ASEAN Economic Ministers attend the online conference. (Photo: Ministry of Industry and Trade)

During their 2-day ASEAN Economic Ministers Retreat, which concluded on Wednesday in Brunei, the ministers agreed on recovery of the region through initiatives such as streamlining non-tariff measures and investment facilitation, providing a recovery plan for ASEAN tourism sector, and open new market and partnership for ASEAN with the launch of the possible ASEAN-Canada FTA negotiations; Digitization for a resilient ASEAN by providing a safe, secure, and harmonized e-commerce environment and digital ecosystem. This includes initiatives such as the ASEAN Agreement on E Commerce and a regional action plan in the area of cyberspace; Sustainability efforts towards advancing an inclusive and sustainable economic growth through initiatives such as support  and guidance for micro, small and medium enterprises (MSMEs), development of a regional framework for Circular Economy and cooperation in sustainable energy transitions.

In addition to discussions on intra-regional economic cooperation, the ministers reviewed the ASEAN-India Trade in Goods Agreement (AITIGA), cooperation between ASEAN and the European Union (EU). They said they were trying for early ratification of the Regional Comprehensive Economic Partnership (RCEP) to contribute to the post-Covid-19 recovery.

Speaking at the event, Vietnamese Deputy Minister of Industry and Trade Tran Quoc Khanh said Vietnam will continue to work closely with other ASEAN countries to implement the shared goals of the ASEAN Economic Community. Vietnam also shared its experiences and efforts to control the Covid-19 pandemic to achieve economic development goals and honor commitments within the ASEAN and ASEAN + frameworks, said Deputy Minister Khanh.