Singapore (VNA) – Economic chiefs of the 10ASEAN countries gathered in Singapore on March 1 for the 24th ASEANEconomic Ministers’ Retreat (AEM Retreat).

The Vietnamese delegation was led by Minister ofIndustry and Trade Tran Tuan Anh.

Openingthe event, Singapore's Minister for Trade and Industry Lim Hng Kiang said thatthe retreat is a chance for the ministers to discuss matters related to theASEAN Economic Community (AEC), including the implementation of the AECBlueprint 2025 in deepening economic integration.

He heldthat the recovering world economy will facilitate exports and growth of the membercountries.

TheSingaporean minister said that ASEAN, as a well-connected region, is poised tobenefit from the rise in investment, manufacturing activities and trade. Thishas helped the association to lure enterprises from all over the world andgrasp new opportunities.

Hestressed that the promotion of AEC construction will benefit the whole region,calling for the member countries to continue pursuing the economic facilitationand integration, thus everyone can benefit from the community.

Asthe ASEAN Chair in 2018, Singapore pledged to work with other member countriesto build a “self-reliant and innovative” ASEAN with solidarity to overcomechallenges and head to the future.

Accordingto Lim, Singapore's economic objectives for 2018 are to deepen regionalconnectivity to position ASEAN as the region for increasingly seamless economicactivity and growing opportunities.

Theminister said innovation and the digital economy are key areas that Singaporeintends to pursue under its chairmanship. The country aims to promoteinnovation, build up digital connectivity, and facilitate e-commerce flows.

Digitaleconomy’s potential growth may reach 200 billion USD, while e-commerce may hitabout 88 billion USD in 2025.

Within the two-day retreat’s framework, the 16thAEM-European Union Trade Commissioner Consultations will be held on March 2 tospeed up negotiations for a free trade deal between the two sides.

ASEAN, or the Association of Southeast Asian Nations,groups Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines,Singapore, Thailand, and Vietnam.-VNA