AEM 48 creates foundation for ASEAN Economic Community’s growth

Cooperation programs adopted at the meeting create a foundation for ASEAN to boost internal and external cooperation, successfully develop the ASEAN Economic Community, and strengthen its role as the world’s 6th largest economic region.

2016 is the first year ASEAN implements the AEC Blueprint 2025 on boosting the ASEAN Economic Community’s growth following its birth on December 31st, 2015. 

Under the roadmap, ASEAN aims to expand its economic integration, achieve high and sustainable economic growth, and effectively cope with economic challenges.

At the AEM 48, ASEAN Economic Ministers adopted a number of cooperation frameworks on ASEAN Trade Facilitation, ASEAN Food Safety Management, and ASEAN Mechanisms on Financial Approaches for small, medium, and super small enterprises. 

They approved a Working Program on ASEAN Start-up, and a Strategic Action Plan to implement the AEC Blueprint 2025 in commodity, services, investment, customs, competition, consumer protection, and intellectual property.

The ministers introduced initiatives to facilitate trade and reduce costs and time for enterprises including self-issuance of certificates of origin, ASEAN one-door mechanism, and online trade consultation mechanism. 

They agreed to implement the ASEAN Movement of Natural Persons Agreement or MNP Agreement, complete the revised Protocol on strengthening the liberalization of the investment environment within ASEAN, and promote fair competition.

Enhancing economic cooperation with partners is identified as a key factor for the success of the ASEAN Economic Community. 

At AEM 48, ASEAN Economic Ministers and their partners from China, the Republic of Korea, Japan, India, the US and Russia agreed to recommend the adoption of a joint statement between ASEAN and China on industrial capacity cooperation as a deliverable of the commemorative summit marking the 25th anniversary for China-ASEAN dialogue relationship in September. 

They agreed to prepare for the signing of a legal document on the results of service and investment negotiations within the framework of the ASEAN-Japan Comprehensive Economic Partnership, and review the ASEAN-India Trade Agreement. 

ASEAN Economic Ministers and their Russian and US partners agreed to set up US-ASEAN Connectivity Centers in Singapore, Bangkok and Jakarta and establish ASEAN-Russia Economic Partnership in Connectivity.

ASEAN is the world’s 6th largest economic region. It expects to obtain a growth rate of 4.5% in 2016 and 4.8% in 2017.