Kuala Lumpur (VNA) – ASEAN is committed to maintaining a free, fair, comprehensive, and rules-based trading system without discrimination and basing on the WTO principles as the core.
The commitment was made at the 57th ASEAN Economic Ministers’ Meeting (AEM), which concluded in Kuala Lumpur on September 26 afternoon.
Addressing a press conference reviewing the five-day event, Malaysian Minister of Investment, Trade and Industry Zafrul Aziz said ASEAN economic ministers had exchanged views on regional and global economic prospects. They had also discussed the implementation progress of the priority economic deliverables, including the key initiatives within the ASEAN Economic Community and the bloc’s joint initiatives with dialogue partners.
He noted that the main factor affecting ASEAN’s internal meetings and consultations with dialogue partners is the growing protectionism and unilateral trade measures, which pose considerable risks to the law-based multilateral trading system and global supply chains’ stability.
Aside from pledging to sustain free and fair multilateral trade, the ministers also expressed the determination to constructively cooperate with all external partners to resolve legitimate concerns.
The meeting also took note of the ASEAN Geoeconomics Task Force’s recommendations on new approaches and strategies for promoting the bloc's integration amid increasing geoeconomic fragmentation.
On the sidelines of the coming summit, ASEAN will hold a joint meeting between its member states’ economic and foreign ministers to promote policy coherence and inter-pillar coordination.
Minister Zafrul Aziz highlighted the progress in implementing the 18 priority economic deliverables, including nine within the remit of the AEM. He also affirmed the ministers’ expectation for Timor-Leste to be officially admitted to become the 11th member of ASEAN at the coming 47th ASEAN Summit.
At the 57th AEM, participants welcomed the entry into force of the second protocol amending the ASEAN-Australia-New Zealand Free Trade Area, recognised the stable progress of the negotiations on an ASEAN – Canada free trade agreement, and pledged to complete reviewing the ASEAN – India Trade in Goods Agreement this year. They also expressed the hope to soon launch talks on the upgrade of the free trade deal with the Republic of Korea.
The 57th AEM and related meetings took place at the Malaysia International Trade and Exhibition Centre from September 22 to 26, gathering economic officials from 10 ASEAN member countries and ASEAN Secretary-General Kao Kim Hourn./.
ASEAN, EU strengthen cooperation for economic growth, integration
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