Vietnam affirms commitment to multilateral trading system

Trade Minister Vu Huy Hoang has affirmed Vietnam’s determination and commitment to the multilateral trading system which is one of the focal points in the country’s policy for international economic integration.

This is the second time Vietnam has attended the World Trade Organizationi (WTO) Ministerial Conference as a full WTO member.

In his speech at the plenary session of the 8th WTO Ministerial Conference in Geneva on December 17, Minister Hoang said, as a developing country that joined the WTO when the global economy is facing difficulties, Vietnam has made every effort to implement its WTO commitments.

It is imperative to place trust in the multilateral trading system with strict and transparent rules and regulations that serves as the most effective mechanism against protectionism and for dealing with global trade issues.

Mr Hoang praised the WTO Committee report and its efforts to fulfill all tasks of the multilateral trading system. He also congratulated Russia, Samoa, Montenegro and Vanuatu on having finalized negotiations for their admission to the WTO.

In the face of the deadlocked Doha Round of trade negotiations, it is important to expand current WTO regulations for member economies. Vietnam believes that after completing WTO entry procedures, new members will significantly contribute to further developing the multilateral trading system.  The country also hopes that WTO members will continue promoting negotiations with other countries, especially under developed nations such as Laos, Minister Hoang said.

During the conference, the Vietnamese delegation met with Swiss State Secretary for Economy, Marie-Gabrielle Ineichen-Fleisch, as well as Head of the Ukrainian government delegation Valeryi Pyatnytskiy and Canadian International Trade Minister Ed Fast, and also worked with representatives from ASEAN nations. – VOV

Tags: Vietnam economic, Vietnam economic growth, Vietnam economy, Vietnam economy 2011

Posted by VBN on Dec 19 2011. Filed under Economy News. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry