Viet Nam attends 55th ASEAN Economic Ministers' Meeting
VGP - Minister of Industry and Trade Nguyen Hong Dien attended the 55th ASEAN Economic Ministers' Meeting inSemarang, Indonesia, on August 19.
At the meeting, Viet Nam gave constructive comments to issues related to intra-ASEAN economic cooperation such as the signing of the Protocol for the Second Amendment of the ASEAN-Australia-New Zealand Free Trade Agreement (AANZFTA), negotiations to upgrade the ASEAN Trade in Goods Agreement (ATIGA), and preparations for starting the negotiations of the ASEAN Digital Economy Framework.
Viet Nam's contributions to the meeting has manifested its strong commitments to regional economic integration, and its active role in taking part in activities that create impetus for global and regional economic growth, promoting post-COVID-19 economic recovery and consolidating regional supply chains.
Secretary-General of ASEAN Kao Kim Hourn attended the event, which saw the participation of economic ministers from 10 ASEAN Member States.
The meeting discussed the latest macroeconomic development and investment trends in the region, as well as the progress of the implementation and enhancement to the ASEAN Comprehensive Investment Agreement (ACIA), including the substantially concluded 5th Protocol to Amend the ACIA, which is targeted to be signed in 2024.
Meanwhile, other crucial issues including Indonesia's prioritized economic cooperation initiatives in 2023 ASEAN Chairmanship, the ASEAN Strategy for Carbon Neutrality, and the upgrading of ATIGA were also referred.
According to the Asian Development Bank, ASEAN's economic growth reached 5.1 percent in 2022 and is forecast to reach 4.6 percent and 4.9 percent in 2023 and 2024, respectively.
In 2022, ASEAN's trade turnover reached US$3.8 trillion, up 14.9 percent compared to 2021. China is still ASEAN's main trading partner with two-way turnover reaching US$722.2 billion, accounting for 18 8 percent of the total trade turnover of the region, followed by the U.S. (10.9 percent) and the European Union (7.7 percent).
Meanwhile, intra-ASEAN trade accounted for 22.3 percent of total trade turnover, up from 21.3 percent in 2021. In terms of investment, total capital poured into ASEAN reached US$224.2 billion in 2022, an increase of 5.5 percent compared to 2021./.