VGP – Việt Nam 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
Nguyễn Tấn Dũng.
PM Nguyễn Tấn Dũng (3rd from L) attends the final plenary session of the fourth Summit of the Group of 20 (G20), Canada, July 27, 2010 – Photo: VGP/Việt Đông
PM Nguyễn Tấn Dũng made the remark on June 27 (local time) while attending the final plenary session of the G20 summit in Toronto, Canada.
Both Việt Nam and ASEAN, said PM Nguyễn Tấn Dũng, 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 Dũng 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 Nguyễn Tấn Dũng 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 Dũng, Việt Nam, as one of the countries suffering from protectionism, calls upon the G20 to adopt specific measures to remove trade barriers against trade and FDI.
Việt Nam 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 Dũng.
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./.
(Source: VGP)
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