ASEAN Economic Ministers Stress Commitment to Free and Fair Trade

ASEAN is committed to maintaining a free, fair, inclusive, rules-based, non-discriminatory multilateral trading system, with WTO principles at its core. This is one of the important outcomes of the 57th ASEAN Economic Ministers (AEM) Meeting which ended on the afternoon of September 26 in Kuala Lumpur.

Malaysian Minister of Trade, Investment and Industry Zafrul Aziz (left) and ASEAN Secretary-General Kao Kim Hourn (right) at a press conference.

At a press conference summarizing the five-day conference, reported by a VNA reporter in Kuala Lumpur, Malaysian Minister of Trade, Investment and Industry Zafrul Aziz said ASEAN economic ministers exchanged views on regional and global economic prospects and discussed progress in implementing priority economic goals - including key initiatives in the ASEAN Economic Community and joint initiatives of the Association with dialogue partners.

Mr. Aziz noted that the main factor dominating discussions in ASEAN internal meetings as well as consultations with ASEAN Dialogue Partners was the rising trend of protectionism and unilateral trade measures, which posed significant risks to the rules-based multilateral trading system and the stability of global supply chains.

ASEAN Secretary-General Kao Kim Hourn speaks at a press conference.

Along with the commitment to upholding free and fair multilateral trade, the ASEAN Economic Ministers also expressed their determination to work constructively with all external partners to address legitimate concerns. The meeting took note of the recommendations of the ASEAN Geo-Economic Task Force on new approaches and strategies to promote the bloc’s integration in the context of increasing geo-economic fragmentation.

On the sidelines of the upcoming Summit, ASEAN will hold a joint meeting of Economic Ministers and Foreign Ministers of member countries to promote policy unity and enhance inter-pillar coordination.

Malaysian Minister of Trade, Investment and Industry Zafrul Aziz answers questions at a press conference.

Minister Zafrul Aziz highlighted the good progress in implementing the 18 Priority Economic Goals, of which 9 are under the direct authority of the AEM, and affirmed that the ministers attending the meeting expected Timor-Leste to be officially admitted as the 11th member of ASEAN at the upcoming Summit (47th) of the bloc. AEM-57 also provided a specific roadmap for implementing the ASEAN Economic Community Strategic Plan 2026-2030.

With external partners, AEM-57 welcomed the entry into force of the Second Protocol amending the ASEAN-Australia-New Zealand Free Trade Area; acknowledged the steady progress of the ASEAN-Canada Free Trade Agreement negotiations, which are expected to achieve significant results by 2026; committed to completing the review of the ASEAN-India Trade in Goods Agreement this year; and expressed the desire to soon launch negotiations to upgrade the free trade agreement with the Republic of Korea.

The 57th AEM-57, themed “Inclusive and Sustainable”, took place from September 22-26 at the Malaysia International Trade Exhibition Centre with the participation of delegates who are economic leaders from 10 ASEAN countries and ASEAN Secretary General Kao Kim Hourn. The conference gathered more than 500 delegates, conducted a total of 20 meetings and sideline programs, including working sessions with the Association’s dialogue partners.

Source: https://baolamdong.vn/cac-bo-truong-kinh-te-asean-nhan-manh-cam-ket-voi-thuong-mai-tu-do-va-cong-bang-393397.html