Vietnam, WTO agree to promote multilateral trading

Vietnamese Minister of Industry and Trade Nguyen Hong Dien (R) and Director-General of the World Trade Organisation (WTO) Ngozi Okonjo-Iweal. (Photo: VNA)

Vietnamese Minister of Industry and Trade Nguyen Hong Dien and Director-General of the World Trade Organisation (WTO) Ngozi Okonjo-Iweal agreed to promote the multilateral trading system and other agendas being launched by the organisation, during their working session in Hanoi on May 18.

They also reviewed achievements at the WTO's 12th Ministerial Conference (MC12) which was held in Geneve last June.

Dien spoke highly of the conference’s results, and briefed the WTO Director-General on Vietnam’s implementation of some major contents reached at the event.

Host and guest also exchanged views on some topics of concern of Vietnam and other WTO member countries, including initiatives on WTO reform, and the Action on Climate and Trade (ACT).

The Vietnamese minister suggested the WTO soon reform itself strongly and practically, given the increasing trend of joining free trade agreements or regional trade agreements, thus maintaining its role as the foundation of a transparent, fair, rules-based multilateral trading system that ensures tangible benefits for countries.

Vietnam always values regulations of the multilateral trading system and considers them the foundation for the establishment of FTA provisions, he said, noting that Vietnam hopes that certain suitable provisions in FTAs will be multilateralised, making the WTO stronger and capable of addressing emerging challenges in global trade.

For her part, Okonjo-Iweala lauded Vietnam's impressive economic and trade growth, and called the country a "shining example" of economic growth based on international economic integration achievements, thereby promoting trade and investment, and successfully participating in the globalisation process, and reshaping regional and international supply chains.

The working session took place as part of her official visit to Vietnam from May 17-19, during which she paid a courtesy visit to Prime Minister Pham Minh Chinh and had meetings with representatives from the ministries of foreign affairs, finance, and agriculture and rural development./.