Hanoi (VNA) – Measures to strengthen economic ties and trade-investmentintegration are on the table at the 49th Meeting of the ASEANEconomic Ministers, which opened in Manila, the Philippines on September 7.

Opening the event, Philippine Trade and Industry Secretary Ramon Lopezhighlighted that the event is significant to elevate the bloc’s position in thecontext that regional economy is growing at faster pace than others in theworld.

The bloc’s collective economy is estimated at around 9.2 trillion USD by 2050and become the world’s 4th largest economy, he said, adding thatchanges in geo-political situation will bring in both opportunities andchallenges to the region.

Along with maintaining free trade agreements with Australia, China, India,Japan, the Republic of Korea and New Zealand, ASEAN will further cooperationwith its dialogue partners like Canada, the EU and the US, he stated.

ASEAN member states want to create a flow of capital and enhance free trade inthe region with a population of 625 million and gross domestic product of 2.6trillion USD.

The ASEAN Economic Community targets higher economic growth via promotingtrade, investment and job creation.

To realise the set target, the Philippines, who is holding the rotarychairmanship of ASEAN, will pay due attention to enhancing investment, tradeand integration for micro, small and medium enterprises in the global valuechain. It plans to branch out an economy motivated by innovation andcreativeness.

According to the agenda, ASEAN economic ministers will meet with theircounterparts from Australia, Canada, China, India, Japan, the Republic ofKorea, New Zealand, Russia and the US to discuss regional economic development,free trade agreements as well as economic cooperation mechanisms with these partners.

The meeting will run until September 10.-VNA