ASEAN, Northeast Asian partners to boost economic linkages
The Association of Southeast Asian Nations (ASEAN) and its Northeast Asian partners - China, Japan and the Republic of Korea (RoK) - have reaffirmed commitments to promoting cooperation and economic integration to build a free and open East Asia region amid growing protectionism.
Singaporean Minister of Trade and Industry Chan Chun Sing (Photo: AFP/VNA)
Singapore (VNA) – The Association of Southeast AsianNations (ASEAN) and its Northeast Asian partners - China, Japan and theRepublic of Korea (RoK) - have reaffirmed commitments to promoting cooperationand economic integration to build a free and open East Asia region amid growingprotectionism.
In his opening remarks at the ASEAN Economic Ministers (AEM)Plus Three Consultations in Singapore on August 30, Singaporean Minister ofTrade and Industry Chan Chun Sing said ASEAN remains determined in pursuingstronger economic cooperation with China, Japan and the RoK in the face ofgrowing tensions in the global economy.
The ongoing trade tensions among major economies, as well as theadvent of new technologies and the digital economy, have made it critical for ASEANand the three nations to stay committed to deepening and broadening economiclinkages, he said.
ASEAN has free trade deals with each of these three countries,who are also signatories of the Regional Comprehensive Economic Partnership(RCEP), a trade pact that also involves Australia, New Zealand and India.
ASEAN looks forward to working constructively and pragmaticallywith China, Japan and the RoK to deliver good outcomes for the RCEP negotiationsby the end of this year, Chan said.
At the consultations, ministers discussed new areas ofcollaboration and the ASEAN Plus Three Economic Cooperation Work Programme for2019-2020, which will guide cooperation over the next two years.
Despite uncertainties in the global economy such as trade war orgrowing protectionism, trade and investment ties between ASEAN and the threecountries have increased remarkably.
Last year, total trade between ASEAN and the three countriesincreased by 16.1 percent to 807 billion USD, representing 31.6 percent of thebloc’s total trade value.
Foreign direct investment (FDI) flows from China, Japan and theRoK into ASEAN reached 29.9 billion USD last year, accounting for 21.8 percentof total FDI inflows into the region.-VNA
ASEAN labour ministers and their counterparts from China, Japan and the Republic of Korea (RoK) agreed to strengthen cooperation in the fields within their remit during a meeting in Vientiane, Laos.
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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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Finance Minister Pichai Chunhavajira has outlined a six-point strategy to promote innovation, support small and medium-sized enterprises (SMEs), and push for Thailand's removal from the US Trade Representative (USTR)’s special 301 Watch List regarding intellectual property rights protection among trading partners.
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.
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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.
Singaporean Minister of Trade and Industry Chan Chun Sing (Photo: AFP/VNA) 
