Jakarta, 3 September 2023: The Economic Research Institute for ASEAN and East Asia (ERIA) and the ASEAN Business Advisory Council (ASEAN-BAC) have officially signed a Memorandum of Understanding (MoU) during the ASEAN Business and Investment Summit, which took place in Jakarta on 3 September 2023. President Tetsuya Watanabe represented ERIA, while Arsjad Rasjid, Chairman of the Indonesian Chamber of Commerce and Industry and ASEAN-BAC, represented the ASEAN-BAC.

This MoU marks a significant milestone in the ongoing partnership and collaboration between the two entities. The partnership aims to promote regional economic integration, mutual growth, and healthy business competition within ASEAN. It will address trade and investment facilitation, digital innovation, sustainable economic development, and transition to sustainable energy solutions.

ASEAN-BAC, established by ASEAN Heads of State in 2001, plays a pivotal role in policy formulation and legacy programs designed to bolster regional economic integration. In the context of this partnership, ASEAN-BAC will provide strategic policy guidance, share valuable knowledge, coordinate with ERIA in formulating and implementing programs on trade and investment, and lend support to ERIA's research endeavors when it is feasible. In turn, ERIA will contribute its research expertise, assist in formulating policy recommendations, and engage in advocacy efforts.

This strategic collaboration signifies a major step towards strengthening ASEAN's position on the global economic stage and fostering regional prosperity.