Dien made the proposal at the G7 Trade Ministers’ Meeting in Italy’s Reggio Calabria city on July 16, pointing out the fact there is an increasing trend of applying trade protection measures and subsidies or erecting technical barriers by countries to promote domestic production to replace imported goods. 

He called on the stakeholders to work together to build a resilient, flexible and sustainable supply chain, which is considered the lifeblood of every economy that plays an important role in ensuring the smooth flow of trade in goods and services.

To do this, he suggested diversifying supply sources and markets; investing in synchronous transport infrastructure, adapting to climate change and developing logistics services; renovating technology and promoting digital transformation in supply chain management.

The Vietnamese minister stressed the need to promote more substantive and effective global partnerships, by persevering in multilateral cooperation, considering it the key to solving all complex challenges that arise.

Vietnam highly appreciates the Joint Communique of the G7 Trade Ministers Conference in February this year on strengthening a rules-based, inclusive, free and fair multilateral trading system, with the World Trade organization (WTO) at its core, said Dien.

He voiced Vietnam’s support for the WTO to step up discussions on key areas such as fisheries and agricultural subsidies. Together with the G7, he reaffirmed the country’s commitment to supporting all WTO reform initiatives, and hoped that G7 countries would contribute more actively and effectively to resolving the deadlock of the Appellate Body (AB), a standing body of the WTO that hears appeals from reports by panels in disputes brought on by WTO members.

According to the minister, Vietnam wishes to cooperate with G7 countries in diversifying supply chains, investing in infrastructure, and renovating technology with regard to digital transformation in supply chains.  

He praised the G7 for implementing initiatives, including the G7 Sustainable Supply Chain Initiative, the Resilient and Inclusive Supply-Chain Enhancement Scheme, and the establishment of the G7 Working Group on Transportation Supply Chains.

Vietnam has signed and implemented 16 Free Trade Agreements (FTAs), and is about to conclude negotiations on an additional three FTAs ​​with important partners in Europe, America and the Middle East to establish open, stable and long-term supply chains.

In his view, developing transport infrastructure requires large recourses, while developing countries lack capital, technology and management experience. He welcomed the G7 Partnership for Global Infrastructure and Investment (PGII) Initiative, and requested that the G7 continue to support developing countries by providing green finance and cooperating in developing strategic infrastructure, especially transportation and technology infrastructure.

He called on the G7 and its partners to further strengthen connectivity, technical support and practical capacity building for training, scientific research and technology transfer to help developing countries improve resilience, adapt and engage more deeply in the global production and supply chains.

Vietnam is committed to creating the most favourable conditions for G7 companies to invest and do long-term, stable and effective business in the country, Dien affirmed at the meeting.

Source: VOV