Deputy Minister of Industry and Trade Tran Quoc Khanh at the event (Source: VNA)Singapore (VNA) – Vietnam is among theleading nations in implementing the commitments to the establishment of theASEAN Economic Community (AEC), said a Vietnamese official.
Deputy Minister of Industry and Trade Tran QuocKhanh made the remark on the sidelines of the 24th ASEAN Economic Ministers’Retreat (AEM Retreat 24), which took place in Singapore on March 1-2.
According to him, Vietnam has actively collaboratedwith ASEAN countries in developing the Trade Facilitation Index (TFI) tomeasure the level in each member state. Based on it, ASEAN will giverecommendations to each nation on measures to be improved to reach the goals ofreducing 10 percent in trade costs by 2020 and doubling the intra-bloc tradevalue by 2025.
The country has also proactively implemented theinitiative on the ASEAN Wide Self-Certification (AWSC), which aims toreplace two other pilot mechanisms on self-certification.
The AWSC will help Vietnamese entrepreneurs self–certifytheir products to ship to nine other ASEAN nations rather than to several ones,which helps save them time, costs, and resources.
During the two-day retreat, ASEAN economicministers reached agreements on priorities designed by the host to promotee-commerce, trade facilitation, services and integration, thus creating afavourable business climate via realising the targets of the AEC Blueprint2025.
According to Singapore's Minister for Trade andIndustry Lim Hng Kiang, the priorities Singapore plans to pursue in 2018 will bringin visible benefits to ASEAN businesses and residents alike thanks to lowercosts, more abundant materials and more favourable conditions for trade andinvestment.
ASEAN has achieved initial successes with thelaunching of the ASEAN SingleWindow (ASW) and ratification of the ASEAN Declaration on Cruise Tourism todevelop sea tourism in the region, he said.
ASEAN, or the Association of Southeast AsianNations, groups Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, thePhilippines, Singapore, Thailand, and Vietnam.-VNA
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