Regional Meeting: 28th ASEAN Economic Ministers’ Retreat Meeting

Union Minister for Investment and Foreign Economic Relations U Aung Naing Oo participated at the 28th ASEAN Economic Ministers’ Retreat Meeting on 16th March. 

The meeting was chaired by Cambodian Minister of Commerce Pan Sorasak, and attended by ASEAN Economic Ministers, the ASEAN Secretary General, Senior Economic Officials and representatives from ASEAN Countries. The Ministers endorsed nineteen Priority Economic Deliverables (PEDs) under Cambodia’s ASEAN Chairmanship in 2022.

With regard to 2022 Annual Priorities under the implementation of AEC Blueprint 2025, the ministers urged relevant sectoral bodies to exert their efforts for the timely completion of these Annual Priorities. 

In addition, the ministers noted the recommendations from the 41st High-level Task-force on ASEAN Economic Integration. In his statement, Union Minister U Aung Naing Oo welcomed and supported the Cambodia’s PEDs and highlighted the development of digital startup ecosystem Framework, the development of sustainable agriculture guidelines and the study towards formulation of sustainable tourism framework as the good foundations for ASEAN in addressing the challenges of long-standing pandemic.

The Union Minister reaffirmed to work closely with all ASEAN Member States for the timely completion of PEDs. The afternoon session of the 28th ASEAN Economic Ministers’ Retreat was joined by Deputy Minister U Than Aung Kyaw. The meeting noted the implementation status of ASEAN Comprehensive Recovery Framework which is whole of community approach to support ASEAN’s economic recovery efforts from pandemic.

The attendees also exchanged views on digital transformation efforts and economic recovery works of ASEAN and announced the launch of the ASEAN Trade in Good Agreement upgrade negotiations. The meeting agreed to extend the life span of Memorandum of Understanding on the Implementation of the Non-Tariff Measures on Essential Goods.

They also frankly shared their views on the economic consequences from Russia-Ukraine Conflict. Before 28th ASEAN Economic Ministers’ Retreat meeting, the ASEAN Economic Ministers’ interface with the representatives of the ASEAN Business Advisory Council was held. The Deputy Minister attended the interface session with the economic ministers from ASEAN Member States. 

The Chairman of ASEAN Business Advisory Council and its members presented the council’s priorities and initiatives for 2022 and the suggestions for strengthening ASEAN economic integration. The Deputy Minister highlighted the importance of maintaining ASEAN centrality and strengthening ASEAN solidarity for overcoming the economic challenges, and discussed the post pandemic economic recovery efforts.

The meeting highlighted the importance of Public-Private cooperation in implementing the ASEAN Economic Community and welcomed the private sector’s contribution in regional economic recovery efforts in responding to pandemic.