The Vietnamese delegation to the event was led by Deputy Minister of Industry and Trade Nguyen Cam Tu.
The Meeting which took place within the framework of the 48 th ASEAN Economic Ministers’ Meeting (AEM 48) and related meetings was chaired by H.E. Mrs. Khemmani Pholsena, Minister of Industry and Commerce of Lao PDR.
The Ministers commended the establishment of the ASEAN Economic Community (AEC) in 2015 as a major milestone in regional economic integration. During the Meeting, they exchanged views on regional economic development. The combined GDP of the participating EAS countries hit 41.67 trillion USD in 2015, a slight decrease from 42.02 trillion USD in the previous year. In addition, total trade between ASEAN and its eight EAS partner countries reached 1.05 trillion USD in 2015, as compared with 1.11 trillion USD in 2014, according to the Ministers.
The Ministers noted that trade between ASEAN and other EAS countries makes up 46.3 percent of the bloc’s accumulated trade. Up to 52.1 billion USD in foreign direct investment (FDI) from EAS countries landed in ASEAN in 2015, representing 43.3 percent of the group’s total FDI.
The Ministers also welcomed the new AEC Blueprint 2025, which envisages an AEC by 2025 that is highly integrated and cohesive; competitive, innovative and dynamic; with enhanced connectivity and sectoral cooperation; a more resilient, inclusive, and people-oriented, people-centred community, and integrated with the global economy. They noted the impact of Brexit on the global economy. The delegates said risks of a global economic slowdown still exist, adding that the below-expectation recovery of developed economies and tightened financial conditions may pose challenges for regional growth.
The Ministers stressed the role of open trade policies and a safe global trade system in boosting economic growth and mentioned the signing of the Trans-Pacific Partnership (TPP) agreement, and progress made in Regional Comprehensive Economic Partnership (RCEP) negotiations. They welcomed the outcomes of the tenth WTO Ministerial Conference in Nairobi, Kenya, in December, 2015 as well as the issuance of the Nairobi Ministerial Declaration. The Ministers hailed that the Nairobi Package is one of the most important achievements in the field of agriculture gained by WTO members which will bring great benefits to all WTO members.
The Ministers said that they will support the implementation of the Decisions reached in Nairobi. They also welcomed the outcomes of the G20 Conference of Trade Ministers in Shanghai last July, saying relevant sides stand ready to enhance cooperation to contribute to the success of the G20 Hangzhou Summit scheduled for September
The Ministers reaffirmed their efforts to enhance regional economic integration in the East Asia region. They also encouraged the interaction between the policy makers of EAS and Economic Research Institute for ASEAN and East Asia (ERIA) and the support of EAS participating countries to ERIA.
