A full-fledged recovery of the ASEAN economy will require the “unfaltering” cooperation among member states in realising the ASEAN Economic Community’s (AEC) agenda of economic integration, said Brunei’s Second Minister of Finance and Economy during the 27th ASEAN Economic Ministers Retreat. 

The two-day retreat, which began on Tuesday was held via video conferencing and is the first meeting for the ASEAN Economic Ministers in 2021, under the sultanate’s ASEAN Chairmanship. 

Chairing the meeting was Yang Berhormat Dato Seri Setia Dr Hj Mohd Amin Liew Abdullah, who shared in his remarks, that in terms of the AEC integration agenda, member states have to look into immediate-to-long term goals on economic revival.   

Some of these goals, are reflected in Brunei Darussalam’s 10 Priority Economic Deliverables (PEDs) as ASEAN Chair for 2021 which will be endorsed during the retreat. 

Divided into three strategic thrusts, the PEDs follow the theme of “We Care, We Prepare, We Prosper” and will focus on recovery, digitalisation and sustainability. 

Recovery includes the economic recovery of the region through initiatives such as streamlining non-tariff measures and investment facilitation, providing a recovery plan for the ASEAN tourism sector and opening new markets and partnerships for ASEAN, especially with the launch of the possible ASEAN-Canada FTA negotiations. 

Meanwhile, digitalisation will explore a resilient ASEAN through a safe, secure and harmonised e-commerce environment and digital ecosystem which include initiatives such as the ASEAN Agreement on E-Commerce and a regional action plan in the cyberspace arena. 

Sustainability on the other hand will look into efforts towards advancing inclusive and sustainable economic growth through the support and guidance of MSMEs, development of a regional framework for Circular Economy and cooperation in sustainable energy transitions. 

The meeting will also discuss and provide guidance among other things on the post COVID-19 recovery efforts in the region including initiatives implemented under ASEAN Comprehensive Recovery Framework; Progress under the ASEAN Economic Community including 2021 priorities of sectoral bodies under the purview of AEM and the Post 2025 Vision for the ASEAN Economic Community (AEC); ASEAN external economic relations including progress in ratifying the Regional Comprehensive Economic Partnership (RCEP) Agreement as well as status of the review on ASEAN-India Trade in Goods Agreement (AITIGA). 

The meeting will also discuss and provide guidance among other things on the post COVID-19 recovery efforts in the region including initiatives implemented under ASEAN Comprehensive Recovery Framework; Progress under the ASEAN Economic Community including 2021 priorities of sectoral bodies under the purview of AEM and the Post 2025 Vision for the ASEAN Economic Community (AEC); ASEAN external economic relations including progress in ratifying the Regional Comprehensive Economic Partnership (RCEP) Agreement as well as status of the review on ASEAN-India Trade in Goods Agreement (AITIGA). 

During the Consultation with ASEAN Business Advisory Council (ASEAN-BAC), the ASEAN-BAC led by Yang Berhormat FDr. Ar. Siti Rozaimeriyanty DSLJ Hj Abd Rahman, as ASEAN-BAC Chair, took the opportunity to brief the ministers on the priorities and initiatives for 2021. 

Among the priorities for this year is a legacy project called ‘Harnessing Impact for Resilient Employability Digitally (HIRED)’ as well as action lines that would contribute to the economic recovery in the region. 

THE BRUNEIAN | BANDAR SERI BEGAWAN

Advertisements

Follow by Email
Share
error: Content is protected !!