ASEAN Economic Ministers Sign 5th Protocol to Boost Investment Agreement

18/09/2024 10:11
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KPL ASEAN Economic Ministers have signed the 5th Protocol aimed at enhancing the ASEAN Comprehensive Investment Agreement (ACIA).

(KPL) ASEAN Economic Ministers have signed the 5th Protocol aimed at enhancing the ASEAN Comprehensive Investment Agreement (ACIA).

 The signing took place in Vientiane on September 16, led by Lao Minister of Industry and Trade Mr. Malaythong Kommasith, and ASEAN Secretary-General Dr. Kao Kim Hourn.

The event occurred during the 56th ASEAN Economic Ministers' Meeting and the 27th ASEAN Investment Area Council Meeting. The 5th Protocol reflects ASEAN’s commitment to strengthening investor confidence and improving the region's investment climate. It aims to align the internal investment framework with external agreements while adapting to modern business demands, thereby boosting ASEAN's attractiveness to global investors.

Key features of the protocol include the conversion of the reservations list into a negative list format for greater transparency, the expansion of the investment scope to new sectors like agriculture, fisheries, forestry, and mining, and the introduction of a streamlined mechanism for select ASEAN members, with hopes that others will follow suit.

Once all member countries sign, the revised reservation list will be completed within 180 days.

KPL

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