Openness and cooperative spirit-key factors for Asia’s growth

Permanent Deputy PM Truong Hoa Binh addresses the 24th Conference on the Future of Asia in Tokyo, Japan, June 11, 2018. Photo: VGP

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Asia accounts for 45% of the world’s GDP and the figure is expected to reach 50% by 2025. Countries across the continent play an increasingly important role in the global trade and investment flows.

The above achievements came as result of the introduction of policies of opening door, accelerating trade liberation, enhancing regional connectivity, stabilizing macroeconomy, and building favorable and fair business environment, according to the Deputy PM.

Binh expressed his belief that openness and cooperative spirit are the key factors that that have led to economic recovery and created new impetus for growth across Asia in general and in each country in particular.

He, however, said Asia needs to be fully aware of potential risks in order to have appropriate responses.

The risks include the rise of populism and the return of protectionism. Competition and geopolitical conflicts will affect trust of businesses and people, creating bottlenecks in trade and investment flows in the whole continent.

Meanwhile, non-traditional security issues like natural disasters, food security, energy, epidemics, maritime security, climate change, rich-and –poor gap among others are the critical challenges.

Binh called for concerted efforts at both regional and international levels to address the above matters while Asia should consistently pursue open development policies, deepen understanding and overcome differences to foster policy coordination.

He also called for strict observation of international law and the regulations of the World Trade Organization. Serious implementation of the agreements and dispute settlement mechanisms that have been reached remains the responsibility of all member countries, regardless of big or small.

Asia needs to have a stronger common voice in supporting a free, open and rule-based trading system, said Binh, adding that Viet Nam expects new-generation free trade agreements like CPTPP and RCEP would not only help boost the regional economic integration in a more comprehensive and robust manner but also become a model for high-quality economic integration initiatives./.

By Quang Minh