Asia Pacific Can Revitalize Multilateral Trading System

The Asia Pacific region holds significant potential to revitalize the multilateral trading system, which has been facing challenges. This region is home to countries experiencing rapid economic growth and serves as a crucial hub for global supply chains. Vietnam, in particular, has pursued economic reforms (since the Doi Moi policy) under its one-party system, actively attracting foreign investment. This has led to export-driven economic growth, increasing its influence in the regional economy. Vietnam's geographical advantage positions it as a hub connecting China and ASEAN nations, making it an indispensable element for promoting multilateral trade. The existing multilateral trading system, centered around the World Trade Organization (WTO), has been criticized for its dysfunction due to rising protectionism and geopolitical tensions in recent years. In this context, new trade agreements and frameworks led by the Asia Pacific region could contribute to stabilizing global trade. Vietnam is a participant in several Free Trade Agreements (FTAs), including the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) and the Regional Comprehensive Economic Partnership (RCEP), demonstrating its commitment to multilateral trade. Through these agreements, Vietnam aims to expand intra-regional trade while also seeking to influence the formation of international trade rules. However, the Vietnamese economy remains vulnerable to external changes, particularly the trends in China's economy, its major trading partner, and the prolonged US-China conflict, which could impact Vietnam's exports and supply chains. Domestically, challenges such as infrastructure development delays and human resource training needs are also noted. Addressing these issues will be essential for Vietnam to maximize its contribution to the revitalization of the multilateral trading system. For the Asia Pacific region to lead the revitalization of the multilateral trading system, enhanced regional cooperation and coordination with the international community are required. Vietnam, leveraging its economic potential and strategic location, can be one of the key countries to fulfill this crucial role.