The memorandum realizes the Hanoi Plan of Action to enhance economic cooperation within ASEAN and connect supply chains amidst the COVID-19 pandemic.
Luong Hoang Thai, Director of the Department of Multilateral Trade Policy of the Vietnamese Ministry of Industry and Trade, told reporters, “The MoU will help us deal with problems in the short term while setting forth a new framework for handling issues businesses will encounter during regional integration.”
The ministers agreed to impose non-tariff measures on 150 production lines, including pharmaceutical products and medical supplies, which will soon be extended to include food, which is also important in fighting COVID-19.
The ministers also adopted the ASEAN Comprehensive Recovery Framework (ACRF), which commits them to joining forces to mitigate the effects of COVID-19 as countries reopen. The framework will seek approval at the 37th ASEAN Summit from Thursday.
- ASEAN economic ministers hold consultations with partners
- ASEAN members agree to measures to maintain supply chains amid Covid-19
- ASEAN, Russia work to shore up supply chains
- Cambodia backs use of digital technology
- ASEAN releases Comprehensive Recovery Framework
- Thailand to highlight multilateral cooperation at AMM-53
- Vietnam ready for 53rd ASEAN Foreign Ministers’ Meeting
- 38th ASEAN Ministers on Energy Meeting’s preparatory meeting underway
- ASEAN finance ministers, central bank governors discuss monetary-financial integration