Participants at the 25th ASEAN Economic Minister Retreat (AEM Retreat) (Photo: VNA)Bangkok (VNA) – ASEAN economic ministers gathered atthe 25th ASEAN Economic Minister Retreat (AEM Retreat) in Phuket, Thailand onApril 23 to discuss the conclusion of negotiations for the Regional ComprehensiveEconomic Partnership (RCEP) at the end of this year, as well as the completionof the ASEAN Single Window (ASW).
Once the negotiations are successful, the RCEP will becomethe biggest multilateral trade deal involving 10 ASEAN countries and China,India, Japan, the Republic of Korea, Australia and New Zealand, making up 29percent of the global GDP and 30 percent of world trade value.
Meanwhile, the ASW aims to unify the single window systemsof ASEAN countries for faster customs clearance and more simple procedure fortrans-national trading. Thanks to the ASW, the waiting time for goods in theborder can be reduced to only three days instead of 10.
At the two-day event, the ministers are scheduled to signtwo important documents – the ASEAN Trade inServices Agreement (ATISA) and the fourth protocol amending the ASEANComprehensive Investment Agreement (ACIA).
According to Auramon Supthaweethum, head of the Trade Negotiations Department of Thailand, the ATISA is meant to reduce unnecessarybarriers for the service sector in the region and to strengthen transparent inregulations for each ASEAN country. It will benefit services inhealthcare, tourism, accommodation, construction, convention and exhibitionservices.
At the same time,the ACIA will focus on dealing with issues given by governments to foreigninvestors to promote regional investment cooperation.
ASEAN countriesconcluded negotiations for the two deals in late 2018.
As ASEAN Chair2019, Thailand will focus on three major contents covering 13 economicpriorities, including ASEAN Support to prepare for the fourth IndustrialRevolution, connectivity enhancement and sustainable development, she said.
Two-way tradebetween Thailand and ASEAN grew by 13 percent to 114 billion USD last year.ASEAN accounted for 27 percent of Thailand’s exports. Thai statistics show thatThailand’s trade with RCEP countries reaches nearly 70 billion USD. Thailand’sexports to RCEP countries account for 58 percent of the country’s total exportrevenue-VNA
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