Further review of AEC Blueprint 2025 among highlights at ASEAN Economic Ministers virtual meeting

By ANIS FARHANAH MALEK
anisfarhanah@dagangnews.com

KUALA LUMPUR 24 August - Further monitoring and reviewing of ASEAN Economic Community (AEC) Blueprint 2025 implementation is one of the highlights at the 52nd ASEAN Economic Ministers (AEM) Meeting that is being held from 24 until 29 August 2020. 

For the first time in ASEAN’s history, the AEM Meeting is held virtually and hosted by Vietnam as the Chair of ASEAN 2020 as well as led by Senior Minister and Minister of International Trade and Industry (MITI), Datuk Seri Mohamed Azmin Ali, on behalf of Malaysia’s participation. 

The AEM Meeting is an important annual platform for ASEAN Economic Ministers to deliberate on the broadening and deepening of economic integration within the region, as well as to engage with significant external partners.

MITI in a statement said, the AEM Meeting will also recommend and provide the best solutions to issues that hinder the economic development of ASEAN. 

“At this AEM Meeting, the Economic Ministers will further monitor and review the implementation of the AEC Blueprint 2025 undertaken by the responsible sectoral bodies and the progress on the priority economic deliverables under Vietnam’s Chairmanship of ASEAN 2020. 

“The meeting is also set to follow up on the decisions made by leaders at the ASEAN Summit on 26 June 2020. This year marks an important milestone for ASEAN as the region reached its mid-term review for the AEC Blueprint 2025 implementation,” said MITI. 

Malaysia has also been capitalising from economic integration initiatives under various external economic relationships and partnerships. 

MITI noted, for sustainable economic growth, Malaysia continues to assume an active role in materialising the integration agenda under the AEC Blueprint 2025. 

This includes keeping markets open and maximising the potential of ASEAN trade and investment.

Meantime, Mohamed Azmin said, AEC is the cornerstone of Malaysia’s trade policy and remains an important platform towards creating a deeply integrated and highly cohesive regional economy as well as a competitive, innovative and dynamic region. 

“The COVID-19 pandemic has presented unprecedented challenges, which have adversely impacted the global socio-economic growth as well as the lives and livelihoods of the people,” said him in the same statement. 

During the six-day meeting, the Economic Ministers will be in consultation with Dialogue Partners to evaluate the economic cooperation programmes and the progress in the implementation of various free trade agreements (FTAs). 

Apart from that, a Ministerial Meeting on the Regional Comprehensive Economic Partnership (RCEP) Agreement will take place on 26 – 27 August 2020.

It is expected that ministers will focus on the full conclusion of the negotiations and the preparation for signing of FTA during the ASEAN Summit in November 2020. - DagangNews.com