The AEM-48 and related events were held as 2016 is the first year to implement the ASEAN Economic Community (AEC) Blueprint 2025 after the ASEAN leaders established the community on December 31, 2015. The focus of this year is building the foundation for realising this blueprint effectively. At the AEM-48, the ASEAN economic ministers considered and approved many frameworks for enhancing intra-bloc economic cooperation such as those on trade facilitation, food safety management, and small- and medium-sized enterprises (SMEs)’ access to finance. They reviewed the bloc’s economic integration and suggested initiatives with the aim of practically benefiting the business community. They also reached high consensus on other spheres, including enforcing the ninth package of commitments under the ASEAN Framework Agreement on Services, and the ASEAN agreement on the movement of natural persons.
The ASEAN ministers at the meeting
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ASEAN and partner countries’ officials were unanimous in many important issues such as preparations for a declaration of the ASEAN and Chinese leaders on production capacity cooperation, for the signing of a legal document on the negotiation outcomes on services and trade within the ASEAN – Japan Comprehensive Economic Partnership agreement, and for the review of the agreement on setting up an ASEAN – Australia – New Zealand free trade area. They agreed to step up overhauling the ASEAN – India Trade in Goods Agreement to facilitate the bloc’s export to India, promote talks on the RCEP and the ASEAN – Hong Kong free trade agreement, and organise annual policy dialogues with Canada.
On the basis of the ASEAN – US Special Leaders’ Summit last February and the Commemorative Summit marking the 20th anniversary of the ASEAN – Russia dialogue partnership, the officials of ASEAN and the two partner nations agreed to implement initiatives to strengthen their connectivity such as establishing the US – ASEAN connection centres in Singapore, Bangkok (Thailand) and Jakarta (Indonesia), setting up ASEAN – US cooperation principles on international investment, transparency and good management, and considering the foundation of the ASEAN – Russia economic partnership on connectivity.
48th ASEAN Economic Ministers push for economic integration
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At the AEM-48 and related events, Vietnam continued fostering initiatives on cooperation among the CLMV countries, and between the Greater Mekong Sub-region nations and Japan to promote economic connectivity. Minister Tran Tuan Anh told Vietnam News Agency that all of the meetings in Vientiane helped the country and other ASEAN members to fine-tune institutions and cooperation frameworks within ASEAN, and between the grouping and partners like the Northeast Asian nations, Australia, New Zealand, India and the US. The reaching of numerous agreements and cooperation frameworks at the events is a foundation for the ASEAN members to turn their agreements on the AEC building into reality, he added.
The ministers said both sides will together work towards the roadmap’s targets by promoting economic cooperation, ASEAN’s economic integration, and cooperation to integrate the region into the global economy. They also emphasised the significance of stronger collaboration in other pillars of the roadmap such as infrastructure, human resources and small- and medium-sized enterprise development; technology innovation and transfer; and trade, supply chain and connectivity facilitation.
The ministers and deputy ministers also mentioned the signing of the Trans-Pacific Partnership (TPP) agreement, and progress made in Regional Comprehensive Economic Partnership (RCEP) negotiations. Hailing the outcomes of the tenth WTO Ministerial Conference in Nairobi, Kenya, in December last year as well as the issuance of the Nairobi Ministerial Declaration, they said the Nairobi Package is one of the most important achievements in the field of agriculture gained by WTO members.
