Post by SA Hunter on Mar 7, 2016 16:19:31 GMT 8
hanoitimes.com.vn/economy/2016/03/81E0A007/aem-to-strengthen-inter-regional-economic-link/
The Hanoitimes - The 22nd ASEAN Economic Ministers (AEM) Retreat, which officially opened in Thailand`s Chiang Mai province on March 3, is the meeting to strengthen inter-regional economic link
Deputy Minister of Industry and Trade Nguyen Cam Tu led the Vietnamese delegation to the event, which aims to discuss orientations and priorities for economic cooperation within the bloc towards the successful building of the newly-established ASEAN Economic Community (AEC). The event is a chance for the 10 ASEAN economic ministers to discuss and agree on major orientations and priorities for the group’s economic cooperation and to successfully build the ASEAN Economic Community, which was born on December 31, 2015.
The annual meeting focuses on ways to accelerate negotiations on the Regional Comprehensive Economic Partnership (RCEP) with several trading partners, namely China, the Republic of Korea (RoK), Japan, India, Australia and New Zealand. Cooperation in the framework of free trade agreements between the group and its ten partners including China, the RoK, India, Russia, the US, the EU, Japan, Canada, Australia and New Zealand, will be on the agenda.
The ministers will also debate on how to make ASEAN a larger market through links in production, manufacture, and trade and investment among the bloc’s member nations, and promote stronger investment from the private economic sector.
At the one-day meeting, ASEAN economic ministers and officials discussed enhancing the implementation of the ASEAN Vision 2025, especially the ASEAN Economic Community (AEC) Blueprint. The ministers announced that among the 611 measures contained in the AEC Blueprint, ASEAN has implemented 475, and 106 others have to be carried out in 2016. They agreed to direct ASEAN economic officials to summon internal resources for realising the rest of the blueprint.
Regarding the ASEAN Vision 2025, the ministers set up a priority that their ministries and sectors must focus on designing action plans so that economic ministers can approve them at the ASEAN Economic Ministers’ Meeting this August. They also welcomed proposals about the bloc’s economic cooperation in 2016 and in following years submitted by Laos, which holds the ASEAN Chairmanship for 2016. They said those suggestions are practical actions that will support development and narrow the development gap in the region.
At the AEM Retreat 22, the participants also mulled over measures to speed up negotiations on the establishment of the Regional Comprehensive Economic Partnership (RCEP) in 2016 as well as talks on the free trade agreements with ASEAN’s partners. To help ASEAN, especially Laos, bolster negotiation, Vietnam will consider hosting an official negotiation session in August, the Vietnamese representative said.
As some ASEAN members had shown their interest in the Trans-Pacific Partnership (TPP), the AEM Retreat 22 spent time appraising the regional countries’ prospects when joining in the TPP, as well as the possible impacts on the AEC their participation in TPP might have.
The ministers agreed to increase discussions among the ASEAN nations about the TPP’s content so that they can have an insight into the pact. They added that ASEAN will narrow the gap between its existing and RCEP standards and norms, and those in the TPP, looking towards the foundation of an Asia-Pacific economic partnership.
At the retreat, the ministers also looked into two initiatives raised by US President Barack Obama at the recent ASEAN – US Summit in Sunnylands. The initiatives are to set up centres in Jakarta, Singapore and Bangkok to foster the ASEAN and US markets’ connectivity, and holding ASEAN – US trade workshops.
Also on March 3, the ASEAN economic ministers and EU Commissioner for Trade Cecilia Malmstrom had a consultation during which the Southeast Asian officials expressed their hope that the EU will continue supporting the realisation of the ASEAN Vision 2025. The two sides renewed the pledge to strengthen economic cooperation between the two regions. Particularly, they reiterated collaboration towards an ASEAN – EU free trade agreement.
The Hanoitimes - The 22nd ASEAN Economic Ministers (AEM) Retreat, which officially opened in Thailand`s Chiang Mai province on March 3, is the meeting to strengthen inter-regional economic link
Deputy Minister of Industry and Trade Nguyen Cam Tu led the Vietnamese delegation to the event, which aims to discuss orientations and priorities for economic cooperation within the bloc towards the successful building of the newly-established ASEAN Economic Community (AEC). The event is a chance for the 10 ASEAN economic ministers to discuss and agree on major orientations and priorities for the group’s economic cooperation and to successfully build the ASEAN Economic Community, which was born on December 31, 2015.
The annual meeting focuses on ways to accelerate negotiations on the Regional Comprehensive Economic Partnership (RCEP) with several trading partners, namely China, the Republic of Korea (RoK), Japan, India, Australia and New Zealand. Cooperation in the framework of free trade agreements between the group and its ten partners including China, the RoK, India, Russia, the US, the EU, Japan, Canada, Australia and New Zealand, will be on the agenda.
The ministers will also debate on how to make ASEAN a larger market through links in production, manufacture, and trade and investment among the bloc’s member nations, and promote stronger investment from the private economic sector.
At the one-day meeting, ASEAN economic ministers and officials discussed enhancing the implementation of the ASEAN Vision 2025, especially the ASEAN Economic Community (AEC) Blueprint. The ministers announced that among the 611 measures contained in the AEC Blueprint, ASEAN has implemented 475, and 106 others have to be carried out in 2016. They agreed to direct ASEAN economic officials to summon internal resources for realising the rest of the blueprint.
Regarding the ASEAN Vision 2025, the ministers set up a priority that their ministries and sectors must focus on designing action plans so that economic ministers can approve them at the ASEAN Economic Ministers’ Meeting this August. They also welcomed proposals about the bloc’s economic cooperation in 2016 and in following years submitted by Laos, which holds the ASEAN Chairmanship for 2016. They said those suggestions are practical actions that will support development and narrow the development gap in the region.
At the AEM Retreat 22, the participants also mulled over measures to speed up negotiations on the establishment of the Regional Comprehensive Economic Partnership (RCEP) in 2016 as well as talks on the free trade agreements with ASEAN’s partners. To help ASEAN, especially Laos, bolster negotiation, Vietnam will consider hosting an official negotiation session in August, the Vietnamese representative said.
As some ASEAN members had shown their interest in the Trans-Pacific Partnership (TPP), the AEM Retreat 22 spent time appraising the regional countries’ prospects when joining in the TPP, as well as the possible impacts on the AEC their participation in TPP might have.
The ministers agreed to increase discussions among the ASEAN nations about the TPP’s content so that they can have an insight into the pact. They added that ASEAN will narrow the gap between its existing and RCEP standards and norms, and those in the TPP, looking towards the foundation of an Asia-Pacific economic partnership.
At the retreat, the ministers also looked into two initiatives raised by US President Barack Obama at the recent ASEAN – US Summit in Sunnylands. The initiatives are to set up centres in Jakarta, Singapore and Bangkok to foster the ASEAN and US markets’ connectivity, and holding ASEAN – US trade workshops.
Also on March 3, the ASEAN economic ministers and EU Commissioner for Trade Cecilia Malmstrom had a consultation during which the Southeast Asian officials expressed their hope that the EU will continue supporting the realisation of the ASEAN Vision 2025. The two sides renewed the pledge to strengthen economic cooperation between the two regions. Particularly, they reiterated collaboration towards an ASEAN – EU free trade agreement.