Bangkok (VNA) – The ASEAN Trade in Services Agreement (ATISA) and thefourth protocol amending the ASEAN Comprehensive Investment Agreement (ACIA)were inked by ASEAN economic ministers in Thailand on April 23.

The signing was completed as part of the framework of the 25th ASEAN EconomicMinisters (AEM)’s Retreat, which took place in Phuket from April 22-23.

According to Thai Deputy Minister of Commerce Chutima Bunyaprasara, the ATISA isdue to come into force 180 days after it being signed. It is aimed at enhancingstandards and the validity of service regulations in the ASEAN member states,reduce trade barriers, and improve transparency in the services industry.

It will replace the ASEAN Framework Agreement on Services (AFAS) that was introduced in 1995, benefitingservices in healthcare, tourism, accommodation, construction, and conventionand exhibition services. 

Meanwhile, the fourth protocol amending the ACIA is expected to lure moreforeign investments into the bloc, she said.

At the AEM’s Retreat, ASEAN economic leaders discussed, reviewed, and outlinedsolutions to economic cooperation contents within the bloc in 2019, and set orientationsfor the time ahead.

This year, ASEAN will focus on the theme of “Advancing Partnership forSustainability” under the chairmanship of Thailand. There will be 13 economicpriorities built on three major pillars of future orientations, connectivityenhancement, and sustainable development.

The AEM gathering highlighted economic cooperation within the ASEAN bloc anddiscussed measures to bolster collaboration with foreign partners, includingASEAN participation in restructuring the World Trade Organisation and speedingup the conclusions of negotiations for the Regional Comprehensive EconomicPartnership (RCEP) this year.

Once the negotiations are completed, the RCEPwill become the biggest multilateral trade deal involving all 10 ASEANcountries and China, India, Japan, the Republic of Korea, Australia, and NewZealand, making up 28 percent of the global GDP and 30 percent of world tradevalue.

In an interview given to Vietnam News Agencycorrespondents after the conference, Deputy Minister of Industry and Trade TranQuoc Khanh, who led the Vietnamese delegation, said the ministers are concernedover the negotiation progress as talks for several items still fell short ofexpectation.

Khanh said that ASEAN needs to play a central role in negotiations so that theycan be completed by the end of this year.

On the sidelines of the event, the Vietnamese delegation had a bilateralmeeting with Indonesia, discussing solutions to promoting two-way trade. –VNA