ASEAN promotes economy, investment, trade integration

ASEAN economic ministers at a meeting in March. They are gathering at the 49th Meeting of the ASEAN Economic Ministers to discuss measures to strengthen economic ties and trade-investment integration.

(Photo: EPA/VNA)

Hanoi (VNA) – Measures to strengthen economic ties and trade-investment
integration are on the table at the 49th Meeting of the ASEAN
Economic Ministers, which opened in Manila, the Philippines on September 7.

Opening the event, Philippine Trade and Industry Secretary Ramon Lopez
highlighted that the event is significant to elevate the bloc’s position in the
context that regional economy is growing at faster pace than others in the
world.

The bloc’s collective economy is estimated at around 9.2 trillion USD by 2050
and become the world’s 4th largest economy, he said, adding that
changes in geo-political situation will bring in both opportunities and
challenges to the region.

Along with maintaining free trade agreements with Australia, China, India,
Japan, the Republic of Korea and New Zealand, ASEAN will further cooperation
with its dialogue partners like Canada, the EU and the US, he stated.

ASEAN member states want to create a flow of capital and enhance free trade in
the region with a population of 625 million and gross domestic product of 2.6
trillion USD.

The ASEAN Economic Community targets higher economic growth via promoting
trade, investment and job creation.

To realise the set target, the Philippines, who is holding the rotary
chairmanship of ASEAN, will pay due attention to enhancing investment, trade
and integration for micro, small and medium enterprises in the global value
chain. It plans to branch out an economy motivated by innovation and
creativeness.

According to the agenda, ASEAN economic ministers will meet with their
counterparts from Australia, Canada, China, India, Japan, the Republic of
Korea, New Zealand, Russia and the US to discuss regional economic development,
free trade agreements as well as economic cooperation mechanisms with these partners.

The meeting will run until September 10.-VNA



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