The minister presented Cambodia’s viewpoints on eliminating trade barriers and market reopening which, together with the impact of COVID-19, were topics discussed at the meeting.
The participating ministers agreed on the need to prioritise a mechanism for the implementation of the Hanoi Plan of Action on Strengthening ASEAN Economic Cooperation and Supply Chain Activity in Response to the COVID-19 Pandemic.
Cambodian Minister of Commerce Pan Sorasak calls for the use of digital technology to restore trust between businesses and customers, during the 52nd Meeting of ASEAN Economic Ministers on August 29. (Photo: Cambodian Ministry of Commerce)
They also approved the CLMV Action Plan 2021-2022, which will foster trade and investment cooperation, regional commitments, the common framework for CLMV development, human resources development, and the post COVID-19 rehabilitation plan.
Within the framework of the AEM-52 and related meetings, which was held in the form of teleconferencing in Hanoi, the ministers had a consultation with partners outside the grouping, including India.
The event was co-chaired by Vietnamese Minister of Industry and Trade Tran Tuan Anh and India’s Minister of Railways and Minister of Commerce and Industry Piyush Goyal.
The ministers said that to boost economic development and ensure macro-economic stability, it is necessary to reopen markets and ensure sustainable supply chains in the region, especially for essential commodities such as pharmaceuticals, medicine and food.
They recalled both sides’ efforts to ratify their investment agreement and review the ASEAN-India Trade in Goods Agreement (AITIGA).
They also highly evaluated activities of the ASEAN-India Business Council in 2020, especially amid the COVID-19 pandemic, which they said have helped promote trade and investment cooperation and mitigate negative impact of the pandemic.
ASEAN statistics showed that the trade turnover between ASEAN and India accounted for 2.7 percent of the bloc’s total trade value, while India’s investment in the bloc made up 1.3 percent of the total FDI attracted by the bloc./.