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ASEAN sets priorities on economic cooperation against COVID-19

(VLR) The 26th AEM Retreat held on March 10-11 in Danang is an important opportunity for 10 ASEAN’s economic ministers to discuss and agree major orientations and ASEAN economic cooperation priorities in 2020, aiming at completing the Master Plan of Building ASEAN economic community to 2025.

Vietnam’s 12 priorities approved

According to the Minister of the Ministry of Industry Trade Tran Tuan Anh, in the 26th AEM Retreat, 10 ASEAN countries’ economic ministers officially approved 12 Vietnam’s priorities in ASEAN Chairmanship Year of 2020. The priorities mainly focus on fields of e-trade, trade, power, information technology, agricultures, sustainable developments, finance, statistics and creative innovations… on three main orientations, namely promoting connection and economic connectivity in ASEAN, enhancing partnership for peace and sustainable development and raising adaptation capacity and operational effectiveness of ASEAN. Anh also said the approval of priorities affirmed ASEAN roles in improving regional unification, improving regional strength and improving the role of ASEAN Economic Community

Cooperation relation between Vietnam-ASEAN has strongly developed, showing in the growth of import-export turnover. Countries have become important partners of one another. Since Vietnam joined ASEAN, trade relationship has increased greatly. However, inner trade accounts for 23% only. We set the target of double it in 2025.

Tran Tuan Anh- Minister of the Ministry of Industry Trade

Besides Vietnam’s priorities in the role of ASEAN Chairman 2020, the 26th AEM also agreed 62 measures in their annual working session 2020. They included commodities commercialization, facilitation of trade and skillful worker movement, one-stop shop ASEAN policies, the investment environment, competition policies, consumer protection, intellectual co-operation, electronic trade and boosting the role of small-medium-sized enterprises, as well as ASEAN globalization… The meeting also discussed restarting negotiations ASEAN India Trade in Goods Agreement (AITIGA) and cooperation with Korea.

Six recommendations of the 37th High-level Task Force on ASEAN Economic Integration (HLTF-EI) Meeting in Hà Nội on February 12th – 13th of 2020 were approved by ministers at the meeting. It is noted there is guidance for specialized working groups actively contributed in the mid-term review of the General Plan of Building ASEAN Economic Community 2025, aiming at finishing an initiative report at the end of the year and the last one at the beginning of 2021 and at the target of signing the Regional Comprehensive Economic Partnership (RCEP) in 2020.

Measurements against the pandemic of COVID-19

In the framework of the 26th AEM Retreat, ministers approved “Declaration of improving ASEAN economic recovery abilities to cope with COVID-19” suggested by Vietnam. The declaration sent sympathy to ASEAN countries and non-ASEAN countries, which are suffering the pandemic. It emphasizes “them importance of ASEAN’s unification, the spirit of connection and adaption of ASEAN Community in facing the outbreak of COVID-19 and other similar challenges”. It also recorded efforts from ASEAN member countries, ASEAN’s organizations and sectors, and other economies in controlling the infection of COVID-19.

The declaration clearly said measurements of limiting cross-border transportation should be given with consideration on community health and without unnecessary regional trade limitation, agreed to take actions to reduce economic impacts from COVID-19 to commit maintaining trade openness and investment in ASEAN countries, to share information in the region and cooperate to cope with economic challenges caused by the outbreak of COVID-19, cooperate with enterprises and associations to consolidate the image of the Southeast Asia as a regional tourism and investment center…

According to the Minister, Vietnam has played an active professional role in the situation of coping with difficulties from COVID-19. Although there were pressures, Vietnam, together with other countries, has ensured measurements of fighting the pandemic, helping ASEAN cope with difficult situations from the pandemic.

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