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Prime Minister addresses virtual G20 Summit

Prime Minister Nguyen Xuan Phuc attended the virtual G20 Summit that is underway from November 21-22.

Attending the first session themed “Overcoming the Pandemic, Restoring Growth and Jobs”, PM Phuc highlighted a need to strengthen global policy coordination, act in unity, and uphold multilateral cooperation to drive back COVID-19 pandemic.

Speaking highly of promoting macro policy coordination in economic recovery, he affirmed that as the ASEAN Chair 2020, Vietnam along with other ASEAN member states and partners upheld the spirit of cohesive and responsive, and took drastic actions to cope with the pandemic and maintain collaboration in building ASEAN Community 2025.

To overcome the pandemic and restore sustainability, he called for countries to actively adapt to the “new normal” period, adopt concerted and harmonious measures to recover the economy in combination with ensuring pandemic prevention and control.

He said it is necessary to take a fair approach to COVID-19 vaccine and medicines at a reasonable cost, suggesting G-20 countries build an agreement to produce vaccines with global partners via technological transfer and intellectual property protection, thereby speeding up vaccine production and distribution on a large scale.

On the economic field, he affirmed the important role of cross-border trade and investment facilitation, and maintaining supply chains, particularly key necessities, food and medical equipment.

The Vietnamese leader expressed support for rules-based multilateral trade participation in a free, open, fair, transparent, and inclusive manner with the World Trade Organisation as a centre.

He proposed that G20 continue upholding its pioneer role in forming global frameworks, agreements and rules in digital economic governance.

Participants pledged to pool necessary resources to protect people’s lives and livelihoods, restore economic growth and create jobs, and ensure fair approach to COVID-19 vaccine at a reasonable cost.

They lauded multilateral development banks for providing financial support for countries in the fight against the pandemic, and vowed to continue with the Debt Service Suspension Initiative (DSSI) for developing nations in 2021.

Leaders highlighted the role of multilateral trade system in stepping up global trade and economic recovery, and affirmed political support to foster the WTO’s necessary reform and strengthen the resilience of regional and global supply chains.

They also affirmed the important role of connectivity and free data flow in combination with ensuring trust in digital economic development./.