Economic integration advances to new stage, says PM

November 18, 2018 | 19:23

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The ratification of the Comprehensive and Progressive Trans-Pacific Partnership (CPTPP) shows Viet Nam is determined to pursue comprehensive reform and support free, open and rule-based trade and investment.

economic integration advances to new stage says pm

First row, from left to right: Vietnamese PM Nguyen Xuan Phuc, Indonesian President Joko Widodo, and Australian PM Scott Morrison at the APEC Leaders' dialogue with ABAC in Papua New Guinea, November 17, 2018. Photo: VGP

PM Nguyen Xuan Phuc made the above remarks while addressing the annual dialogue between APEC leaders and APEC Business Advisory Council (ABAC), which was established in 1995. A part from huge economic benefits, the trade deal is expected to give a strong boost for Viet Nam to accelerate institutional reform, economic restructuring, and expansion of economic connectivity space, according to PM Phuc.

In addition, the Viet Nam-EU free trade agreement is expected to be signed soon after the European Commission adopted the deal last month.

With the two aforesaid deals, Viet Nam will participate in a network of 16 free trade agreements involving nearly 60 partners accounting for 61pc of global GDP and 68pc of global trade volume.

PM Phuc emphasized that Viet Nam’s economic linkages have advanced to a new stage, bringing huge opportunities and benefits to the regional business community.

In response to ABAC member enterprises’ questions on digital economy development, PM Phuc said the Government is actively building digital economy infrastructure and has adopted a number of policies to create a favorable environment for the development of digital economy.

He called on regional businesses to actively engage in policy-making process and share their experience with Vietnam to develop a digital economy.

VGP

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