ASEAN Economic Ministers hold dialogue with partners

As part of the event, the ministers held an array of talks with international partners including China, theRepublic of Korea, Japan, Australia, New Zealand, and India.

At the 18th AEM +3 Consultations, ASEAN Economic Ministers met with representatives from China, the Republic of Korea, and Japan. The ministers expressed their appreciation to the East Asia Vision Group II for the continuous support to promote economic integration in the region. According to ASEANstatistics, ASEAN’s total trade with the Plus Three countries reached USD 727.1 billion in 2014, accounting for 28.8 per cent of total ASEAN trade.

ASEAN Economic Ministers also met with the Closer Economic Relations (CER) from Australia and New Zealand. The ministers recognised an increase of 6.3 billion USD from 2012 to 2014 in trade turnover after the implementation of the ASEAN­ Australia ­New Zealand Free Trade Agreementin January 2010. They also suggested tax policies to improve the FTA in the coming time.

On the same day, at the 12th AEM-India Consultations, the ministers were pleased to announce the entry into force of the ASEAN-India Trade in Services and Investment Agreements on 1 July 2015 for six ASEAN member countries. They also urged India to finalise the agreement with the remaining countries in ASEANto further contribute towards elevating ASEAN-India relations to a strategic partnership./.