ASEAN economic ministers discuss ways to overcome economic uncertainty

Economic ministers participate online at the bridge points. Photo: CD

On May 20, a special consultation conference between economic ministers of ASEAN countries and their counterparts from China, Australia - New Zealand, and Japan took place online.

The meeting was attended by Timor-Leste's economic minister as an observer and ASEAN Secretary-General Kao Kim Hourn.

The ministers highly appreciated the initiative to hold the conference to discuss and assess the challenges and impacts on trade, investment and economic integration; discuss the strategic approach of ASEAN and partner countries to the current unstable economic situation...

Vietnamese representative attends the conference at the Ministry of Industry and Trade bridge. Photo: CD

At the conferences, Deputy Minister of Industry and Trade Nguyen Hoang Long shared Vietnam's view of supporting ASEAN, as a united and united bloc with a comprehensive, flexible and practical strategic approach in enhancing the autonomy of the intra-bloc economy, as well as enhancing economic connectivity with important partner countries, to respond to current challenges.

With the US's reciprocal tariff policy, Vietnam has had timely, appropriate and flexible policy responses, following the motto of persistently, proactively dialogue and cooperation with the US to resolve difficulties and problems in the spirit of harmonious benefits and shared risks.

At the same time, Vietnam focuses on maintaining a healthy international cooperation environment, in accordance with the regulations of the World Trade Organization (WTO), without affecting commitments under existing economic and trade cooperation frameworks with partners. On that basis, the two sides are currently negotiating to find appropriate and mutually beneficial solutions.

Vietnam pledges to continue to closely coordinate with ASEAN and partner countries to seek cooperation opportunities in potential areas of mutual interest, including effectively utilizing the ASEAN-China Free Trade Agreement (ACFTA 3.0) and the Regional Comprehensive Economic Partnership (RCEP) to respond to current challenges, towards a transparent, stable and fair international trade environment.

At the conferences, the ministers adopted three joint statements expressing their views on current developments and trade tensions, pledging to further strengthen economic cooperation between ASEAN and partner countries within existing mechanisms and FTAs ​​as well as exploiting priority areas of mutual interest; reaffirming their commitment to supporting a multilateral trading system based on rules, non-discrimination, openness, fairness, comprehensiveness, equality and transparency, which is the basis of global trade.

Source: https://hanoimoi.vn/cac-bo-truong-kinh-te-asean-ban-cach-vuot-bat-on-kinh-te-702919.html