Hanoi (VNA) – Delegates at a high-level symposium in Hanoi on January 10shared their views on the significance of enhancing intra-ASEAN trade andinvestment for a cohesive and responsive grouping.

VuHo, head of the ASEAN Department under the Ministry of Foreign Affairs, said theunprecedented transformations of the global economy and technological advanceshave brought about huge potential for peace and sustainable development, aswell as economic integration.

However,countries are also facing great challenges regarding competitions andanti-globalisation movement, he pointed out.

Therefore,the key question for ten-member grouping is how to maintain its strength and cohesiveness,and harmoniously handle impacts of strategic competitions, Ho said, stressingthe ASEAN’s potential for stronger intra-bloc economy and investment has yet tobe fully tapped.

Atthe 34th and 35th ASEAN Summits, the bloc’s leadersreiterated commitments to bolstering intra-bloc investment. In 2017, ASEANmember countries set the target of doubling the intra-bloc capital flows by2025 and better preparing for the Fourth Industrial Revolution.

Hosaid the enhancement of the regional economy and investment would help with therealization of the ASEAN’s priorities in the time ahead.

Henoted that there remain many barriers to intra-bloc investment, including thoseregarding institutions, policies and logistics, that need to be addressed,adding that the symposium is expected to gather ideas and recommendations fromexperts and policy makers to promote regional economic integration.

VietnameseDeputy Minister of Industry and Trade Tran Quoc Khanh said the ASEAN has made markedstrides in integration since the establishment of the ASEAN Free Trade Area in1992, with intra-bloc trade climbing from 89 billion USD to 200 billion USD in2019.

Tradebetween Vietnam and the bloc also increased from 4 billion USD to 18 billionUSD during the period.

Witha population of 600 million, the ASEAN has become the world’s sixth largesteconomy and a typical example of economic integration, with its economic growthrate higher than the global average and the pace is expected to continue in thecoming years.

Theofficial suggested the ASEAN strengthen its unity and maintain its  cohesiveness to overcome challenges in thecontext of rising protectionism.

Businesseshope for transparency in intra-ASEAN investment, he said, calling on regional countriesto work together to identify and remove barriers facing investors./.