Malaysia is hosting the 16th ASEAN Economic Ministers’ Retreat (AEM Retreat) on 27-28 February 2010 in Putrajaya. The Retreat is held with the objective of allowing Ministers to exchange and deliberate on strategic issues in relation to ASEAN’s economic integration as well as external economic relationship with Dialogue Partners.
Several ministers and senior officers have arrived for the 16th Asean Economic Ministers' Retreat: Brunei Second Minister of Foreign Affairs and Trade Pehin Dato Lim Jock Seng,Cambodia Senior Minister and Minister of Commerce Cham Prasidh and Myanmar Minister of National Planning and Economic Development U Soe Tha.
Other participants of the retreat are Malaysia's International Trade and Industry Minister Datuk Seri Mustapa Mohamed, Indonesia's Minister of Trade Dr Mari Elka Pangestu, Laos Minister of Industry and Commerce Dr Nam Viyaketh and Philippines Trade and Industry Secretary Peter B Favila.
Other attendees are Singapore Minister of Trade and Industry Lim Hng Kiang, Thailand Vice-Minister of Commerce Alongkorn Ponlaboot and Vietnam Minister of Industry and Trade Dr Vu Huy Hoang.
This year’s Retreat is held at a very challenging time as economies embark on recovery measures from the global financial crisis. At the Retreat, Ministers will be deliberating on a number of issues pertaining to the full implementation of the ASEAN Free Trade Area, liberalisation of services under the 8th Package to be completed by 2010, pursue facilitation of investments into the region and addressing gaps in creating a single market.
Within ASEAN, a number of initiatives have been realised on 1 January 2010. These include the full implementation of the ASEA-China Free Trade Agreement (ACFTA) and ASEAN-Korea Free Trade Agreement (AKFTA), as well as the commence of the ASEAN-India Free Trade Agreement (AIFTA) and the ASEAN-Australia-New Zealand Free Trade Area (AANZFTA).
The Ministers are also expected to discuss on the future strategic direction of ASEAN over the next few years and beyond the ASEAN Economic Community (AEC) 2015. A major challenge faced by ASEAN is to continuously enhance ASEAN’s ability to remain as an international centre for attracting FDIs.
They will discuss ways to enhance intra-Asean trade beyond the current level of 21 to 25 per cent total trade and promote integration of manufacturing processes within the region to strengthen industrial linkages in creating higher value-added activities.
Strengthening ASEAN economic integration remains an urgent priority as ASEAN remains as an important market for Vietnam’s trade. Since the implementation of the ASEAN Free Trade Area (AFTA) in 1995, Vietnam’s trade with the region has continued to increase. Many Vietnam companies have been utilising the preferential trading arrangement provided under AFTA to increase their exports to the region. Similarly, Vietnam companies have taken advantage to set-up operations in the neighbouring countries through outward investments.
In 2009, Vietnam’s trade with ASEAN was valued at US$22.9 billion, with exports amounting to US$8.9 billion and imports of US$14 billion. Total FDI invest in Vietnam of Asean is over US$60 billion.
Huong Ly
Vietnamese
