ASEAN affirms central role in creating new trade architecture: AEM-50

Through the negotiations of the Regional Comprehensive Economic Partnership (RCEP), the Association of Southeast Asian Nations (ASEAN) has affirmed its central role in creating new regional trade architecture that contributes to the multilateral trading system and creating momentums to boost trade liberalisation and commercialisation.
asean affirms central role in creating new trade architecture: aem-50 hinh 0
ASEAN economic leaders take photo at the event (Photo: Xinhua/VNA)

This is particularly important given obstacles posed by trade protectionism and unilateralism in international trade relations, participants said at the 50th ASEAN Economic Ministers (AEM-50) Meeting and Related Meetings, which wrapped up in Singapore on September 1, after four days of working.

Economic ministers from ASEAN stated that the AEM-50 has significant meaning to push negotiations of free trade agreements (FTAs) between ASEAN and its partners, especially the RCEP.

The negotiations of the RCEP are expected to be concluded at the end of 2018 with important tasks such as building mechanisms on customs procedures and trade facilitation in the region, competitiveness policy, intellectual property, elimination of trade barriers, e-commerce development, building ASEAN trade facilitation indicators, supporting micro, small, and medium enterprises, optimising trade incentives, and narrowing development gap among ASEAN countries.

During the AEM-50, ministers focused discussion on ASEAN priorities for economic-trade cooperation in 2018, reviewed the roadmap to realise its commitments in agreements and the implementation of priorities in 2018 to look toward the completion of building the ASEAN Economic Community 2025.

Ministers signed the First Protocol to Amend the ASEAN Trade in Goods Agreement (ATIGA) to allow the operationalisation of the ASEAN-wide Self-Certification (AWSC), and the Protocol to implement the 10th ASEAN Framework Agreement on Services (AFAS). 

That businesses are allowed to self-certify the origin of their products is considered a significant stride in ASEAN to support enterprises, especially small and medium sized ones, to make better use of incentives within ASEAN framework.

Such outcomes will be further promoted to report at the 33rd ASEAN Summit and related meetings in November in Singapore.

Regarding extra-bloc cooperation, ministers underlined positive results that ASEAN had gained while implementing FTAs with partners such as India, China, the Republic of Korea, Japan, Australia, New Zealand and China.

Minister of Industry and Trade Tran Tuan Anh, head of the Vietnamese delegation, said the AEM-50 and related meetings are very significant for Vietnam in preparation for the ASEAN meetings in 2020.

Vietnam has coordinated with other member states to maintain the leading role of ASEAN as well as push ahead with negotiations to protect the benefits of ASEAN nations, he said.

With the aim of reaching a high-quality and interest-balance agreement, Vietnam had actively joined discussions and put forth proposals in some fields to address disagreements between the involved parties but still ensure national interests, he added.

The country has also built a negotiation package on investment for ministers’ approval. Along with other ASEAN countries, Vietnam has actively contributed to the conclusion of negotiations of a chapter on customs procedures and trade facilitation.

On the sidelines of the AEM-50, Minister Tran Tuan Anh met with his counterparts from Singapore, Indonesia and the Republic of Korea to discuss bilateral cooperation as well as regional and multilateral collaboration.

VNA

Other News

National Assembly Chairman urges renovation in leadership, working style

National Assembly Chairman urges renovation in leadership, working style

The NA's Committee for Cultural and Social Affairs has moved fast to reshuffle its organisation after the 14th National Party Congress and the election of deputies to the 16th NA, updating its work agenda to match new directives set out in the resolutions of the 14th National Party Congress and the first Congress of the NA Party Organisation for the 2025–2030 term.

Vietnam treasures ties with Croatia: PM

Vietnam treasures ties with Croatia: PM

Vietnam and Croatia should strive to double bilateral trade turnover from the current level of 161 million USD; study the establishment of a Joint Committee on Economic Cooperation to create a long-term, stable, and effective framework for collaboration, said Prime Minister Le Minh Hung.

President Ho Chi Minh's enduring legacy highlighted at Venezuela commemoration

President Ho Chi Minh's enduring legacy highlighted at Venezuela commemoration

Vice President of the United Socialist Party of Venezuela (PSUV) Jesús Faria expressed deep admiration for President Ho Chi Minh and Vietnam’s indomitable struggle for national independence. He described President Ho Chi Minh as an immortal symbol of 20th-century national liberation movements, whose legacy continues to inspire leftist parties, progressive movements, and peoples across Latin America, including Venezuela.

Vietnam proposes key cooperation orientations at BRICS Foreign Ministers' Meeting

Vietnam proposes key cooperation orientations at BRICS Foreign Ministers' Meeting

Deputy Foreign Minister Nguyen Minh Hang shared Vietnam’s approach to building an independent and self-reliant economy linked to deep international integration, while proposing several key areas for enhanced cooperation between BRICS and partner countries at the Expanded BRICS Foreign Ministers' Meeting that opened on May 14 in India.

Vietnam asks parties to respect its sovereignty over Truong Sa

Vietnam asks parties to respect its sovereignty over Truong Sa

PSNews - The spokesperson stated that the dispatch of personnel by relevant parties to features belonging to Truong Sa without Vietnam’s permission constitutes a violation of Vietnam’s sovereignty under international law. She stressed that such actions run counter to the Declaration on the Conduct of Parties in the East Sea (DOC) as well as ongoing efforts by countries to negotiate a Code of Conduct in the East Sea (COC).

Hanoi to host ASEAN Future Forum 2026 in mid-June

Hanoi to host ASEAN Future Forum 2026 in mid-June

PSNews - Vietnam’s proposals placed the highest priority on ensuring a peaceful and stable environment conducive for continued sustainable development and improving the well-being and happiness of the ASEAN people. They were praised by member states and incorporated into the core contents of the ASEAN Leaders’ Statement on the response to the Middle East crisis.

Vietnam promotes cooperation with United Nations on crime prevention

Vietnam promotes cooperation with United Nations on crime prevention

Vietnam highly values the support of the United Nations Office on Drugs and Crime (UNODC) in strengthening national capacity in crime prevention and criminal justice, drug control, and addressing emerging challenges, particularly cybercrime, said Ambassador Vu Le Thai Hoang.

Party, State leader calls for consolidation of central steering committees on legal, judicial reform

Party, State leader calls for consolidation of central steering committees on legal, judicial reform

Consolidating the central steering committees for institutional and legal reform and for judicial reform is necessary in order to streamline organisational structures without reducing responsibilities, while ensuring clear accountability, measurable outputs and concrete results. Following the restructuring, the body will be renamed the central steering committee for institutional improvement and law enforcement, with the Party General Secretary and State President serving as its head.

Vietnam strives for substantive outcome at NPT review conference

Vietnam strives for substantive outcome at NPT review conference

At the meeting this week, Ambassador Viet briefed the UNGA President on developments during the first two weeks of the conference. He stressed that the current international geopolitical landscape poses numerous complex challenges, while reaffirming Vietnam’s determination, together with other member states, to promote substantive and balanced outcomes at the conference.

Top leader of Vietnam receives Vientiane official in Hanoi

Top leader of Vietnam receives Vientiane official in Hanoi

The host leader stressed that cooperation between localities, particularly between the capitals of Hanoi and Vientiane, plays an especially important role as a pioneering force in effectively implementing the foreign polices of the two Parties and States, while also serving as a bridge between politics and development, as well as between strategy and concrete action.