The economic ministers of the Asean bloc endorsed the key measures seen to further regional integration and strengthen post-pandemic recovery efforts, the Department of Trade and Industry (DTI) reported on Monday.
In a news statement, the Trade department said that the economic bloc recently met for the 53rd Asean Economic Ministers’ Meeting, proposing policies in line with the Asean Comprehensive Recovery Framework (ACRF).
“The Philippines joins the Asean Community in highlighting the importance of taking a collective course of action to strengthen and enhance economic cooperation to ensure successful implementation of recovery efforts against Covid-19, which has affected our peoples’ health and livelihood, and economic activities in the region,” said Trade Secretary Ramon M. Lopez.
“As we further implement the ACRF, we call on increased focus on key deliverables that we believe will significantly support economic recovery efforts,” he added.
Among the initiatives endorsed include the finalization of Non-Tariff Measures (NTM) Cost-Effectiveness Toolkit, which seeks to aid government in assessing NTMs; Asean Investment Facilitation Framework, which eyes to boost transparency and cooperation on investment facilitation in the region; and the Work Plan to Facilitate the Implementation of the Asean Agreement on E-Commerce, which details guidelines for the e-commerce advancement over the next five years.
Meanwhile, the Asean community also welcomed the Bandar Seri Begawan Roadmap on Asean Digital Transformation, Consolidated Strategy on the Fourth Industrial Revolution and Framework for the Circular Economy. These provide strategic framework for Asean’s digital trade and sustainable economic development.
“We are pleased to endorse Brunei Darussalam’s PEDs [Priority Economic Deliverables] and commend our senior officials for ensuring that Asean is on track with the completion of the other remaining PEDs within the year notwithstanding the challenges we are facing due to the Covid-19 pandemic,” Lopez said.
Last month, the DTI said that the Asean bloc finalized two trade facilitation initiatives with the United States: 2021-2022 Asean-US Trade and Investment Framework Arrangement (TIFA) and Expanded Economic Engagement (E3) Work Plan.
These cover the facilitation of initiatives supporting the region’s economic recovery initiatives in different fields, including digital economy; micro, small and medium enterprises; sustainable development and labor, among others.
The 38th Asean leaders’ Summit and Related Summits will be held in October.
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