PM suggests intensifying global policy coordination in COVID-19 combat

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Prime Minister Nguyen Xuan Phuc attends the first session of the virtual G20 Summit. Photo: VNA

Prime Minister Nguyen Xuan Phuc stressed the need to intensify the coordination of global polices, act in unity and promote multilateral cooperation in order to drive back COVID-19, while addressing the first session of the virtual G20 Summit on November 21.

He commended major achievements the G20 countries have recorded in COVID-19 prevention and control, especially their efforts in coordinating macro policies in economic recovery.

As ASEAN Chair 2020, Vietnam has joined hands with other ASEAN member countries and partners to promote the spirit of “cohesiveness and responsiveness,” take strong actions to cope with the pandemic, restore the economy, and maintain the momentum of cooperation in building the ASEAN Community 2025, the PM said.

To overcome the pandemic and ensure sustainable recovery, he called for countries to adapt to the “new normal” period, and adopt concerted and harmonious measures to recover the economy in tandem with pandemic prevention and control.

Prime Minister Nguyen Xuan Phuc attends the first session of the virtual G20 Summit. Photo: VNA

He said it is necessary to take a fair approach to COVID-19 vaccine and drugs 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.

In the economic sphere, he stressed the significance of facilitating cross-border trade and investment and maintaining supply chains, particularly essential goods, food and medical supplies.

PM Phuc expressed support for integration and rules-based multilateral trade participation in a free, open, fair, transparent and inclusive manner with the World Trade Organisation (WTO) as the centre, and urged the G20 to carry forward its pioneer role in forming global frameworks, agreements and rules in digital economic governance.

During the first session, themed “Overcoming the pandemic and restoring growth and jobs,” the participating leaders reach consensus on the equal access to COVID-19 vaccines and drugs, with affordable prices. Photo: VNA

During the first session, themed “Overcoming the pandemic and restoring growth and jobs,” the participating leaders reiterated their commitments made at the extraordinary G20 summit on COVID-19 on March 26 to employing all necessary measures and resources in order to protect the lives and livelihoods of people, recover economic growth and create jobs.

They also reached consensus on the equal access to COVID-19 vaccines and drugs, with affordable prices.

The leaders applauded multilateral development banks for their enhanced financial support to countries in the pandemic combat, and vowed to further implement the debt service suspension initiative (DSSI) for developing nations in 2021.

They emphasised the role of the multilateral trade system in promoting global trade and economic recovery, and affirmed their political support to push ahead with necessary reforms of the WTO, and strengthen the resilience of regional and global supply chains.

Many touched upon the significant role of the digital economy in fighting COVID-19 and maintaining economic activities./.

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