Asian and European leaders agree to promote economic integration between the two continents.

On the morning of October 16th (local time), a dialogue took place at the Milan Convention Center in Italy between delegates attending the 14th Asia-Europe Business Forum (AEBF) and leaders attending the 10th Asia-Europe Summit (ASEM 10). Prime Minister Nguyen Tan Dung attended and delivered a speech at the conference.

Prime Minister Nguyen Tan Dung, along with the President of the European Council, the Prime Minister of host country Italy, the President of the European Commission, and the Prime Ministers of Japan and Malaysia, attended on behalf of ASEM members.

Prime Minister Nguyen Tan Dung attended the 10th Asia-Europe Summit (ASEM 10). Photo: VGP

With the theme "Strengthening business relations to promote Asia-Europe economic integration," the Forum was attended by approximately 800 representatives from leading corporations in both continents.

In his welcoming remarks to the Leaders, the President of the Italian Federation of Industry, Giorgio Squinzi, appreciated the interest of ASEM member leaders in creating a favorable business environment for Asian and European enterprises to promote trade and investment activities. The President of the European Business Association, Emma Marcegaglia, presented the Forum's Declaration to the President of the European Council, Rompuy, who is also the Chair of the 10th ASEM Summit, outlining numerous proposals to strengthen economic ties between the two continents and contribute to economic recovery and the transformation of the growth model.

ASEM leaders emphasized the need for increased roles and contributions from businesses in connecting the two continents amidst the challenging and risky global economic recovery. The leaders urged businesses to work alongside governments to strengthen trade and investment flows, ensure food and water security, energy security, develop green technologies, and sustainably manage resources. The leaders particularly called for businesses to participate more actively in enhancing infrastructure connectivity between the two continents.

In his speech at the Forum, Prime Minister Nguyen Tan Dung highly appreciated the practical proposals of the businesses. The Prime Minister requested that businesses continue to strongly implement ASEM action programs to facilitate trade and investment, support developing members in responding to non-traditional security challenges, through public-private partnership programs to contribute to innovation and technology transfer, the application of green and clean technologies, and the development of environmentally friendly consumption habits and production methods.

Prime Minister Nguyen Tan Dung speaks at the 10th Asia-Europe Summit (ASEM 10). Photo: VGP

The Prime Minister emphasized that the prospect of forming new levels of economic integration in Asia, along with the formation of the ASEAN Community in 2015, is opening up a completely new and dynamic period of development, with a common market and a unified economic space for Southeast Asia. By 2020, ASEAN will become a focal point in the economic and trade network and integration in the Asia-Pacific, with the completion of commitments under ASEAN's free trade agreements with partners, the prospect of forming the Regional Comprehensive Economic Partnership (RCEP) framework, the Trans-Pacific Partnership (TPP), and negotiations on the ASEAN-EU Free Trade Agreement expected to restart after 2015... The Prime Minister suggested that Asian and European businesses should seize new opportunities to jointly implement connectivity projects in Asia, especially the ASEAN Connectivity Master Plan, and connectivity projects of mainland ASEAN and the Mekong sub-region.

The Prime Minister affirmed that Vietnam is continuing its profound reforms and vigorously implementing economic restructuring associated with the transformation of its growth model. With deep and comprehensive international integration at all levels, Vietnam is not only becoming an active nucleus in Southeast Asia, but also a bridge connecting the mainland ASEAN economies with the island ASEAN economies. Most of Vietnam's strategic and comprehensive partners are ASEM members. With the prospect of implementing and completing 14 free trade agreements by 2020, including the bilateral Vietnam-EU Free Trade Agreement which is in the final stages of completion, Vietnam will become an important link in a vast economic network with 56 partners, including 47 ASEM member countries. These are fundamental foundations for Vietnam to enhance its contribution to Asia-Europe integration and participate more deeply in the global value chain, creating new and significant opportunities for businesses from both continents to invest and operate in Vietnam.

"Vietnam will continue to value and is committed to creating all favorable conditions for businesses and investors to operate successfully in Vietnam," Prime Minister Nguyen Tan Dung stated.

The 14th Asia-Europe Business Forum (AEBF), held on October 15-16, along with the Asia-Europe Parliamentary Forum (October 6-8) and the Asia-Europe People's Forum (October 10-12), are activities leading up to the 10th ASEM Cooperation Forum Summit, also held in Milan on October 16-17. This year's Business Forum was attended by representatives from many large Vietnamese corporations and businesses, such as Vietnam Airlines, Vietnam National Petroleum Group, and the Vietnam Investment and Development Bank (BIDV).

According to chinhphu.vn