ASEAN members agree to measures to maintain supply chains amid Covid-19
The Hanoitimes - The disruption of supply chains as a result of the Covid-19 pandemic is a major concern, as all ASEAN members are export-oriented, said Vietnam’s Trade Minister Tran Tuan Anh.
ASEAN members have agreed to measures to boost economic growth and maintain existing supply chains amid the Covid-19 pandemic, according to Vietnamese Minister of Industry and Trade Tran Tuan Anh.
|Minister of Industry and Trade Tran Tuan Anh at the press conference. Photo: MoIT.|
These measures would enhance economic resilience of each country and help them better adapt to the new situation, Mr. Anh said at a press conference on August 30 following the conclusion of the 52nd ASEAN Economic Ministers’ Meeting (AEM-52), which was held from August 22 to 29.
Minister Anh added the ASEAN as a whole is facing numerous challenges as the Covid-19 is wreaking havoc globally, with the foremost being the disruption of supply chains. This is particularly a significant issue, as members of the bloc are all export-oriented.
Additionally, Covid-19 preventive measures have also partially affected the flow of goods, including basic necessities.
Covid-19 also causes negative impacts on human resources and subsequent operations of businesses in the Southeast Asian region.
The last challenge that Mr. Anh referred to was the struggle that ASEAN’s major export markets are waging against the Covid-19 impacts.
|Overview of the press conference. Photo: MoIT.|
Meanwhile, at the AEM-52, ministers also agreed to amend the ASEAN Trade in Goods Agreement (ATIGA) and implement the ASEAN – Wide Self Certification (AWSC) scheme, starting from September 20, 2020.
This showcased strong efforts from Vietnam and other ASEAN countries in promoting trade and economic activities within the bloc, noted Mr. Anh.
Notably, two out of 13 Priority Economic Deliverables (PEDs) under Vietnam’s 2020 ASEAN Chairmanship, namely the ASEAN Digital Integration Index and terms of reference (TOR) for linkages of innovation hubs in ASEAN, were well-received among ministers.
Mr. Anh suggested these two PEDs are expected to support ASEAN businesses during the digitization process and competitiveness enhancement.
The remaining 11 PEDs are scheduled to complete by the end of this year. Mr. Anh stated.
At this AEM-52, ASEAN economic ministers have also approved the ASEAN+3 action plan to mitigate Covid-19 economic impacts, and initiatives from economic ministers of the ASEAN and South Korea in economic cooperation to overcome Covid-19.
Regarding the Regional Comprehensive Economic Partnership (RCEP), Mr. Anh said all ministers discussed their visions to ensure the conclusion of the negotiation process and the signing of the deal by the end of this year. They also expressed their support for India to remain as part of the RCEP.
- Vietnam customs steps up fight against origin frauds in trade
- Vietnam business community helps ensure success in Covid-19 fight
- Hanoi-HCM City ranks second among the world's busiest domestic air routes
- Vietnam stands ready for competition from RCEP
- Vietnam calls for US investments in energy, industry and infrastructure
- Vietnamese firms to invest in 3 key aspects for digital transformation
- Vietnam flower and gift market heats up ahead of Teachers’ Day
- Vietnam ready to take more active role in Asia–Pacific amid RCEP signing: PwC
- Vietnam firms warned of growing trade probes
- Vietnam trade surplus hits US$19.5 billion in Jan-Oct
Hanoi targets to have 10 logistics centers
Hoan Kiem lake - the heart of Hanoi
Hanoi pushes for cooperation with peers to boost domestic consumption
Snapshots of beautiful West lake in Hanoi
Hanoi completes traffic infrastructure to develop satellite urban areas: Official
Close-up of first train of Hanoi’s second metro line put on rails
Apple partner Pegatron mulls US$1-billion investment in hi-tech projects in Vietnam
Hanoi’s weekend pedestrian streets allowed to reopen from September 18
European investors propose US$1 billion logistics project in Vietnam