Vietnamese State President Luong Cuong put forth three principles and four solutions for inter-regional economic cooperation and connectivity while speaking at the Asia-Pacific Economic Cooperation (APEC) Leaders’ Informal Dialogue with Guests in Lima, Peru on Friday.

Held as part of the APEC Leaders’ Week, this dialogue gathered leaders and heads of delegations from 21 APEC member economies, along with representatives from three guest partners, namely the United Arab Emirates (UAE), the United Nations Food and Agriculture Organization (FAO), and the Development Bank of Latin American and the Caribbean.

In his speech, Cuong affirmed his strong support for efforts to boost inter-regional cooperation and connectivity, which he considers an essential requirement for common development.

As a world-leading region in economic scale and growth, as well as in international economic integration, the Asia-Pacific is confidently entering a new era for peace, stability, prosperity, sustainability, and inclusivity.

However, in the face of a volatile and challenging world, the region cannot ‘move forward alone’ but must ‘advance together’ with others, Cuong stated, affirming that inter-regional cooperation and connectivity will help sharing knowledge, combining strategies, coordinating policies and resources to create new development spaces.

In order to promote the economic connectivity, the Vietnamese leader brought forward three key principles that need to be followed, including strengthening dialogue, fostering consensus, and maintaining a peaceful environment for development; respecting international law and promoting multilateralism; and ensuring balanced, inclusive, and equitable benefits, with focus put on people and businesses.

U.S. President Joe Biden (L) shakes hands with Vietnamese State President Luong Cuong at the APEC Leaders' Informal Dialogue with Guests in Lima, Peru on November 15, 2024. Photo: Vietnam News Agency

Based on these principles, Cuong proposed four implementation solutions, including optimizing regional advantages and complementarities; improving institutional frameworks and enhancing the efficiency of existing cooperation mechanisms; tapping resources and leveraging  effectiveness of North-South, South-South, and public-private partnerships; creating inter-regional and inter-community bridges in the fields of digital transformation, green transition, trade and investment, finance and banking, infrastructure, culture and people-to-people exchanges.

Cuong pledged that Vietnam is ready to cooperate with economies within and outside APEC to effectively promote inter-regional connectivity for the benefit of all stakeholders.

With an advantageous geographical location in Southeast Asia and a modern logistics network, Vietnam is well capable to act as a bridge for expanding inter-regional trade and connection, the Vietnamese leader stated.

As a party to many major free trade agreements such as the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) and the Regional Comprehensive Economic Partnership (RCEP), Vietnam has become a significant link in global value and supply chains. 

The country will work with other ASEAN members to enhance cooperation between the ASEAN Economic Community and the dynamic, creative Latin American region in the coming time, Cuong pledged.

Highly appreciating State President Cuong's practical opinions and proposals, APEC leaders and guests recognized and emphasized the important role of inter-regional economic integration and connectivity in bolstering economic development and tackling global challenges.

They also required measures to strengthen mutual understanding among people in the regions.

Given the strong developments in the current world situation, the dialogue agreed that APEC will promote cooperation with ASEAN, African, European and Middle Eastern countries in digital transformation, green transition, inclusive growth, creative innovation, and building sustainable supply chains.

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