Action plan for CLMV economic co-operation adopted

The five major areas featured include trade and investment co-operation, the fulfillment of regional commitments, post-epidemic recovery plans, a CLMV development framework, and human resource development.

This occasion marks an important event within the framework of the 52nd ASEAN Economic Ministers Meeting and related meetings which are scheduled to take place from August 22 to August 30 in Hanoi.

During his speech, Minister of Industry and Trade Tran Tuan Anh outlined that 2020 marks a very special year, with increasing protectionism occurring along with the outbreak of the novel coronavirus (COVID-19) epidemic, which has resulted in a series of supply chain breaks and disruptions. In addition, the economics, trade, investment, tourism, and investment of many countries has been severely affected, with plenty of firms facing numerous difficulties that have forced them to stop production and business activities.

These challenges pose difficulties for the CLMV bloc moving forward with their dual task of ensuring epidemic prevention and control, whilst allowing for an economic recovery. Additionally, there have certain factors which have interrupted or delayed the progress of implementing a number of projects and activities under the CLMV Action Plan for 2020.

Minister Anh therefore suggested that the CLMV strive to strengthen co-ordination on policies and measures to overcome difficulties caused by COVID-19, continuing to support business connections in a new form, removing difficulties for them in relation to import-export activities, and dealing with problems regarding border trade activities.

One of the major issues that ministers focused on was the impact of the COVID-19 pandemic on economic activities and ways of co-operation in response to the recovery efforts.

Minister Anh therefore asked participants to outline new co-operation projects on research, training, capacity building, and technical assistance in areas such as digital economy, innovation, start-up support, and smart manufacturing. In addition to a 5G ecosystem, co-operation between innovation centers of CLMV countries, transport infrastructure, trade, and logistics connectivity.

As a means of ensuring the normal operation of supply chains, to assist businesses when solving difficulties, and overcoming the declining trend of trade exchanges among CLMV countries, Minister Anh also suggested countries take a score of stronger measures aimed at facilitating trade.

This should be done alongside simplifying processes and procedures for import and export activities, and customs clearance at border gate areas, while simultaneously strengthening transport and logistic connections.

"The CLMV bloc needs to continue sharing information and experience in policy formulation, creating a favourable environment to enjoy the ongoing strong investment shift amid the COVID-19 pandemic with a view to making CLMV an important and attractive destination for investors," the minister emphasized.