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Vietnam attends the 48th ASEAN Economic Ministers’ Meeting
On August 3, a Vietnamese delegation led by Minister of Industry and Trade Tran Tuan Anh attended 48th ASEAN Economic Ministers’ Meeting (AEM 48) and related meetings in Vientiane, Laos, focusing on economic cooperation among the 10 member countries as well as between the group and its partners.
Vietnam attends the 48th ASEAN Economic Ministers’ Meeting
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At the speech for opening the event, Lao Prime Minister Thongloun Sisoulith said that the establishment of the ASEAN Economic Community (AEC) in 2015 was an historical milestone in ASEAN economic integration, making the association a competitive area with strong global integration.
However, the AEC is just a starting point for the grouping’s economic integration, he said, stressing that ASEAN should continue stepping forwards by means of a specific strategy, while fulfilling the AEC blueprint 2015. He highlighted the significance of the meeting, expressing his hope that the ministers will discuss issues with a high sense of responsibility, thus realising the AEC Blueprint 2025.
During the annual event, ministers are scheduled to debate the issues and agreements reached during the 22nd ASEAN Economic Retreat in Chiang Mai , Thailand in March this year, while designing plans of action focusing on the eight priorities of the ASEAN economic pillar.
At the same time, the ministers will also discuss criteria and orientations for the building of the AEC as well as plan the direction to implement the AEC Blueprint 2025. The AEC 48 is an important event where ministers are preparing the agenda for the 29 th ASEAN Summit and related meetings, taking place in September this year in Vientiane .
As scheduled, a series of related meetings will be held in Vientiane from August 3-6, including the 30th Meeting of ASEAN Free Trade Area Council (AFTA 30), the 19th ASEAN Investment Area Council Meeting (AIA 19), the 4th EAS Economic Ministers Meeting, the 4th Ministerial Meeting of the Regional Comprehensive Economic Partnership (RCEP), the 8th Mekong-Japan Economic Ministers’ Meeting, the 8th CLMV Economic Ministers’ Meeting, and AEM Consultations with nine ASEAN partners: India, Canada, the Republic of Korea, the US, Russia, Japan, New Zealand, Australia and China.
Vietnam attends the 30th meeting of the AFTA Council
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As much as 99.2% of import tariffs in the ASEAN Trade in Goods Agreement (ATIGA) agreed by six ASEAN countries (ASEAN 6), including Brunei, Indonesia, Malaysia, the Philippines, Singapore and Thailand, have been eliminated. Meanwhile, the rate for Cambodia-Laos-Myanmar-Vietnam (CLMV) was 90.9%.
On general calculation, 96.01% of tariffs in ASEAN have so far been removed. By 2018, the rate of removed tariffs for ASEAN 6, CLMV and ASEAN overall is estimated to be at 99.2%, 97.81% and 98.67%, respectively. Participants pledged to promote trade facilitation by various activities, including self-certification, the ASEAN Trade Repository, the ASEAN Solution for Investment, Services and Trade and the ASEAN Single Window (ASW).
They urged ASEAN member states to exert every effort to speed up the adoption of a Protocol on the Law Framework to implement the ASW, thereby implementing the mechanism this year.
** The same day, Deputy Minister of Industry and Trade Nguyen Cam Tu led a Vietnamese delegation to the 19th meeting of the ASEAN Investment Area Council, also part of the 48th ASEAN Economic Ministers’ Meeting and related meetings.
ASEAN economic officials discussed issues regarding the implementation of the ASEAN Comprehensive Investment Agreement (ACIA) over the past number of years and orientations for the next period.
They agreed on the remaining issues involved in the second protocol amending the ACIA, which is slated to be signed in September in Vientiane, saying that the past achievements will lay the foundation for the implementation of the 2016-2025 investment plan.
