The 8th East Asia Summit (EAS) Economic Ministers’ Meeting (Source: VNA)Hanoi (VNA) – The Economic Ministers of ASEAN member states and theirpartner countries on August 28 emphasised the importance of furtherstrengthening regional economic cooperation and promoting economic growth post COVID-19.
In a Joint Media Statement issued after the 8th East Asia Summit (EAS)Economic Ministers’ Meeting, which was held in the form of a video conferenceas part of the 52nd ASEAN Economic Ministers’ Meeting and relatedmeetings (AEM-52), the EconomicMinisters from the ten ASEAN Member States, Australia, China, India, Japan, theRepublic of Korea, New Zealand, Russia and the United States underscored theimportance of strengthening regional supply chains to make them resilient andless vulnerable to shocks and to advance sustainable economic growth.
They reaffirmed their commitment to promote trade and investment, minimizedisruptions to trade and global supply chains and facilitate supply chainconnectivity, including for essential goods such as medical supplies,medicines, including vaccines, food, commodities and other essential suppliesand services in the region.
They welcomed regional initiatives to mitigate the impact of the pandemicincluding the establishment of the ASEAN COVID-19 Response Fund, as well as thework towards the establishment of the ASEAN Regional Reserve of MedicalSupplies and the Standard Operating Procedures for Public Health EmergenciesResponse.
They acknowledged the important role of initiatives which aim to ensure theequitable global distribution of safe and effective COVID-19 vaccines, recognizedthe importance of facilitating essential movement of people across borders,without undermining each country’s efforts to prevent the spread of the virus,to stabilize the trade and investment.
The Ministers reiterated their support for ASEAN and ASEAN-centredarchitecture, reflected among others in the ASEAN Outlook on the Indo-Pacific(the Outlook), which could contribute to post-pandemic recovery in the region.
They exchanged views on how to accelerate economic growth, maintain supplychains and market stability, and strengthen the economic resilience of the EASregion post COVID-19.
They also discussed the importance of harnessing the opportunities of digitaleconomy, and how to enhance the application and the utilization of digitaltechnologies in the region to facilitate digital economy.
The Ministers affirmed that this is especially important during the COVID-19pandemic and this provides appropriate hard/soft infrastructure and humanresources development that considers the needs and reskilling and upskilling ofpersons likely to lack digital skills and access to technology including women,MSMEs and other vulnerable groups, especially those living in remote and ruralareas and more likely to lack digital skills and access to technology.
They also underscored the importance of collective efforts in promotingeconomic and social resilience in the region, and reiterated their support forthe necessary reform of the WTO.
The Ministers vowed to continue to work together to realize a free, fair,transparent, nondiscriminatory, predictable, and stable trade environment, andaffirmed the importance of agreed upon rules in the WTO, which can enhancemarket predictability and business confidence.
They agreed that any trade restrictive emergency measures put in place toaddress the impact of COVID-19 must be targeted, proportionate, transparent,temporary, consistent with WTO rules and do not create unnecessary barriers totrade or disruption of global and regional supply chains.
The Ministers acknowledged the significant contribution of Economic ResearchInstitute for ASEAN and East Asia (ERIA) through activities that supporteconomic integration and digital economy in the region.
They welcomed ERIA’s paper on "Accelerating restoration of economicgrowth, maintaining market stability and strengthening resilience of the EASregion in response to the COVID-19 pandemic", and encouraged ERIA toundertake policy-based research to improve trade and investment includingmaking value chains resilient to shocks of EAS economies, effectively addressthe impending recession, promote new technologies and develop a framework forthe EAS regional economic integration and development after overcoming theCOVID-19 pandemic, taking into account existing initiatives./.
VNA
