ASEAN, UK hold online economic dialogue

Thursday, 2020-08-27 11:28:09
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At the online dialogue (Source: VNA)
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NDO/VNA – The Association of Southeast Asian Nations (ASEAN) and the UK held an online economic dialogue on August 26 as part of the 52nd meeting of the ASEAN Economic Ministers (AEM-52), under the coordination of Minister of Industry and Trade Tran Tuan Anh and British Secretary of State for International Trade Elizabeth Truss.

The two sides expressed their concerns over the impact of the COVID-19 pandemic on their economic growth and development.

They pledged to join hands to maintain and further deepen the bilateral economic partnership, mitigate the impact of COVID-19 on the economy, and continue pursuing open and transparent economic policies.

The two sides recognised their bilateral long-standing relations. Two-way trade reached approximately 42 trillion pounds (US$53.7 billion) over the past half century.

They agreed to push ahead with cooperation and support trade liberisation based on the multilateral trade system of the World Trade Organisation (WTO).

On the basis of the Hanoi action plan strengthening ASEAN economic cooperation and promoting supply chains to cope with the COVID-19 pandemic, the two sides agreed to strengthen supply chains during and after the pandemic. as well as future cooperation orientations to support these chains.

ASEAN and UK also look to enhance collaboration in digital innovation to revive the economy post-pandemic, prioritising small- and medium-sized enterprises and household businesses.

The UK side emphasized that the Master Plan on ASEAN Connectivity to 2025 is the basis for the bloc to propose bilateral cooperation plans.

The UK has set up a fund for ASEAN’s economic reform programme worth 19 million pounds, focusing on digital innovation, logistics, and policy mechanism reforms.