ASEAN to upgrade trade pacts for regional economic recovery
The ASEAN Economic Ministers (AEM) group is keen to upgrade existing free trade agreements (FTAs) and accelerate the enforcement of the Regional Comprehensive Economic Partnership (RCEP) trade pact among all members, aiming to revive the regional economy amid the COVID-19 pandemic.
At a mall in Thailand (Illustrative photo: AFP/VNA)
Bangkok (VNA) - The ASEAN Economic Ministers (AEM) group is keen to upgrade existing free trade agreements (FTAs) and accelerate the enforcement of the Regional Comprehensive Economic Partnership (RCEP) trade pact among all members, aiming to revive the regional economy amid the COVID-19 pandemic.
Thailand’s Trade Negotiations Department Director-General Auramon Supthaweethum said the economic ministers are expected to discuss restoring the ASEAN economy amid the pandemic and strategies for economic relations with non-ASEAN countries at the 28th AEM Retreat, which is scheduled to take place on March 16-17 via video conference.
Cambodia, as chair of the meeting, wants all ASEAN members to work together to start negotiations to upgrade the ASEAN Trade in Goods Agreement and existing FTAs, especially the ASEAN-Australia-New Zealand FTA, and accelerate the enforcement of RCEP for all members, she said.
As the world's largest FTA measured by GDP, RCEP came into force early this year having been ratified by at least six ASEAN members and three other signatory countries. Among ASEAN members, only Indonesia, Myanmar and the Philippines have yet to submit their RCEP ratification to the ASEAN Secretariat.
Together, RCEP's 15 participants account for a combined population of nearly 2.3 billion (30.2 percent of the world's population), with 33.6 percent of the world's GDP and about 30.3 percent of global trade.
In 2021, the trade volume between Thailand and ASEN tallied 111 billion USD, up 17.1 percent from a year before.
Of the total, exports accounted for 65 billion USD, up 17.2 percent, and imports were valued at 45.8 billion USD, up 16.9 percent from 2020./.
The Bandar Seri Begawan Roadmap on digital transformation to accelerate ASEAN’s Economic Recovery and Digital Economy Integration (BSBR) was endorsed during the virtual 53rd ASEAN Economic Ministers' (AEM) Meeting chaired by Brunei on September 8-9.
Separate economic ministerial-level consultations between ASEAN and its dialogue partners - China, the Republic of Korea, Switzerland, and ASEAN Plus Three nations - took place virtually on September 13 within the framework of the 53rd ASEAN Economic Ministers' (AEM) Meeting.
Ministers of ASEAN, Australia, New Zealand, Japan, the UK, and East Asia sat down together at the virtual 26th ASEAN Economic Ministers (AEM) - Closer Economic Relations (CER) Consultations on September 15.
The 53rd ASEAN Economic Ministers (AEM) Meeting and relevant meetings took place from September 8-15, during which the ministers highlighted the significance of intra-bloc economic cooperation as well as collaboration between the grouping and partners.
The Republic of Korea (RoK), China and Japan agreed on May 3 to reinforce the regional financial safety net, along with members of the Association of Southeast Asian Nations (ASEAN), by launching a new financing facility programme meant to extend greater support in case of a financial crisis.
A technical issue combined with an extreme heatwave was blamed for a series of explosions at a military base that killed 20 soldiers and injured several others in Cambodia on April 27, the country’s Ministry of Defence said in a May 2 statement as reported by the Xinhua news agency.
The Customs Department of Thailand is scheduled to commence the collection of value-added tax (VAT) on imported goods sent via postal services, regardless of the goods value, starting in May.
A lecturer from Chulalongkorn University’s Faculty of Medicine has warned Thais to be more vigilant against COVID-19, saying infection rates appeare to be worsening with higher hospital admissions, deaths and severe cases.
Malaysia should harness the collective expertise and resources to drive sustainable growth and development of the halal industry, according to Minister of Investment, Trade and Industry Zafrul Abdul Aziz.
Laos has officially restored the 10% value-added tax (VAT) rate starting May 1, in a bid to support the country’s budget revenue and socio-economic development.
The ASEAN Future Forum 2024 (AFF 2024) entered its second plenary session in Hanoi on the afternoon of April 23, discussing ways to ensure comprehensive security for the people-centred ASEAN Community.
The first session of the ASEAN Future Forum 2024 (AFF 2024) in Hanoi on April 23 focused on fast and sustainable growth for the Association of Southeast Asian Nations (ASEAN).
The Canada-ASEAN Business Council (CABC) and the ASEAN Alliance on Carbon Markets (AACM) have signed a Memorandum of Understanding (MoU) to strengthen collaboration and accelerate the implementation of carbon crediting programmes across Southeast Asia.
ASEAN Secretary-General Kao Kim Hourn reaffirmed ASEAN leaders' commitment to empowering the youth to unleash their full potential when he had a dialogue with ASEAN youth in Hanoi on April 22 on the sidelines of the ASEAN Future Forum (AF 2024).
The Thai Government is being urged to increase the proportion of renewable power generation to more than the target of 50% set in the power development plan (PDP).
The Centre for Volcanology and Geological Hazard Mitigation (PVMBG) of Indonesia on April 21 lifted its tsunami advisory issued previously following the eruption of Mount Ruang in Sitaro district of North Sulawesi province.
Thailand expects to export about 1 million tonnes of durian, valued at an estimated 130 billion THB (3.53 billion USD) this year, with most of the shipments to China, according to Minister of Agriculture Thammanat Prompao.
The 72nd meeting of the ASEAN Working Group on Intellectual Property Cooperation (AWGIPC) and related meetings are being held by the Ministry of Science and Technology’s Intellectual Property Office (IPO) of Vietnam in the central city of Da Nang on April 22-26.
Enhancing regional food security and tackling the pressing challenges of climate change will be key agendas defining Malaysia’s ASEAN Chairmanship in 2025, Speaker of the Dewan Rakyat (lower house) Johari Abdul told the press on April 19.
At a mall in Thailand (Illustrative photo: AFP/VNA)
