ASEAN Economic Ministers endorsed a proposal by Cambodia for ‘priority economic deliverables’ during the 28th ASEAN Economic Ministers’ (AEM) Retreat held via video conferencing on Wednesday, according to a statement by the Ministry of Finance and Economy (MoFE).
Cambodia’s proposal is divided into four strategic thrusts: enhancing digital connectivity, science and technology; narrowing the development gap for ASEAN’s competitiveness; promoting a more integrated, inclusive, resilient and competitive ASEAN; and strengthening global ASEAN for growth and development, said the MoFE.
Meanwhile, the ASEAN Secretariat also shared the region’s economic outlook where gross domestic product (GDP) is expected to grow by 2.9 per cent in 2021 and between 5.1-5.8 per cent for 2022.
The meeting noted that several ASEAN member states will soon re-open borders and shift towards endemic stage policies of handling the COVID-19 pandemic.
Ministers reaffirmed the need for continued close cooperation for supply chain resilience and enhanced cross-sectoral collaboration on areas of digitalisation and sustainability, particularly through regional initiatives undertaken through the ASEAN Comprehensive Recovery Framework (ACRF), Bandar Seri Begawan Roadmap on Digital Transformation of ASEAN (BSBR) and Expansion of the List of Essential Goods under the memorandum of understanding (MoU) on the Implementation of Non-Tariff Measures on Essential Goods under the Hanoi Plan of Action.
The meeting also called for the acceleration of the implementation of the ASEAN Travel Corridor Arrangement Framework (ATCAF) which can further facilitate the resumption of travel across borders.
The meeting also discussed the latest status of ASEAN’s free trade agreements (FTAs).
Date of Release: 18 March 2022
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March 23, 2022
