Hanoi (VNA) – The implementation of prioritiesand initiatives proposed by Vietnam as Chair of ASEAN 2020 to the ASEAN EconomicCommunity (AEC) was reviewed at the 19th AEC Council Meeting held virtually on November 10.

Seven out of the 13 priorities have been completedwhile the implementation of the remainders is continuing, the meeting heard.

The AEC Council has been realising the AEC Blueprint 2025 with theaim of turning ASEAN into a highly integrated and cohesive economy; a competitive,innovative, and dynamic ASEAN; an enhanced connectivity and sectoral cooperation;a resilient, inclusive, people-oriented, and people-centred ASEAN; and a globalASEAN.

The delegates also looked at a preliminary report onthe mid-term review of the implementation of the blueprint.

According to the report, which is one of the 13priorities proposed by Vietnam in an effort to better the implementation of theblueprint, as of the second quarter of this year, ASEAN had completed up to 84percent of the set measures.

The participating ministers approved 12 recommendationsso as to help ASEAN reach the targets set for the remaining period (2021-2025)amidst the rapid, unforeseeable regional and international situation.

2020 is a special year for ASEAN as the COVID-19pandemic has triggered difficulties in production, trade and investment in theregion. Therefore, the ministers mulled over economic proposalsand initiatives to maintain the supply chains and recover the economy, approvedby ASEAN and its partners - China, Japan and the Republic of Korea (RoK).

Vietnamese Minister of Industry and Trade Tran Tuan Anh, whochaired the meeting, said ASEAN has become a dynamic and significant player inthe world economy, becoming the fifth largest economy globally with a combinedGDP of 3 trillion USD.

All the accomplishments have brought in improvedlivelihoods for people across the region, the minister said.

However, he pointed out a rapidlychanging world with unpredictable challenges, and a declined trend in bothtrade and cross-border investment, requiring ASEAN to identify new strategiesto advance AEC cooperation, especially in supporting production capacity,strengthening intra-region trade and investment, sustaining the valuechain and bridging the development gap among member states so as to keep movingtowards the goal of winning a single market and production base with high-levelof economic development, and fully integrate into the global economy.

ASEAN has continued to show commitments to regionaleconomic integration under the AEC Blueprint 2025, Anh stressed.

On this occasion, the ministers signed a memorandum ofunderstanding (MoU) on the implementation of non-tariff measures on essentialgoods, aiming to carry out the Hanoi Plan of Action on enhancing economiccooperation within ASEAN and connecting supply chains amidst the COVID-19 pandemic.

The meeting also approved a report of the AEC Councilto be submitted to the 37th ASEAN Summit slated for November 12-15.

Luong Hoang Thai, Director of the Department of Multilateral TradePolicy under the Vietnamese Ministry of Industry and Trade, told the press onthe sidelines of the meeting that one of the issues facing ASEAN is non-tariff barrierswithin the bloc, especially in the context of COVID-19 causing difficulties forbusinesses.

The MoU will help to deal with problems in the shortterm while setting forth a new framework for the bloc to handle issues businesseswould meet during the process of regional integration.  

According to Thai, the ministers had agreed to initiallyadd over 150 production lines in the MoU like pharmaceutical products andmedical supplies, which will be extended in the time ahead, including food./.