ASEAN Economic Ministers agreed to endorse Laos’ priority economic achievements during the 2024 ASEAN Chairmanship during the 30th ASEAN Economic Minister (AEM) Retreat which took place in Luang Prabang, Laos, Saturday (9/3).
Director General of International Trade Negotiations of the Ministry of Trade Djatmiko Bris Witjaksono said the ministers also agreed to endorse eight priorities for the economic achievements of the Lao Chairmanship under the authority of the AEM.
“In principle, these priorities are a continuation of economic achievements when Indonesia was Chair of ASEAN such as the enactment of the Second Protocol of the ASEAN-Australia-New Zealand Free Trade Agreement (AANZFTA),” Djatmiko said through a statement here on Saturday.
The meeting began with a consultation session with the ASEAN-Business Advisory Council (ASEAN-BAC) which focused on six priority areas.
The priorities include sustainable development, trade and investment facilitation, as well as connectivity and supply chains. The consultation aimed to enhance collaboration with business players.
At this meeting, ABAC Indonesia representatives encouraged the improvement of the carbon market in the ASEAN region through the ASEAN Alliance Carbon Market (AACM). The ministers also noted the progress of ASEAN negotiations and cooperation.
These include the progress of the ASEAN Community Vision 2045 and the ASEAN Economic Community Strategic Plan, the ASEAN Digital Economy Framework Agreement (DEFA) negotiations, the ratification of the ASEAN Services Facilitation Framework (ASFF).
Also the ASEAN Trade in Goods Agreement (ATIGA) Upgrading Negotiations, the ASEAN-China Free Trade Area (ACFTA) Upgrading Negotiations, and the Implementation of the Regional Comprehensive Economic Partnership (RCEP).
Djatmiko said that Indonesia as the Chair and Coordinating Country of RCEP appreciates and expects full support from ASEAN Ministers.
“Through this support, the RCEP support unit can be operationalized as soon as possible in Jakarta and RCEP accession procedures can be completed soon. We also encourage all ASEAN countries to take advantage of economic and technical cooperation offered by partner countries to improve RCEP implementation,” said Djatmiko.
With the theme “ASEAN: Enhancing Connectivity and Resilience”, Laos as ASEAN Chair focuses on the ASEAN community by realizing opportunities in facing the challenges of geopolitical and geoeconomic changes, as well as developing regional architecture for stability, peace, and development in the region.
The next meeting of ASEAN Ministers with Ministers of ASEAN Partner Countries will be held on September 18-22, 2024 in Vientianne, Laos.