In his opening remarks, Malaythong said the meeting demonstrated the commitment of member countries to continue cooperation toward making the Association of Southeast Asian Nations (ASEAN) a competitive manufacturing hub in the region.
He stressed that since its establishment, the AFTA has consistently evolved, particularly through tariff reductions and eliminations, which facilitate trade and modernize tax reporting systems.
According to the official, ASEAN has virtually eliminated tariffs on nearly all goods, covering 98.6% of the total tariff items.
In recent years, ASEAN has tackled implementation challenges in the ASEAN Trade in Goods Agreement (ATIGA) and increased the use and exchange of electronic trade documents through the ASEAN Single Window customs notification system.
Malaythong applauded the ongoing negotiations to upgrade ATIGA, expressing his hope that the talks will conclude by the targeted 2025 deadline to further deepen trade integration within the bloc.
Throughout the meeting, delegates will contribute constructive ideas aimed at fostering an environment conducive to boosting regional trade.
ASEAN comprises 10 member states, namely Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand, and Vietnam.
Source: VNA