietnam supports comprehensive WTO reforms aimed at enhancing the organization’s coherence, inclusiveness, and effectiveness in meeting members’ expectations. Accordingly, Vietnam is actively completing domestic procedures to officially notify its participation in several WTO agreements and initiatives, including the Information Technology Agreement Phase II, the Joint Initiative on E-commerce, and the Multilateral Temporary Suspension of the Appellate Body Arbitration Mechanism.

“I reaffirm Vietnam’s steadfast commitment to the multilateral trade system. We stand ready to cooperate with all APEC economies to ensure that trade remains a powerful driver of peace, prosperity, and shared development in the region and globally,” Minister Nguyen Hong Dien concluded his remarks.

Earlier, during the first session of the 2025 APEC Trade Ministers’ Meeting on the theme “Artificial Intelligence for Trade,” Minister Nguyen Hong Dien also delivered a speech sharing Vietnam’s stance on AI and trade. The Minister welcomed the host Korea’s initiative and supported initiating discussions on establishing an AI Standards Forum within APEC, contributing to building a unified global AI governance framework.

On the sidelines of the conference, Minister Nguyen Hong Dien engaged in a series of bilateral and multilateral meetings.

On the morning of May 15, the Minister held a working session with the Alliance of US Business Associations – APEC to discuss opportunities for promoting trade between Vietnam and the United States, following proposals from the alliance.

Shortly thereafter, at the WTO’s suggestion, Minister Nguyen Hong Dien also met with Ms. Ngozi Iweala, Director-General of the WTO.

On the same day, Minister Nguyen Hong Dien conducted bilateral talks with South Korean Minister of Trade Cheong In-kyo; met with Japanese Deputy Minister of Foreign Affairs Miyaji Takuma; and participated in the ASEAN Economic Ministers’ Meeting of APEC member states (ASEAN Caucus).

In the afternoon of May 15, Minister Nguyen Hong Dien and the Ministry of Industry and Trade delegation attended the discussion sessions of the APEC Trade Ministers’ Meeting and held a bilateral meeting with Chilean Deputy Minister of Trade.

According to the schedule, on May 16, Minister Nguyen Hong Dien and the Ministry’s delegation will participate in the third discussion session of the APEC Trade Ministers’ Meeting (MRT) themed “Supply Chains, through the MRT Declaration and Closing Ceremony.”

In addition, Minister Nguyen Hong Dien will hold working sessions with the CPTPP Minister; and engage in bilateral meetings with leaders from several countries.

Nguyen Minh - Le An

Article URL: https://ven.congthuong.vn/moit-leader-reaffirms-vietnams-commitment-to-the-multilateral-trade-system-57402.html

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