Vietnam champions ASEAN economic integration at AEM 56 in Laos

The Vietnamese delegation, led by Deputy Minister of Industry and Trade Nguyen Sinh Nhat Tan, underscored ASEAN's central role in economic and trade cooperation, both regionally and in the global supply chain.

Vietnam advocated initiatives on promoting priority economic cooperation proposed by Laos and contributed opinions on preparations for the signing of the Protocol amending the ASEAN-China Free Trade Agreement (ACFTA) 3.0. The delegation also pushed for negotiations to upgrade the ASEAN Trade in Goods Agreement (ATIGA) and voiced opinions on the possibility of an ASEAN-Gulf Cooperation Council (GCC) Free Trade Agreement.

These contributions underlined Vietnam's commitment to regional economic integration and its active role in fostering global and regional economic growth and strengthening regional supply chains.

The Vietnamese delegation also welcomed feedback from other ASEAN countries to refine policies aimed at boosting regional trade and investment.

A significant outcome of the meeting was the approval of the ASEAN Declaration on Enhancing Supply Chain Connectivity, which will be submitted to the 24th ASEAN Economic Community Council Meeting and the 44th-45th ASEAN Summits scheduled for October 2024.

Ministers also engaged in discussions on economic cooperation activities between ASEAN and its dialogue partners, including the US, China, the European Union (EU), Japan, the Republic of Korea, Australia, New Zealand, India, Russia, Canada, and the UK; as well as reviewed the implementation of free trade agreements between ASEAN and its partners.

On the sidelines of the event, ministers met with the ASEAN Business Advisory Council (ABAC), endorsing recommendations from the ASEAN Secretariat on strengthening the public-private cooperation mechanism between ASEAN and ABAC.

Following the AEM 56, a series of consultations between ASEAN economic ministers and dialogue partners are scheduled for September 19-22./.