InfoQuest (February 18, 2020) -- Mr. Pitak Udomwichaiwat, deputy permanent secretary of the Ministry of Commerce, revealed that he was entrusted by the permanent secretary of the Ministry of Commerce to attend the 37th meeting of the High-level Task Force on ASEAN Economic Integration (HLTF-EI) held in Hanoi, Vietnam on February 12, 2020. The meeting was held at the level of permanent secretary for economic affairs, the Think Tank responsible for laying down ASEAN economic strategies. The meeting analyzed the relationship between ASEAN and countries beyond the region that will be engaged in economic partnership agreement negotiations with ASEAN in the future.
The meeting includes the following important topics. Vietnam, as ASEAN's rotating chair this year, proposed the economic issues that it hopes that ASEAN members will work together to address this year. The meeting also assessed half-way achievements of the ASEAN Economic Community (AEC). Meanwhile, it urged ASEAN members to negotiate economic partnership agreements with trading partners after signing the Regional Comprehensive Economic Partnership (RCEP). It also proposed the self-tuning ASEAN should make in response to future changes. In addition, the meeting also emphasized that the RCEP should be completed this year.
The meeting attached great importance to the assessment of the half-way outcomes achieved by the ACE. As the global economic situation, technology and innovation changes have changed a lot since 2015, regarding whether it is possible to meet the target set for 2025, it is important to assess how much has been accomplished in the past, in what areas success has been made and what needs to be improved, as well as possible trends in the global trade that will affect ASEAN economies. At the meeting, the ASEAN Secretariat was appointed to complete the assessment by 2020 and develop recommendations on follow-up actions to set the future development direction for the region and ensure the realization of relevant goals by 2025.
All parties also exchanged broad views on which countries ASEAN should establish close economic ties with after the conclusion of the RCEP negotiations. Currently, the countries interested in establishing economic partnership with ASEAN include: European Union member states, Canada, Chile, and Eurasian Economic Union (EAEU) member states (Belarus, Kazakhstan, Kyrgyzstan, Armenia and Russia). ASEAN is now conducting feasibility assessment and analysis on potential destinations where the region can increase trade volume and investment. All the above countries have their own weaknesses and strengths, and have different standards and requirements for liberalization.
Under the theme "Cohesive and Responsive ASEAN", Vietnam, as ASEAN chair, raised 14 economic issues that it expects ASEAN member states to accomplish this year. These issues are a continuation of previous Thai initiatives, such as establishing mechanisms to monitor and evaluate digital integration, developing work plans to combat illegal, unreported and unregulated (IUU) fishing, and completing the signing of the RCEP after Thailand pushed for the conclusion of the negotiations last year. All parties at the meeting pledged to work together to achieve the goals this year as they did last year when Thailand served as the rotating chair. It was the first time that ASEAN achieved all the goals set by the rotating chair last year, including the completion of ASEAN Single Window, a regional initiative that connects and integrates National Single Window of ASEAN member states and the RCEP negotiations.
Mr. Pitak added that Thailand attached great importance to this meeting. It proposed developing guidelines for ASEAN to adapt to economic changes in the new era, and urged to push ASEAN to make self-adjustment to accommodate new technologies and innovations and become the global trade and investment center, and to increase the proportion of local products and services in the global value chain.
The meeting also stressed the need to complete the signing of the RCEP this year, and to this end permanent secretaries for economic affairs in the region will take all actions to push India to join the RCEP within this year.
ASEAN is made up of 10 member countries -- Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand and Vietnam. With a total population of over 650 million, the region has a GDP of 2.9 trillion U.S. dollars, accounting for 3.4 percent of global GDP. As yet, ASEAN has signed six free trade agreements (FTAs) with seven countries and regions, including China, Japan, the Republic of Korea, Australia, New Zealand, India and Hong Kong (China), and completed the RCEP negotiations in Thailand at the end of 2019.
Source: InfoQuest, by Phana / Kasamarporn / Rachada, translated by Xinhua Silk Road
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