There were 129 press releases posted in the last 24 hours and 398,411 in the last 365 days.

Balance is key to WTO's promotion of economy, trade, and sustainable development: Trade minister

VIETNAM, February 28 - ABU DHABI Minister of Industry and Trade Nguyễn Hồng Diên led the Vietnamese delegation at meetings within the framework of the 13th Ministerial Conference (MC13) of the World Trade Organization (WTO) held in Abu Dhabi, United Arab Emirates yesterday.

The minister praised the role of the WTO in leading and promoting the process of trade liberalisation. He proposed that WTO members focus on measures to narrow gaps and move towards consensus among its members, with an emphasis on the crucial role of WTO's dispute resolution mechanism reform.

In addition, the minister emphasised the need to find suitable solutions and address fundamental differences in perspectives on special and differential treatments to ensure a balance of rights and obligations for all members, designed for the development level of each country.

He said Việt Nam has fully implemented the results achieved at MC12 and remained fully committed to supporting efforts and initiatives to reform the WTO.

Speaking on trade and sustainable development, the minister said Việt Nam appreciated the WTO's efforts in initiating discussions on initiatives and effective ways to achieve a balance among promoting the economy, trade, and sustainable development. He emphasised WTO's efforts in ensuring that the policies and regulations of each country are in line with the fundamental principles and current regulations of the organisation, avoiding discrimination and inequality in international trade.

Diên suggested the WTO conduct specific studies and evaluations of the scope and impact of adjustments and changes to industrial support policies on the development needs and goals of both developed and developing countries. He stressed the importance of assessing the compatibility of these policies with WTO's existing principles and regulations to determine regulatory principles and directions.

These policies should contribute to promoting the industry of member countries, especially developing ones, without creating adverse effects and unequal competition in multilateral trade.

In an earlier meeting of the ministers of the Cairns Group, a group of 19 agricultural exporting countries, composed of Argentina, Australia, Brazil, Canada, Chile, Colombia, Costa Rica, Guatemala, Indonesia, Malaysia, New Zealand, Pakistan, Paraguay, Peru, the Philippines, South Africa, Thailand, Ukraine, Uruguay and Việt Nam, he said the Southeast Asian country welcomes new initiatives and efforts to promote agricultural negotiations for mutual benefit. Việt Nam remains committed to working alongside the group's members to achieve results, contributing to agricultural trade liberalisation based on fair, equal, and transparent competition.

During the event, Diên held a meeting with John Neuffer, President of the Semiconductor Industry Association (SIA) a representative body of the US's semiconductor industry, to discuss cooperation in the semiconductor sector. He told Neuffer Việt Nam is interested in the field and willing to enhance collaboration with associations and businesses.

Việt Nam aims to engage in the global semiconductor supply chain, seeking support from SIA to connect markets, technology, and financial resources, and initiate specific cooperation projects with US businesses to promote the development of the semiconductor industry.

"To achieve said objectives, Việt Nam asks for additional support from SIA in connecting markets, technology, financial resources, and collaborative projects with US businesses, which will serve as a foundation in promoting the development of the semiconductor industry," said Diên.

At the MC13, WTO members discussed the implementation of the agreed results at MC12, including continuing negotiations for the second phase of the Fisheries Subsidies Agreement and promoting the approval of the first phase; determining major directions in WTO reform, including the reform of dispute resolution mechanisms; extending the TRIPS Agreement commitments for diagnostic and treatment products for COVID-19; reviewing the extension of customs duty exemption for electronic transmissions in E-commerce; and promoting specific negotiations in the field of agriculture. VNS