CLMV and ACMECS Summits hard at work

The 8th CLMV Summit and 7th ACMECS Summit have been opened this morning, to boost existing cooperation ties and forge new regional economic links.

In his keynote opening speech, Vietnamese Prime Minister Nguyen Xuan Phuc stated that, “The Vietnamese government attaches great importance to its co-operation in the CLMV (Cambodia, Laos, Myanmar, and Vietnam) and ACMECS (Ayeyawady-Chao Phraya-Mekong Economic Cooperation Strategy). Vietnam stands ready to intensify cooperation with the blocs’ members and development partners, for peace, stability, and sustainable development.”

He said that the Mekong nations are witnessing many development opportunities. “We will discuss new solutions to build up a dynamic and competitive economic sub-region centring on sustainable development,” he stressed.

At the ACMECS conference, the leaders issued the Hanoi Declaration, agreeing to deepen cooperation in the high-priority areas with the aim of strengthening regional ties so as to facilitate their economies’ participation in the global value chain and improve their competitiveness. In addition, the declaration pledges supporting ACMECS countries in successfully implementing the 2030 Agenda for Sustainable Development. The participatnts have also agreed to take actions that would strengthen the ACMECS.

To this end, pledges were made to take actions to enhance regional connectivity, focusing on the sectors of transport and tourism, as well as facilitating trade and investment and sustainable development.

For example,  the counties have agreed to further coordinate to increase multimodal transport connectivity and make full use of the existing road transportation networks and economic corridors, particularly the East-West Economic Corridor (EWEC), the North-South Economic Corridor (NSEC), and the Southern Economic Corridor (SEC).

Furthermore, participants have vowed to mobilise resources for the construction of missing links and the improvement of road quality along the economic corridors, to jointly construct highways along the SEC, including the Ho Chi Minh City-Phnom Penh Expressway, and develop air linkages among major cities, cultural and natural heritage sites in ACMECS countries. Also the business sector will be invited to take on a larger role in transport infrastructure development.

Regarding trade and investment facilitation, the leaders have agreed to strengthen cooperation among ACMECS countries to harmonise and simplify cross-border procedures, including those for goods-in- transit and developing industrial zones along the EWEC and SEC.

The countries have also pledged to encourage the harmonisation and simplification of rules and regulations, including the exchange of trade and investment information, with the aim of facilitating border trade and investment activities, as well as regional development.

In addition, the leaders have also agreed to promote cross-border trade through organising trade fairs, exhibitions, and other trade and investment promotion activities.

At the CLMV meeting, Vu Tien Loc, Chairman of the Vietnam Chamber of Commerce and Industry, said that all the governments in the region would need to boost their nations’ administrative reform in favour of trade and investment, in addition to human resources training.

“Multinational groups and development partners should expand their co-operation with the governments, and invest more into programmes that are used for helping small- and medium-sized enterprises improve their capacity and competitiveness, so that these enterprises will not be left behind,” Loc suggested.

By Thanh Tung / vir