At the event (Photo: tapchicongthuong.vn)Hanoi (VNA) – The ASEAN Economic Ministers (AEM) and the US TradeRepresentative (USTR) Consultations took place virtually on August 27 as part ofthe 52nd meeting of the ASEAN Economic Ministers (AEM-52).
Thefunction was co-chaired by Vietnamese Minister of Industry and Trade Tran TuanAnh and US Trade Representative Robert Lighthizer.
Atthe event, the ministers spoke highly of significant progress made in theimplementation of the ASEAN-US Trade and Investment Framework Agreement (TIFA)in the 2019-20 period and the US-ASEAN Expanded Economic Engagement (E3)initiative.
Theywelcomed cooperation plans to further carry out the initiative in the 2020-2021,and a proposal to organise a US-ASEAN dialogue on labour rights and trade thisyear to enhance mutual understanding and exchange views on labour rights infree trade agreements (FTAs).
Atthe event, ASEAN ministers also highly valued the US’s technical support forASEAN in the spheres of innovation and e-commerce.
Delegatesof both sides expressed concern about the COVID-19 pandemic which has taken itstoll on people’s lives and economic growth around the globe.
Tourism,transport, manufacturing, retail and other services are among the hardest-hitby the pandemic, as well as the supply sectors and the financial market, theyunderlined.
Theyreiterated the importance of opening the markets for trade and investment in abid to mitigate the impacts of COVID-19 and maintain the flow of products andservices between the two sides.
Theministers agreed to refrain from imposing measures which restrict the flow ofessential goods, including non-tariff ones, to address difficulties triggeredby the pandemic.
Moreover,they consented to apply measures promoting economic recovery during and afterthe pandemic.
Ofnote, the ministers appreciated the US-ASEAN Business Council (US-ABC)’sefforts to strengthen trade and business relations between the sides.
Theyalso welcomed an e-commerce report by the US-ABC and took note of initiativesin the report, which aim to help ASEAN nations develop an e-commerce ecosystemand allow seamless cross-border e-commerce activities.
Totaltrade value between ASEAN and the US increased 12 percent last year. Statisticsof ASEAN showed that two-way trade hit 294.6 billion USD, while FDI from theUS into the bloc was 24.5 billion USD.
TheUS has become the second largest trade partner and the leading investor of ASEANin 2019./.
Thefunction was co-chaired by Vietnamese Minister of Industry and Trade Tran TuanAnh and US Trade Representative Robert Lighthizer.
Atthe event, the ministers spoke highly of significant progress made in theimplementation of the ASEAN-US Trade and Investment Framework Agreement (TIFA)in the 2019-20 period and the US-ASEAN Expanded Economic Engagement (E3)initiative.
Theywelcomed cooperation plans to further carry out the initiative in the 2020-2021,and a proposal to organise a US-ASEAN dialogue on labour rights and trade thisyear to enhance mutual understanding and exchange views on labour rights infree trade agreements (FTAs).
Atthe event, ASEAN ministers also highly valued the US’s technical support forASEAN in the spheres of innovation and e-commerce.
Delegatesof both sides expressed concern about the COVID-19 pandemic which has taken itstoll on people’s lives and economic growth around the globe.
Tourism,transport, manufacturing, retail and other services are among the hardest-hitby the pandemic, as well as the supply sectors and the financial market, theyunderlined.
Theyreiterated the importance of opening the markets for trade and investment in abid to mitigate the impacts of COVID-19 and maintain the flow of products andservices between the two sides.
Theministers agreed to refrain from imposing measures which restrict the flow ofessential goods, including non-tariff ones, to address difficulties triggeredby the pandemic.
Moreover,they consented to apply measures promoting economic recovery during and afterthe pandemic.
Ofnote, the ministers appreciated the US-ASEAN Business Council (US-ABC)’sefforts to strengthen trade and business relations between the sides.
Theyalso welcomed an e-commerce report by the US-ABC and took note of initiativesin the report, which aim to help ASEAN nations develop an e-commerce ecosystemand allow seamless cross-border e-commerce activities.
Totaltrade value between ASEAN and the US increased 12 percent last year. Statisticsof ASEAN showed that two-way trade hit 294.6 billion USD, while FDI from theUS into the bloc was 24.5 billion USD.
TheUS has become the second largest trade partner and the leading investor of ASEANin 2019./.
VNA
