Cambodian Minister of Commerce Pan Sorasak calls for the use of digital technology to restore trust between businesses and customers, during the 52nd Meeting of ASEAN Economic Ministers on August 29. (Photo: Cambodian Ministry of Commerce)Phnom Penh (VNA) – Cambodian Minister of Commerce PanSorasak called for the use of digital technology to restore trustbetween businesses and customers, during the 52nd Meeting of ASEAN EconomicMinisters (AEM-52) on August 29.
Theminister presented Cambodia’s viewpoints on eliminating trade barriers and marketreopening which, together with the impact of COVID-19, were topics discussedat the meeting.
Theparticipating ministers agreed on the need to prioritise a mechanism for theimplementation of the Hanoi Plan of Action on Strengthening ASEAN EconomicCooperation and Supply Chain Activity in Response to the COVID-19 Pandemic.
Theyalso approved the CLMV Action Plan 2021-2022, which will foster trade andinvestment cooperation, regional commitments, the common framework for CLMVdevelopment, human resources development, and the post COVID-19 rehabilitation plan.
Withinthe framework of the AEM-52 and related meetings, which was held in the form ofteleconferencing in Hanoi, the ministers had a consultation with partnersoutside the grouping, including India.
Theevent was co-chaired by Vietnamese Minister of Industry and Trade Tran Tuan Anhand India’s Minister of Railways and Minister of Commerce and Industry PiyushGoyal.
Theministers said that to boost economic development and ensure macro-economicstability, it is necessary to reopen markets and ensure sustainable supplychains in the region, especially for essential commodities such aspharmaceuticals, medicine and food.
They recalled both sides’ efforts to ratify their investmentagreement and review the ASEAN-India Trade in Goods Agreement (AITIGA).
They also highly evaluated activities of the ASEAN-India Business Council in 2020, especially amid the COVID-19pandemic, which they said have helped promote trade and investment cooperationand mitigate negative impact of the pandemic.
ASEAN statistics showed that the trade turnover between ASEANand India accounted for 2.7 percent of the bloc’s total trade value, whileIndia’s investment in the bloc made up 1.3 percent of the total FDI attractedby the bloc./.
VNA
