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ASEAN Economic Ministers Retreat concludes
(Bqp.vn) - The 20th ASEAN Economic Ministers Retreat (AEM Retreat) wrapped up in Singapore on February 27 after two days of meetings.
Minister of Industry and Trade Vu Huy Hoang.
The ministers discussed regional economic issues, agreeing on 2014 priorities towards the establishment of an ASEAN Economic Community (AEC) and the completion of negotiations for the Regional Comprehensive Economic Partnership (RCEP) by 2015.
They agreed that in the medium-term, the bloc’s economic outlook seems robust due to rising domestic demand, particularly from consumption and the private sector’s infrastructure investment.
However, capital outflows, sharp currency depreciation and emerging inflation pressures, are risks the bloc has to deal with by maintaining the macroeconomy, the ministers conformed.
Participants also emphasised the need to implement the ASEAN Framework for Equitable Economic Development, strengthen regional co-operation for small and medium-sized enterprises and develop a regional framework for public-private partnerships.
They welcomed the Bali Package reached at the World Trade Organisation’s 9th Ministerial Conference in December, 2013.
The ministers also noted that the 2015 target is not an end-date to conclude the initiatives of realising the AEC, saying that the pursuit of expanding and deepening market integration will need to continue beyond 2015.
They also backed the decision to set up a working group, the High Level Task Force on ASEAN Economic Integration, to develop a draft framework for enhanced ASEAN economic integration for the next 10 years.
In an interview with the Singapore-based Vietnam News Agency correspondent, Minister of Industry and Trade Vu Huy Hoang said Vietnam and other ASEAN member nations talked ways to achieve the ASEAN Economic Community by 2015, negotiating the Regional Comprehensive Economic Partnership, and realising the legal documents within the ASEAN and ASEAN+1 framework.
Vietnam is among the regional countries that have undertaken the most initiatives for the AEC and ranks third in terms of realising priorities, with 87.5 % met.
On the fringes of the AEM Retreat, Hoang and his counterparts from Brunei, Indonesia, the Philippines, Singapore and Thailand held an in-depth discussion on production and consumption, including the export of farm produce, under sustainable development and poverty reduction.
Meeting with the media after the event, ASEAN Secretary General Le Luong Minh said ministers expressed optimism about ASEAN’s economic performance over the past two years and for 2014-2015, saying that it is owing to strong demand from economies in and outside the bloc, particularly in infrastructure and finance.
On the RCEP negotiations, he said key solutions were adopted to realise the AEC by 2015.
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