Economic ministers and deputy ministers from the Association of Southeast Asian Nations (ASEAN) mulled several important matters during the 48 th ASEAN Economic Ministers’ Meeting.
ASEAN economic ministers and deputy ministers at the 48th ASEAN Economic Ministers’ Meeting in Laos (Source: VNA)
Vientiane (VNA) – Economic ministers and deputy ministers from the Association of Southeast Asian Nations (ASEAN) mulled several important matters during the 48th ASEAN Economic Ministers’ Meeting that began in Vienဣtiane, Laos on August 3.
They discussed recent global developments and their impacts on economic activities and integration in the region.
The ten-member group has gained significant achievements while realising regional integration goals, they said.
Highlighting the significance of 2016 – the first year since the birth of the ASEAN Economic Community (AEC), delegates underscored the need to intensify the bloc’s commitments to deeper integration in accordance with the AEC Blueprint 2015.
They also expressed their concern over the gloomy global economic outlook which has created challenges for the region.
Noting with pleasure the group’s total trade turnover at 2.28 trillion USD in 2015, the participants said foreign direct investment (FDI) poured into the region hit 120 billion USD while intra-ASEAN FDI remained stable at 22.1 billion USD.
The figures show the positive impact of regional economic integration, they said.
However, the ministers and deputy ministers pointed to challenges facing the regional economy such as China’s economic slowdown and uncertainties following Brexit.
Against this background, they affirmed ASEAN’s commitment to continued integration and building of regional strength, geared towards a dynamic and sustainable economic community.
Mentioning the AEC Blueprint 2025, the delegates reiterated their commitment to materialising the roadmap and hoped that it will speed up regional integration.
They congratulated Laos as rotating Chair of ASEAN in 2016 on its successful leadership and introduction of priorities for the bloc, saying such priorities will help accelerate the group’s economic integration.
The meeting passed a handful of frameworks covering trade facilitation, food safety management and institutions concerning financial access of small- and medium-sized enterprises, and a programme on startups in ASEAN.
The ministers also hailed the ASEAN tourism ministers’ ratification of the Pakse Declaration on the Roadmap for Strategic Development of Ecotourism Clusters and Tourism Corridors.
The delegates affirmed their commitment to narrowing development gaps through plans of action adopted at meetings with senior economic officials from Cambodia, Laos, Myanmar and Vietnam and the Initiative for ASEAN Integration.
At the meeting, the ministers also looked into free trade agreements between ASEAN and its dialogue partners and Regional Comprehensive Economic Partnership negotiations.
There will be consultations between ASEAN economic ministers and representatives from ASEAN’s partner countries on August 4.-VNA
The 22nd ASEAN Economic Ministers’ (AEM) Retreat wrapped up in Thailand’s Chiang Mai province on late March 3, agreeing on ways to boost the regional and inter-regional economic connectivity.
The 48th ASEAN Economic Ministers’ Meeting (AEM 48) and related meetings will run from August 1-6 in Vientiane, Laos, according to Director-General of Foreign Trade Policy Department Laohoua Cheuing.
The ASEAN Senior Economic Officials Meeting began in Vientiane, Laos on August 1 to gear up for the 48th ASEAN Economic Ministers’ Meeting (AEM 48) and related meetings.
The 48th ASEAN Economic Ministers’ Meeting kicked off in Vientiane, Laos on August 3, focusing on economic cooperation among the 10 member countries as well as between the group and its partners.
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Univers said in a statement that the new centre will serve as a hub for innovation, bringing together digital intelligence and climate ambition to accelerate Sarawak's transition toward a low-carbon, tech-enabled economy.
The target is to be completely free from plastic waste within two years. This can only be achieved if all parties implement the initiative with strong discipline.
Indonesia is taking new steps to improve protections for fishery workers, amid concerns over low wages, harsh working conditions, and limited access to social welfare.
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The desk will serve as a service centre providing market intelligence, business licensing guidance, facilitating business cooperation, identifying potential investment projects, and harmonising regulatory policies between the two parties.
Malaysian Prime Minister Anwar Ibrahim noted that the Asia-Pacific region accounted for half of global energy consumption and 60% of greenhouse gas emissions in 2024. Despite this, regional countries, including eight of ten ASEAN member states, remain committed to climate goals, including net-zero emissions and tripling global renewable capacity by 2030.
The new halal cooperation arrangement will streamline halal certification and product assurance processes, making it easier for New Zealand exporters to access the Indonesian market.
ASEAN economic ministers and deputy ministers at the 48th ASEAN Economic Ministers’ Meeting in Laos (Source: VNA)
