(KPL) The 56th ASEAN Economic Ministers’ Meeting (AEM) and related events were successfully held in Vientiane, Laos, from September 16-22, 2024, with fruitful discussions on key economic strategies and collaboration within the ASEAN region.

Minister of Industry and Commerce, Malaythong Kommasith, who also serves as Laos’ ASEAN Economic Minister, joined ASEAN Secretary-General Dr. Kao Kim Hourn in a press briefing in Vientiane to highlight the outcomes of the meeting on Sep 22. Dr. Malaythong emphasized the importance of this year’s discussions in shaping ASEAN's regional economic plans, monitoring the progress of key economic initiatives, and setting strategic directions for further integration.

The 56th AEM featured consultations with ASEAN's development partners, focusing on reviewing current economic cooperation frameworks and planning for the future. The ministers took note of significant advancements, including efforts to improve ASEAN’s intellectual property cooperation, with expectations of initiating formal agreements by 2025.

A major focus of the discussions was the importance of supply chain connectivity and resilience, an area deemed crucial by ASEAN in light of ongoing global challenges. Reflecting the theme of Laos’ ASEAN Chairmanship for 2024, "ASEAN: Enhancing Connectivity and Resilience," the ministers reaffirmed their commitment to building robust, integrated supply chains, particularly as the region recovers from the impacts of the COVID-19 pandemic.

The ministers also endorsed the ASEAN statement on supply chain connectivity, underscoring its role in maintaining stability and competitiveness in the region’s economic systems. This statement reaffirms ASEAN’s commitment to fostering innovation, competition, and regional supply chain resilience.

Additionally, progress was made toward finalizing the ASEAN-China Free Trade Agreement 3.0, a key initiative aimed at strengthening economic and trade ties between ASEAN and China.

The ministers expressed optimism that negotiations on this agreement would be concluded by the end of 2024, further enhancing economic relations between ASEAN and its key trading partner.

This year’s ASEAN Economic Ministers’ Meeting was a crucial step in advancing the region’s economic agenda, with participants looking forward to more milestones in ASEAN’s ongoing integration efforts.

KPL