East Asia takes a greater role in global governance

”A true opportunity has dawned in East Asia and it must take a greater role in global governance”, said Prime Minister Nguyen Tan Dung at the 19th World Economic Forum (WEF) on East Asia which opened for the first time in HCM City on June 6.

The forum was attended by Prime Ministers from Cambodia, Laos and Myanmar; Vice Chairwoman of the National Committee of the Chinese People’s Political Consultative Conference, Wang Zhizhen; the ASEAN General Secretary, the Director General of the World Trade Organisation (WTO), Ministers of Economics from regional countries, senior officials from regional and international financial and monetary organisations and hundreds of the world’s top business leaders.

Under the theme” Rethinking Asia’s Leadership Agenda”, the 2010 WEF is a golden opportunity for regional and international leaders to exchange strategic orientations to help East Asian economies move forward towards strong and dynamic development and act as an engine to boost the growth of the world economy.

With rapid economic growth, East Asia has a greater impact and many more chances to become involved in international cooperation. With the participation of four members and ASEAN representatives in the Group of Twenty (G20), East Asia can positively influence a more effective and democratic structure for global governance.

In his speech, PM Nguyen Tan Dung pointed out challenges that face East Asian economies such as climate change, exhaustion of natural resources and East Asia’s vulnerability to risks in the global economy. East Asian economies should increase the quality of governance and renew development models to achieve rapid, balanced and sustainable growth. Priority should be given to enhancing international cooperation to cope with global issues. This means that, in the post crisis period, East Asia should perform a greater role in politics and the global economy.

PM Dung said East Asian economics need to review goals and priorities for the upcoming period to continue strong development and take a greater role in global governance. Entering the second decade of the 21st century, East Asia is self-confident enough to shoulder bigger responsibilites in global governance. Each member of the East Asian community needs to increase its role and leadership capacity with a long-term view and clear-headed action at the national and regional levels.

He also emphasised that East Asia had made important advances, but the path ahead is still long and the region faces many challenges. It is necessary to consider fresh approaches with creativity and ideas.

The PM pointed out three issues related to the region’s development:

First, to maintain high, sustainable economic growth at the national level, nations need to control their own strategies within an international context in the post-economic crisis period.

Second, it is necessary to strengthen cooperation at the regional level and define new requests, forms and scope in accordance with the new situation.

Third, the global role and responsibility of East Asia in the current period needs to be researched and assessed. To ensure a greater part in global governance, East Asia should include all levels, from the government and businesses to the general society when carrying out global responsibilities and cooperate with partners in other regions, such as the Asia-Pacific Economic Cooperation (APEC), the Asia-Europe Meeting (ASEM) and other international forums.

Sharing PM Dung’s point of view, orientation and measures to increase the role and position of East Asia in the global economy, Klaus Schwab, Founder and Executive Chairman of the World Economic Forum; Hun Sen, Prime Minister of Cambodia; Bouasone Bouphavanh, Prime Minister of Laos; Thein Sein, Prime Minister of Myanmar; and Wang Zhizhen, Vice-Chairwoman of the National Committee of the Chinese People’s Political Consultative Conference (CPPCC), stressed the necessity to adjust the model of development in the region; consider its role and bring out measures when the global economy is moving from West to East, find ways to deal with climate change; and develop education and training.

Vietnam’s role and position in the region and the world was highly appreciated, especially the country’s efforts to overcome the global economic crisis and achieve an impressive economic growth rate of over 5 percent in 2009. Lecturers also believe that Vietnam will make greater contributions to sustainable development in the region, particularly when it chairs ASEAN in 2010.

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Tags: World Economic Forum on East Asia