East Asian countries push for economic integration
Economic ministers and deputy ministers from ASEAN and its eight partner countries reiterated the endeavours to accelerate economic integration in East Asia.
The fourth East Asia Summit (EAS) Economic Ministers’ Meeting (Source: VNA)
Vientiane (VNA) –༺ Economic ministers and deputy ministers from ASEAN and its eight partner countries reiterated the endeavours to accelerate economic integration in East Asia at the fourth East Asia Summit (EAS) Economic Ministers’ Meeting in Vientiane, Laos, on August 5.
The eight partner countries comprise Australia, China, India, Japan, the Republic of Korea, New Zealand, Russia and the US.
The Vietnamese delegation to the event, which took place within the framework of the 48 th ASEAN Economic Ministers’ Meeting (AEM 48) and related meetings, was led by Deputy Minister of Industry and Trade Nguyen Cam Tu.
The partner countries welcomed the formation of the ASEAN Economic Community (AEC) late last year and described this as a breakthrough of regional economic integration.
Comparing notes on regional economic developments, they said the combined GDP of the participating EAS countries hit 41.67 trillion USD in 2015, a slight decrease from 42.02 trillion USD in the previous year.
Total trade between ASEAN and its eight EAS partner countries reached 1.05 trillion USD in the year, as compared with 1.11 trillion USD in 2014.
Trade between the ten-member group and other EAS countries makes up 46.3 percent of the bloc’s accumulated trade. Up to 52.1 billion USD in foreign direct investment (FDI) from EAS countries landed in ASEAN in 2015, accounting for 43.3 percent of the group’s total FDI.
The delegates said risks of a global economic slowdown still exist, adding that the below-expectation recovery of developed economies and tightened financial conditions may pose challenges for regional growth.
They noted the impact of Brexit on the global economy, stressing the role of open trade policies and a safe global trade system in boosting economic growth.
The ministers and deputy ministers also mentioned the signing of the Trans-Pacific Partnership (TPP) agreement, and progress made in Regional Comprehensive Economic Partnership (RCEP) negotiations.
Hailing the outcomes of the tenth WTO Ministerial Conference in Nairobi, Kenya, in December last year as well as the issuance of the Nairobi Ministerial Declaration, they said the Nairobi Package is one of the most important achievements in the field of agriculture gained by WTO members.
The delegates also welcomed the outcomes of the G20 Conference of Trade Ministers in Shanghai last July, saying relevant sides stand ready to enhance cooperation to contribute to the success of the G20 Hangzhou Summit scheduled for September.-VNA
The 48th ASEAN Economic Ministers’ Meeting (AEM 48) and related meetings will run from August 1-6 in Vientiane, Laos, according to Director-General of Foreign Trade Policy Department Laohoua Cheuing.
The ASEAN Senior Economic Officials Meeting began in Vientiane, Laos on August 1 to gear up for the 48th ASEAN Economic Ministers’ Meeting (AEM 48) and related meetings.
The 48th ASEAN Economic Ministers’ Meeting kicked off in Vientiane, Laos on August 3, focusing on economic cooperation among the 10 member countries as well as between the group and its partners.
ASEAN economic ministers hailed the US for its support for the bloc, during the consultations with the US Trade Representative held in Vientiane, Laos, on August 4.
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).
The 2025 ASEAN Business Community Development (ABCD) Forum, themed “Empowering ASEAN's Next Leap: Digital, Sustainable & Entrepreneurial Transformation” brought together ministers, CEOs, and top industry experts to discuss key regional economic priorities.
The DES Ministry will seek cooperation from social media platforms to prevent the spread of fake news and monitor accounts related to such activities, he told reporters after chairing a meeting of the newly established Anti-Fake News Centre (AFNC).
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.
Financial institutions and financial technology (fintech) players are intensifying their focus on expanding across the Association of Southeast Asian Nations (ASEAN), adopting tailored strategies to strengthen their presence in the region’s digital financial services landscape.
Featuring a permanent exhibition area, the ASEAN Hall will function both as a cultural showcase and as a dynamic venue for ASEAN-related events and programmes. Its inauguration on ASEAN Day added symbolic weight, marking a fresh milestone in ASEAN–RoK relations.
Thailand’s Ministry of Commerce and rice exporters are devising strategic plans to boost rice exports amid global market fluctuations, focusing on key markets and adjusting output.
The focus of the upcoming ASEAN Summit in October will be on strengthening economic relations through intra-regional trade and investment, as well as regional initiatives on energy networks and connectivity.
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.
The Indonesian Government is determined to seize opportunities to enhance the competitiveness of national agricultural products, an official has said, adding that it always strives to promote exports at the highest possible level, based on a mutually beneficial foundation.
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.
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.
Malaysia’s gross expenditure on R&D (GERD) reached 1.01% of gross domestic product in 2022, a notable increase, with more than 51% contributed by the industry sector. The country is targeting GERD to reach 2.5% by 2030, in line with the national goal of transforming into a high-technology nation.
The fourth East Asia Summit (EAS) Economic Ministers’ Meeting (Source: VNA)
