The meeting, co-chaired by Indonesia's Trade Minister and Chair of the ASEAN Economic Ministers for 2023 Zulkifli Hasan, the RoK’s Trade Minister Ahn Duk-geun, Chinese Vice Minister of Commerce Li Fei, and Japan’s State Minister of Economy, Trade and Industry Nakatani Shinichi, is part of the 55th ASEAN Economic Ministers Meeting (AEM).
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ASEAN Economic Ministers hold consultation with China, Japan, and the RoK. |
The meeting acknowledged the progress of the implementation of the ASEAN+3 Economic Cooperation Work Program (ECWP) for the 2023-2024 period and outcomes of economic cooperation in 12 areas, such as the development of micro, small and medium-sized enterprises (MSME), the participation of the private sector and stakeholder dialogue on trade facilitation, digital economy and green economy. Cooperation activities will support ASEAN and the three countries in promoting trade and investment flow, contributing to the recovery of supply chains and addressing challenges arising from regional and global developments.
At the meeting, participants recognized the completion of the ASEAN+3 Research Project to Close the Digital Gap in MSMEs conducted by the Economic Research Institute for ASEAN and East Asia (ERIA) and the ASEAN Secretariat.
The meeting also acknowledged China's proposal on organizing the ASEAN+3 industrial chain and supply chain cooperation conference, and assigned the Senior Economic Officials Working Group (SEOM+3) to continue to discuss concepts to clarify necessary details.
The participants highly valued the initiative of the East Asian Business Council (EABC) in promoting the implementation of the Regional Comprehensive Economic Partnership (RCEP) agreement, supporting ASEAN's carbon reduction agenda and promoting digital initiatives in the region, especially e-payment.
They also welcomed the results of the EABC - JETRO Business Outlook Survey 2023 and believed in ASEAN businesses' potential to expand their business in the region.
In addition, they pledged to back Timor Leste to become an ASEAN member state, support the strengthening of the World Trade Organization (WTO) to ensure that it continues to operate in accordance with its purposes and orientations.
According to ASEAN data, trade between ASEAN and the three partner countries increased 10.2%, from a total value of USD 1.101 trillion in 2021 to USD 1.213 trillion in 2022. Meanwhile, total foreign direct investment (FDI) from the three countries into ASEAN rose 13.8%, from USD 48 billion in 2021 to USD 54 billion in 2022, accounting for 24.3% of total FDI inflow into ASEAN.
Source: VNA