VietNam and ASEAN appreciate the initiatives in reforming international financial institutions towards better transparency and effectiveness and upholding the status of developing and emerging economies, said PM Nguyen Tan Dung.
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PM Nguyen Tan Dung (3rd from L) attends the final plenary session of the fourth Summit of the Group of 20 (G20), Canada, July 27, 2010
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PM Nguyen Tan Dung made the remark on June 27 (local time) while attending the final plenary session of the G20 summit in Toronto, Canada.
Both VietNam and ASEAN, said PM Nguyen Tan Dung, stand for the enhancement of financial sources for regional development banks in order to assist developing countries in terms of capital, experience and technique in dealing with macro-economic instability.
Three proposals for better performance of financial institutions
The Vietnamese Government chief took the occasion to speak out three suggestions for financial institutions to play greater roles in the global economy.
First, the IMF, the WB and other regional financial institutions should intensify their assistance for developing countries to fulfill Millennium Development Goals (MDGs).
Second, PM Dung recommended international financial institutions, especially the WB, prioritize climate change initiatives and strengthen the management over financial sources. Meanwhile, the IMF was proposed to perfect lending tools which are appropriate with circumstances and conditions of each developing country in response to the impacts of global climate change.
Third, the international financial institutions were suggested to beef up multilateral cooperation and policy consultation activities with regional organizations so as to ensure self-control of economic management in each country.
Combating trade protectionism
Chairman of ASEAN Nguyen Tan Dung also lauded the G20 for rejecting all types of trade and investment protectionism and the bloc’s agreement for not imposing new barriers on investment, trade and services in other three years.
According to PM Dung, VietNam, as one of the countries suffering from protectionism, calls upon the G20 to adopt specific measures to remove trade barriers against trade and FDI.
VietNam agrees with the G20’s agenda on trade facilitation which stands for closer linkages between public and private sectors, cuts transaction costs and enhances competitiveness for developing countries, said PM Dung.
The Vietnamese Government chief also suggested ASEAN, other regional organizations, international free trade organizations like the EU, NAFTA, AU, and the G20 compose a Declaration on concluding the Doha Round of talks in the next 12 months./.