ASEAN, Japan adopt COVID-19 economic resilience action plan

Minister of Industry and Trade Tran Tuan Anh chairs a virtual meeting between economic ministers of ASEAN member states and Japan on July 29. (Photo: VNA)

Economic ministers in ASEAN member states and Japan approved the ASEAN - Japan Economic Resilience Action Plan at a virtual meeting chaired by Minister of Industry and Trade Tran Tuan Anh on July 29, as part of the efforts to promote solidarity between the two sides in combating COVID-19.

The meeting discussed specific measures to implement “the ASEAN - Japan Economic Ministers’ Joint Statement on Initiatives on Economic Resilience in Response to the Corona Virus Disease (COVID-19) Outbreak” adopted by the ASEAN economic ministers and the Japanese Minister of Economy, Trade and Industries in April.

The Action Plan outlines concrete actions to accomplish three objectives: sustaining the close economic ties developed by ASEAN and Japan, mitigating the adverse impact of COVID-19 on the economy, and strengthening economic resilience.

It seeks to strengthen economic integration and cooperation to keep markets open for trade and investment, with both sides specifically committed to the signing of the Regional Comprehensive Economic Partnership (RCEP) agreement this year.

The two sides also agreed to provide capacity-building assistance to boost business and production, including supporting industry, and support regional digital trade transformation in ASEAN and promote existing trade platforms.

They will also together promote regional mechanisms such as the ASEAN Single Window, the Electronic Certificate of Origin system, the ASEAN Digital Integration Framework (DIF), and the ASEAN Framework on Digital Data Governance.

ASEAN and Japan will enhance information exchange and the sharing of best practices on economic policies to manage the COVID-19 pandemic, and public-private collaboration efforts to respond to economic and business challenges.

They will initiate programmes to strengthen supply chain resilience, centred on ASEAN, including through enhancing the participation of businesses and academics./.

VNA