ASEAN Economic Ministers Meet with Partners to Strengthen Trade Ties

Strategic Insights -

Vietnamese Minister of Industry and Trade Nguyen Hong Dien led a delegation to economic ministerial-level consultation meetings between ASEAN and its partners, including the US, Hong Kong (China), India, the European Union, and Russia. The meetings, held via video conference, focused on strengthening trade ties and implementing agreements. ASEAN member states praised the US for its donation of COVID-19 vaccines and its position as the bloc's second-largest trade partner, with a total trade value of $309 billion last year.

Key Takeaways:

  • The US is the second-largest trade partner of ASEAN, with a total trade value of $309 billion last year, up 4.6% annually.
  • The US-ASEAN Trade and Investment Framework Agreement (TIFA) was implemented in 2019-2020, with a focus on e-commerce, transparency, and good practices.
  • The TIFA and the US-ASEAN Expanded Economic Engagement (E3) Initiative, focusing on e-commerce, transparency, and good practices, will be carried out in 2021-2022.
  • Hong Kong (China) expressed interest in joining the Regional Comprehensive Economic Partnership (RCEP) signed by ASEAN with six other countries on November 15, 2020.
  • India completed the approval of the ASEAN-India Investment Agreement and is working to upgrade the ASEAN-India Trade in Goods Agreement (ATIGA) to facilitate trade.
  • The European Union is the second-largest investor in ASEAN, with a total capital of $7.6 billion, and a significant trade partner, with bilateral trade revenue totalling $258 billion last year.
  • ASEAN and the EU adopted the ASEAN-EU Trade and Investment Work Programme for 2020-2021 and directed senior officials to continue discussions on the draft ASEAN-EU Trade and Investment Framework Agreements.
  • The ASEAN-Russia consultation adopted the revised ASEAN-Russia Trade and Investment Cooperation Roadmap and the ASEAN-Russia Trade and Investment Cooperation Work Programme for 2021-2025.

Statistics:

  • Total trade value between ASEAN and the US: $309 billion (up 4.6% annually)
  • Total trade revenue between ASEAN and the European Union: $258 billion
  • Total capital invested by the European Union in ASEAN: $7.6 billion
  • Number of countries participating in RCEP: 6 (ASEAN, Republic of Korea, Japan, New Zealand, Australia, and China)

Sources:

  • Vietnam News Agency
  • Published on HT Digital Content Services with permission from Vietnam News Agency.