Logo of Phnom Penh Post newspaper Phnom Penh Post - ASEAN agree to limit tariff barriers to fuel economies

ASEAN agree to limit tariff barriers to fuel economies

Content image - Phnom Penh Post
Anh on Thursday chaired an online meeting between economic ministers in Southeast Asia and China, Japan and South Korea (ASEAN Plus Three). VIETNAM NEWS AGENCY/VIET NAM NEWS

ASEAN agree to limit tariff barriers to fuel economies

Vietnamese Minister of Industry and Trade Tran Tuan Anh said trade barriers, including tariff and non-tariff restrictions, should be limited to restore the economies of ASEAN members amid the Covid-19 pandemic.

Anh on Thursday chaired an online meeting between economic ministers in Southeast Asia and China, Japan and South Korea (ASEAN Plus Three), discussing ways to boost regional economic cooperation and supply chain connectivity amid the complicated and unpredictable Covid-19 pandemic.

At the meeting, participants discussed building platforms to facilitate existing trade to promote and support supply chain connectivity in the region and leveraging technology and digital commerce to support and allow businesses, especially micro, small and medium-sized enterprises (MSMEs), to continue operations.

With the adoption of the Hanoi Action Plan, which is based on the joint statement of ASEAN Economic Ministers in March, the participants agreed to maintain commitments to ensure food security and enhance resilience and sustainability of the regional supply chain.

Anh said the ministers agreed on a number of important measures to ensure the flow and transport of essential goods, serving the daily needs of the people such as food items and medical products, as well as ensuring smooth supply chains between ASEAN and partner countries.

Participants at the meeting agreed that it was a very important time as the global and regional economy face requirements to restructure.

All countries agreed to focus on the path of intra-regional cooperation, creating a highly competitive area to attract investment, restructure the economy, and develop the market where barriers including tariffs and non-tariff were limited.

The meeting also discussed efforts to make full use of the Rice Reserve Fund and seek the possibility to develop a stockpile of essential medical supplies and equipment.

They also discussed ways to promote customs cooperation to facilitate the clearance of goods at border gates while protecting people from virus infection.

As ministers said the pandemic was still the main concern and could be back at year-end, they agreed to continue fighting and preventing the virus by coordinating closely to ensure effective socio-economic cooperation programmes.

Anh said: “All countries are taking into account measures to revive the economy, ensuring the interests of each country as well as partner countries.”

“All partnerships, whether within ASEAN or with ASEAN partners, are extremely important for economic development . . . only cooperation can bring about high efficiency and stable development of each country.”

VIET NAM NEWS/ASIA NEWS NETWORK

MOST VIEWED

  • Would you like fries with that? US burger chain makes Phnom Penh debut

    California-based The Habit Burger Grill restaurant chain is all set to serve up a delicious array of charbroiled burgers and sides at its newest international location in the centre of Phnom Penh. The Habit is “renowned for its award-winning Charburgers grilled over an open flame,

  • Banteay Meanchey flood victims receive aid

    Prime Minister Hun Sen on Wednesday provided aid to more than 10,000 families affected by flooding in Banteay Meanchey province’s Mongkol Borei district and offered his condolences to the 18 victims who drowned in the province over the past week. He said flooding had occured in

  • Angkor provides ‘valuable’ water storage

    The Apsara National Authority (ANA) has stored millions of cubic metres of water at reservoirs in the Angkor area after Cambodia experienced a series of rainstorms over the last few days. The storing of the water, besides serving temple conservation, will also be used to

  • PM urges caution as Polish man tests positive for Covid

    The Ministry of Health on Wednesday reported that a 47-year-old Polish man tested positive for Covid-19 after arriving in Cambodia on Monday. There are a total of six Covid-19 patients currently in the country, all of whom are being treated at the Khmer-Soviet Friendship Hospital

  • Banteay Meanchey floods kill one more as death toll reaches 15

    As floodwaters start to recede in Pursat, Battambang and Pailin provinces and Phnom Penh, Banteay Meanchey continues to bear the brunt as one more person was killed on Monday, bringing the total number of flood-related deaths to 15 in the province this month. Banteay Meanchey provincial

  • Serving coffee with a side of robots

    The eye-catching glass building surrounded by greenery at the intersection of Streets 371 and 2002 in Phnom Penh’s Sen Sok district is more than just another coffee shop where you can while away a few hours. UrHobby House cafe is filled with robots and characters from