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Vietnam, ASEAN, Australia to boost support for local businesses, startups

Vietnam, ASEAN, Australia to boost support for local businesses, startups

Monday, March 19, 2018, 14:49 GMT+7

The Association of Southeast Asian Nations (ASEAN), including Vietnam, and Australia have agreed to provide more favorable conditions for small and startup businesses in a bid to boost local economies.

Vietnamese Prime Minister Nguyen Xuan Phuc attended the ASEAN-Australia Special Summit in Sydney on Sunday, within the framework of his official visit to Australia from March 14 to 18.

PM Phuc was one of the four ASEAN leaders invited to deliver a keynote speech at the retreat. 

ASEAN is a social, economic and political organization whose members include Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand, and Vietnam.

Speaking at the event, the Vietnamese premier urged ASEAN and Australia to make efforts to build open, transparent, inclusive order in the region, and ensure that regional countries observe international law and respect each other’s interests. 

Focus should be directed on innovation, connectivity promotion, support for businesses and improvement of economies among ASEAN member nations and Australia, he said.

Delegates reached consensus on strengthening trade and investment ties, boosting multilateral trade systems on the basis of law, and deepening economic links between ASEAN and Australia. 

They pledged to create favorable conditions for businesses, especially small and medium-sized enterprises (SMEs), support startups and promote the digital economy. 

Efforts will be exerted to improve the business and investment environment, allowing enterprises in ASEAN and Australia to cooperate and expand their operations.

During the gathering, delegates also discussed initiatives for peace and connectivity between the Indian Ocean and the Pacific in line with international law, as well as strategic regional and international matters including issues in the Korean Peninsula and East Vietnam Sea.

PM Phuc stressed the importance to abide by international law, especially the 1982 United Nations Convention on the Law of the Sea (UNCLOS), saying that respect for the law must be a foundation to build trust and maintain stability in the region. 

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Duy Khang / Tuoi Tre News

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