According to a press release from the Malaysian Ministry of International Trade and Industry, the annual ASEAN Day is also a day of remembrance of how much ASEAN has progressed to become one of the world’s economic powerhouses since its birth on August 8, 1967 and now as the seventh largest economy in the world.

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At the event 

This year, under Brunei’s Chairmanship with the theme ‘We Care, We Prepare, We Prosper,’ ASEAN is steadily progressing towards economic recovery through various initiatives under the ASEAN Comprehensive Recovery Framework (ACRF), including the ASEAN Travel Corridor Arrangement Framework (ATCAF).

At the heart of ASEAN’s achievements during this unprecedented time of global uncertainties is the signing of the Regional Comprehensive Economic Partnership (RCEP) Agreement in November last year.

In his remarks at the commemoration, Senior Minister and Minister of International Trade and Industry YB Dato’ Seri Mohamed Azmin Ali emphasized that the signing of RCEP is not only Malaysia’s testament of its resolve and commitment to strengthen the multilateral trading system, but also an economic recovery tool against COVID-19 which will help to ensure continuous opening of markets as well as the uninterrupted flow of goods and enhancement of regional supply chains.

The ATCAF and ratification of RCEP have been identified as among the key tools for expediting regional economic recovery under the ACRF.

Source: VNA