Prime Minister Nguyen Tan Dung is to lead a delegation to attend the fourth G20 summit in Toronto, Canada, on June 25-28. The delegation will include the Secretary General of the Association of Southeast Asian Nations (ASEAN) as Vietnam this year holds the group’s presidency.
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The 3rd G20 Summit in Pittsburgh, the United States
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This is the first time Vietnam will take part in an international forum with the participation of the world’s leading economies to discuss global economic issues.
Vietnam will represent ASEAN members to contribute to solving global economic and development problems.
The delegation will also contribute to building the G20 institution and a global governance mechanism that should meet interests of emerging and developing economies.
Vietnam’s attendance at G20 summit is expected to uphold the role of ASEAN in general and of Vietnam in particular in the international community and boost relations between Vietnam and G20 members, especially its priority partners.
Prime Minister Dung is to attend all summit sessions between G20 members and guests, of which Vietnam is one.
He is also scheduled to have bilateral meetings with leaders of several other countries on the sidelines of the event.
This year’s G20 summit takes place in the context of global economy rebounding in a faster-than-expected tempo. The recovery however largely differs between economies and regions with economic powers such as the US, Europe and Japan slowly rallying. Meanwhile developing and emerging economies, especially those in Asia such as China, India and Vietnam, enjoyed high growth rates, making it the key momentum for global economic rally.
The global GDP is expected to grow 4.2 percent this year and 4.3 percent for 2011.
The Group of Twenty (G-20) Finance Ministers and Central Bank Governors was established in 1999 to bring together systematically important industrialised and developing economies to discuss key issues in the global economy after the Asian financial crisis in 1997-98.
The G-20 groups the G-7 nations of the USA, UK, Germany, France, Japan, Canada and Italy, BRIC members (Brazil, Russia, India and China), large-scaled emerging economies (Australia, Argentine, Mexico, the Republic of Korea, Indonesia, South Africa, Saudi Arabia and Turkey), and the European Union.
The G-20 makes up two-thirds of the world population, 90 percent of the global GDP and 80 percent of the global trade revenues.
The first summit was held in Washington, the US, the second in London, the UK, and the third in Pittsburgh, the US which reached a consensus to make G20 the key mechanism to solve global economic issues.
The fourth G-20 summit in Toronto, Canada is to focus on the prospect of the world economy rebound, challenges such as budget deficits, public debts and appropriate time to stop economic stimulus packages.
Also high on the event agenda are measures to deploy the Framework for Strong, Sustainable and Balanced Growth approved at the Pittsburgh summit, budget strengthening, and reforms in international financial institutions and regulations.
Other major topics include measures to boost trade and investment liberalisation, prevent protectionism, speed up Doha negotiations, encourage green growth and stop energy subsidies.
Guests to the Toronto summit include Malawi, Ethiopia, Spain and Holland, plus Vietnam which is also ASEAN President.
Representatives from the UN, the International Monetary Fund, the World Bank, the International Labour Organisation, the World Trade Organisation and other international organisations will also engage in the summit./.