Virtual Meeting between ASEAN Foreign Ministers and Foreign Secretary ASEAN Chairman’s Statement
Note: This article was originally published in Mirage News. ERIA was mentioned.
...The Meeting acknowledged the UK as the region’s 12th largest trading partner and the region’s 6th largest foreign direct investment (FDI) source in 2019. The Meeting welcomed the significant value of trade between ASEAN and the UK, with total trade equalling GBP36.4 billion in the four quarters to the end of Q3 2020. The Meeting reaffirmed its commitment to free trade within the international rules-based system, noting that this is vital to economic recovery and future growth. The Meeting recognised the importance of maintaining resilient global supply chains and supporting global economic recovery by keeping markets open to trade and investment, free from unnecessary restrictions in accordance with countries’ respective commitments within the international rules-based system. This will facilitate sustainable and inclusive global and regional economic growth by working closely with all relevant international and regional organisations and financial institutions, restoring business confidence in the region, and supporting regional connectivity. The Meeting noted the work by the Economic Research Institute for ASEAN and East Asia (ERIA) to study ASEAN-UK supply chains and assess the resilience of trade before and during COVID-19. In this regard, the Meeting encouraged greater collaboration between ASEAN and the UK, including enhancing their economic cooperation as a means for rebuilding their economies following the impact of the pandemic. The Meeting also supported to enhancing the supply chains between ASEAN and the UK by assessing the resilience of trade between ASEAN and the UK’s firms and identifying ways to further strengthen these supply chains. The Meeting noted the progress of the ASEAN Accelerated COVID Economic Support (ACES) programme, which looks at the impact of COVID-19 on selected value chains in ASEAN, and which provides technical considerations to ASEAN on policies to mitigate the economic impact of COVID-19 and support the implementation of the ACRF...
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