(KPL) The 38th ASEAN Free Trade Area (AFTA) Council Meeting was held on September 16, 2024, in Vientiane, Laos.

The event was chaired by Mr Malaythong Khommasith, Minister of Industry and Commerce of Laos, and attended by Mr Kao Kim Hourn, ASEAN Secretary-General, and trade ministers from ASEAN member states.

In his opening remarks, Mr Malaythong Khommasith highlighted the importance of the meeting in continuing to integrate ASEAN as a single competitive production hub.

He emphasized that the meeting aims to enhance regional trade by expanding and simplifying barriers to trade in goods and implementing robust trade facilitation measures.

The discussion focused on key areas: Expanding and improving intra-ASEAN trade connectivity;

Addressing and reducing trade barriers; Reviewing and approving reports from the ASEAN Economic Community (AEC) and other trade committees.

Since the signing of ASEAN Free Trade Agreement in 1992, ASEAN has continuously developed its trade facilitation framework by reducing tariffs and simplifying trade procedures. To date, nearly 98.6% of tariff lines have been zeroed out. This progress has significantly boosted intra-ASEAN trade, with 2023 figures showing trade within the region valued at USD 759 billion, representing 21.5% of ASEAN’s total trade.

Minister Malaythong stated, "In recent years, we have made significant progress in implementing the work plans for establishing the ASEAN Free Trade Area. Notably, we have addressed challenges in executing the ASEAN Trade in Goods Agreement and facilitated the exchange of e-commerce documents through the ASEAN Single Window for customs declarations."

In 2010, ASEAN Economic Ministers agreed to sign the ASEAN Trade in Goods Agreement (ATIGA) in Thailand to provide a legal framework to realise free flow of goods in the region.

It is envisioned that by 2025, ASEAN will achieve competitive, efficient, and seamless movement of goods within the region as a true ASEAN Economic Community.

Mr Malaythong also praised the ongoing negotiations to upgrade the ASEAN Trade in Goods Agreement, expressing optimism that the negotiations will be successfully concluded as scheduled in 2025.

KPL