Vietnamese Deputy Prime Minister Tran Luu Quang has put forward three initiatives to promote economic links between countries in the Eurasian region at the 27th St. Petersburg International Economic Forum (SPIEF 2024) in Russia.

The four-day annual forum opened in St. Petersburg on Wednesday morning, with the theme of ‘The Foundations of a Multipolar World - The Formation of New Areas of Growth,’ attracting more than 17,100 participants and 3,400 media representatives from 136 countries, according to the SPIEF Organizing Committee.

At the event’s opening ceremony, Deputy PM Quang underscored the need for solidarity, cooperation and responsible actions of all countries to overcome common challenges.

Affirming Vietnam’s consistent foreign policy, he said the country welcomes and actively participates in international economic cooperation frameworks and initiatives for peace, collaboration and development in the region as well as worldwide.

The deputy PM emphasized the importance of cooperation based on the principles of equality, mutual benefit, mutual respect, and compliance with the United Nations Charter and international law.

The cooperation needs to be supported by an open, inclusive mechanism that encourages the participation of countries on the basis of considering the level of development and characteristics of each country and ensuring environmental sustainability, social harmony, and economic efficiency, he recommended.

Deputy PM Quang also highly appreciated Russian President Putin’s ‘Greater Eurasian Partnership’ initiative on connecting regional economic integration processes, including the Eurasian Economic Union (EAEU) and the Association of Southeast Asian Nations (ASEAN) for the benefits of all parties involved.

In order to enhance the economic connectivity between countries in the Eurasian region, the Vietnamese official brought forward three proposals, with the first being the development of transnational transport corridors from east to west and from north to south to connect economic centers across the region.

The opening ceremony of the 27th St. Petersburg International Economic Forum (SPIEF 2024) in St. Petersburg, Russia on June 6, 2024. Photo: Reuters

Secondly, it is needed to strengthen trade and investment cooperation by opening markets, expanding investments, removing barriers, and facilitating trade and travel for people and businesses.

Vietnam is ready to serve as a bridge for cooperation between the EAEU and ASEAN, hoping the two sides will soon consider the possibility of setting up a free trade agreement.

Lastly, cooperation in green transition and digital transformation should be beefed up, in which countries leading in these fields share experiences and give support to developing nations, including Vietnam.

Deputy PM Quang encouraged business communities of Vietnam and Russia to further cooperate in priority areas such as trade, high-tech, scientific research, renewable energy, digital transformation, green transition and education.

He affirmed that the Vietnamese government always accompanies business communities and facilitates their operations in the Southeast Asian country.

SPIEF has been held annually since 1997, and since 2006, it has been organized under the auspices of the President of the Russian Federation.

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