(KPL) The 20th ASEAN Economic Ministers and EU Trade Commissioner Consultation took place in Vientiane on September 19, 2024. The meeting was co-chaired by Mr. Malaythong Kommasith, Minister of Industry and Commerce of the Lao PDR, and Ms. Maria Martin-Prat, Deputy-Director General, Directorate-General for Trade, European Commission.

The event brought together ASEAN Economic Ministers, ASEAN Secretary-General, and heads of ASEAN member delegations, including Timor-Leste’s Minister of Trade and Industry.

Minister Malaythong highlighted the significance of the Lao PDR serving as ASEAN Chair for 2024 under the theme “ASEAN: Enhancing Connectivity and Resilience.”

He outlined ASEAN's focus on three strategic pillars: economic connectivity, inclusive and sustainable development, and the integration of digital technology to bolster economic and trade links within the region.

ASEAN and the EU have long-standing economic ties, particularly in trade and investment.

In 2023, trade between the two regions reached USD 279.8 billion, accounting for 7.9% of ASEAN’s total trade volume. The EU is ASEAN's third-largest trading partner. Additionally, Foreign Direct Investment (FDI) from the EU to ASEAN member states amounted to USD 24.9 billion, representing 10.8% of ASEAN’s total FDI, making the EU the second-largest investor in the region.

The meeting focused on exchanging views on regional and global economic development, reviewing the progress of implementing economic, trade, and investment cooperation plans between the two regions, and considering the adoption of the joint statement from the 20th ASEAN Economic Ministers and the European Union Trade Commissioner Consultation.

Minister Malaythong expressed optimism about the future of ASEAN-EU trade and investment cooperation, emphasizing that ongoing plans and initiatives will further strengthen these ties.

The meeting also discussed strategies to mitigate global challenges and promote sustainable economic development, with both regions committed to enhancing collaboration on key issues such as digital transformation and economic integration.

KPL