ASEAN, Northeast Asian partners to boost economic linkagesFriday, August 31,2018
AsemconnectVietnam - The Association of Southeast Asian Nations (ASEAN) and its Northeast Asian partners - China, Japan and the Republic of Korea (RoK) - have reaffirmed commitments to promoting cooperation and economic integration to build a free and open East Asia region amid growing protectionism.
The ongoing trade tensions among major economies, as well as the advent of new technologies and the digital economy, have made it critical for ASEAN and the three nations to stay committed to deepening and broadening economic linkages, he said.
ASEAN has free trade deals with each of these three countries, who are also signatories of the Regional Comprehensive Economic Partnership (RCEP), a trade pact that also involves Australia, New Zealand and India.
ASEAN looks forward to working constructively and pragmatically with China, Japan and the RoK to deliver good outcomes for the RCEP negotiations by the end of this year, Chan said.
At the consultations, ministers discussed new areas of collaboration and the ASEAN Plus Three Economic Cooperation Work Programme for 2019-2020, which will guide cooperation over the next two years.
Despite uncertainties in the global economy such as trade war or growing protectionism, trade and investment ties between ASEAN and the three countries have increased remarkably.
Last year, total trade between ASEAN and the three countries increased by 16.1 percent to US$807 billion, representing 31.6 percent of the bloc’s total trade value.
Foreign direct investment (FDI) flows from China, Japan and the RoK into ASEAN reached US$29.9 billion last year, accounting for 21.8 percent of total FDI inflows into the region.
Vietnam seeks stronger multifaceted cooperation with Poland
Heads of delegations to ASOSAI 14 hosted by Vietnamese President
Vietnamese products popularised in Mozambique, Madagascar
HanoiTex draws 120 exhibitors from 12 countries
Bulgaria ready to help Vietnam achieve EU market penetration
ASOSAI 14: Strengthening commitment to high-level public audit standards
ASOSAI 14 to champion sustainable development
FTAs promise bright prospects for Vietnam’s garment-textile
Vietnam’s tax environment needs greater transparency: RoK diplomat
Can Tho, Australia discuss joint work in diverse areas
Hosting ASOSAI 14 enhances prestige of Vietnam: NA Vice Chairman
HCM City steps up economic and trade links with China
WEF willing to back Vietnam’s digital economy: WEF President
Ninh Binh to prioritise hi-tech investment projects