Vietnam makes positive contributions to regional economic connectivity

The Vietnamese delegation, led by Deputy Minister of Industry and Trade Nguyen Sinh Nhat Tan, underlined the regional bloc’s centrality in economic and trade cooperation, both regionally and in the global supply chain.

The nation backed initiatives on ramping up priority economic cooperation proposed by Laos and contributed opinions on preparations for the signing of the Protocol amending the ASEAN-China Free Trade Agreement (ACFTA) 3.0. The delegation also pushed for negotiations to upgrade the ASEAN Trade in Goods Agreement (ATIGA) and gave opinions on the possibility of an ASEAN-Gulf Cooperation Council (GCC) Free Trade Agreement.

These contributions demonstrated Vietnam's commitment to regional economic integration and its active role in fostering global and regional economic growth and strengthening regional supply chains.

The Vietnamese delegation also welcomed feedback from other ASEAN member states to refine policies aimed at enhancing regional trade and investment.

A major outcome of the meeting was the approval of the ASEAN Declaration on Enhancing Supply Chain Connectivity, which will be submitted to the 24th ASEAN Economic Community Council Meeting and the 44th-45th ASEAN Summits slated for October 2024.

Ministers also held discussions on economic cooperation activities between ASEAN and its dialogue partners, including the US, China, the European Union (EU), Japan, the Republic of Korea, Australia, New Zealand, India, Russia, Canada, and the UK; as well as reviewed the implementation of free trade agreements between ASEAN and its partners.

On the sidelines of the event, ministers met with the ASEAN Business Advisory Council (ABAC), adopting recommendations from the ASEAN Secretariat on promoting the public-private cooperation mechanism between ASEAN and ABAC.

Following the AEM 56, an array of consultations between ASEAN economic ministers and dialogue partners are set for September 19-22.