Economic ministers from 10 ASEAN member countries and Hong Kong, China (HKC) met virtually on August 28 for their Fourth ASEAN Economic Ministers-HKC Consultations (AEM-HKC Consultations) as part of the 52nd AEM Meeting.
Minister of Industry and Trade Tran Tuan Anh (Photo: VNA)
Hanoi (VNA) – Economic ministers from 10 ASEAN member countries and HongKong, China (HKC) met virtually on August 28 for their Fourth ASEAN EconomicMinisters-HKC Consultations (AEM-HKC Consultations) as part of the 52nd AEMMeeting.
It wasco-chaired by Minister of Industry and Trade Tran Tuan Anh and HKC’s Secretaryfor Commerce and Economic Development, Edward Yau Tang-wah.
Two-waytrade between ASEAN and HKC reached 111 billion USD last year, or 3.9 percentof ASEAN’s total foreign trade. HKC was the bloc’s seventh largest tradingpartner. Total FDI flows from HKC stood at around 11.3 billion USD, accountingfor 7 percent of all FDI injected into the bloc.
The twoministers shared their concern over the COVID-19 pandemic, which has taken adevastating toll on economies and people’s lives around the world.
Theyunderscored the importance of concerted efforts made by countries regionallyand globally to combat the disease.
Theyagreed that the continued cooperation between ASEAN member states and HKCthrough the utilisation of the two-sides’ free trade agreement (the AHKFTA) andInvestment Agreement (the AHKIA) is vital to recovering the two economies andboosting bilateral trade.
The AHKFTAand AHKIA are in force in HKC and ASEAN nations, except for Brunei and Cambodia,where the two agreements are still in the process of ratification.
The ministersasked the two member states to fast-track domestic consultation and have the agreementstake effect by the end of this year.
ASEAN economic ministers also welcomed 25 million HKD in funding provided byHKC for the bloc in January to beef up bilateral economic and technicalcooperation over the next five years./.
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Minister of Industry and Trade Tran Tuan Anh (Photo: VNA) 
