Delegates attend the event (Source: thestar.com.my)
The 47th ASEAN Economic Ministers’ Meeting (AEM 47) and related meetings opened in Kuala Lumpur, Malaysia, on August 22.
Present at the event were economic ministers from ASEAN member countries, ASEAN dialogue partners, and ASEAN Secretary-General Le Luong Minh.
The Vietnamese delegation to the meetings was led by Deputy Minister of Industry and Trade Nguyen Cam Tu.
In opening the AEM 47, Malaysian Minister of International Trade and Industry Mustapa Mohamed said the AEM 47 and related meetings are taking place at a crucial time on the path towards the establishment of the ASEAN Community, one pillar of which is the ASEAN Economic Community (AEC).
In the context of complicated developments in global economic and political situation, the bloc has encountered a number of challenges such as the reduction in oil and goods prices, concerns about the regional monetary conditions and the global economic environment, he said.
However, ASEAN member states are determined to push ahead with economic integration and the formation of the AEC by the yearend, he said, adding that the establishment of the AEC does not mean the end of the integration process, but rather the conclusion of a stage in ASEAN development and the opening of a new phase.
The minister underlined that ASEAN has gained strong economic growth over the past two decades and reduced barriers to promote trade and investment.
Last year, ASEAN attracted 136 billion USD in foreign direct investment (FDI), surpassing China. Nearly 20 percent of which were contributed by the bloc’s internal investment, he noted.
Minister Mustapa added that the group’s average economic growth reaches 5 percent per annum and the growth prospect in the middle and long run is very promising.
It was reported at the meeting that to date, ASEAN has fulfilled 91 percent of measures in the AEC blueprint and 46 remaining ones will be implemented soon.
During the AEM 47, economic ministers will discuss the implementation of solutions to building AEC, especially the completion of commitments agreed under the AEC 2015 Blueprint.
Other key items on the agenda are the development of the post-2015 ASEAN Economic Vision through 2025, strategic action plans for the next 10 years and the building of the ASEAN small-and medium-sized enterprises master plan in the 2016-2025 period.
The same day, the 29th meeting of the ASEAN Free Trade Area and the 18th meeting of the ASEAN Investment Area (AIA) also took place in Kuala Lumpur.-VNA
The 47th ASEAN Economic Ministers’ Meeting (AEM 47) will be held in Kuala Lumpur from August 22-25 to put the finishing touches on the formal establishment of the ASEAN Economic Community (AEC).
The 14th Meeting of the High-Level Task Force on the ASEAN Economic Integration Working Group (HLTF-EIWG) commenced in Kuala Lumpur on August 20 to discuss the ASEAN Post-2015 Economic Vision by 2025.
Senior economic officials from the 10 ASEAN member states met in Kuala Lumpur on August 20-21 to prepare for the upcoming 47th ASEAN Economic Ministers’ Meeting and related events.
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Malaysia, as ASEAN 2025 Chair, marked the bloc’s 58th founding anniversary on August 8 with a vibrant celebration in Cyberjaya, blending an official ceremony with a colorful cultural festival.
Vietnam plays an important role in Southeast Asia’s economic growth and is a key partner of her country in realising the shared vision of a peaceful, stable, and prosperous region, said Robyn Mudie, First Assistant Secretary of Office of Southeast Asia (OSA) – Southeast Asia Regional and Mainland Division at Australia’s Department of Foreign Affairs and Trade (DFAT).
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The Joint Standing Committee on Commerce, Industry and Banking identified the US tariff reduction as a significant driver behind the improved economic outlook for Thailand.
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Indonesian Ambassador Rina P. Soemarno, who currently serves as Chair of the ASEAN Committee in Prague, emphasised the spirit of regional solidarity and cooperation, and the importance of enhancing ASEAN–Czech Republic relations.
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Vietnamese Ambassador to Israel Ly Duc Trung emphasised ASEAN’s central role in regional mechanisms such as the ASEAN Regional Forum (ARF) and the East Asia Summit (EAS), highlighting its significant contribution to promoting peace, stability, and prosperity in Southeast Asia.
The consumer index of the University of the Thai Chamber of Commerce (UTCC), fell to 51.7 in July from 52.7 in the previous month. The sluggish economy and the trade war, as well as high living costs, continue to undermine confidence, the university said.
Deputy Speaker of the Hungarian National Assembly Istvan Jakab expressed his hope for further deepening Hungary’s ties with ASEAN countries and called for their support for Hungary’s accession to the Treaty of Amity and Cooperation in Southeast Asia.
The 30-storey tower crumbled seconds after a 7.7-magnitude earthquake hit neighbouring Myanmar on March 28. The partially built high-rise, meant to house the State Audit Office (SAO), was the only building in Thailand to collapse, killing 89 people on the site, mostly construction workers.
Indonesia’s waste generation is projected to exceed 50 million tonnes in 2025. Of the total, more than 20 million tonnes could potentially enter the ocean through rivers, coastal areas, small islands, ports, and marine activities, and thereby, pose a risk to coastal ecosystems and marine biota.
Indonesia is accelerating plans to increase lithium imports, particularly from Australia, in a bid to fill gaps in the electric vehicle (EV) battery supply chain and realise its ambition of becoming a global EV manufacturing hub.
Delegates attend the event (Source: thestar.com.my)
