(VOVWORLD) - The ongoing online 37th ASEAN Summit is expected to pass the largest number of cooperation documents ever. The documents focus on recovering the ASEAN economy after the COVID-19 pandemic and bolstering cooperation and connection in trade, investment and movement of people within the region as well as with partner countries.
 Prime Minister Nguyen Xuan Phuc announces results of the Mid-term Review of ASEAN Community Plans 2025. (Photo: cand.com.vn) |
Adoption of ASEAN Comprehensive Recovery Framework
The ASEAN Comprehensive Recovery Framework and Specific Implementation Plan focus on three main phases: reopening, recovery, and resilience. Plans are in the pipeline to stabilize production and the supply chain, strengthen connectivity, and restore trade in the region. ASEAN has formed a safe travel framework for business people and investors amid the COVID-19 pandemic and may consider reopening a route for citizens at border gates. This determination was affirmed by Prime Minister Nguyen Xuan Phuc, Chairman of ASEAN for 2020, at the opening session of the 37th ASEAN Summit on Thursday. He said, “We need to intensify measures to restore production and create jobs and livelihoods for people. The ASEAN Community Councils need to swiftly embark on the ASEAN Comprehensive Recovery Framework and Specific Implementation Plan following this conference.”
“Contributing to reshaping the world after COVID-19, ASEAN needs to position itself in the economic and political power shift between countries as well as the adjustments of global production-supply chains. ASEAN’s existing competitive advantages need to complement the value of advanced science and technology, digital transformation, high quality human resources, as well as the ability to diversify markets,” Prime Miinister Phuc said.
In addition, ASEAN leaders officially established the Regional Emergency Medical Supplies Reserve and promoted the ASEAN Fund to Respond to COVID-19. These measures will help ASEAN increase competitiveness, restore disrupted supply chains and services, and recover gradually in the medium to long term.
RCEP creates strong momentum for recovery
The ASEAN Summit is expected to sign the Regional Comprehensive Economic Partnership (RCEP), a proposed free trade agreement between the 10 ASEAN members and 5 of their partners – Australia, China, Japan, New Zealand, and the Republic of Korea. RCEP is one of the 13 priority goals of ASEAN this year.
Deputy Foreign Minister Nguyen Quoc Dung, Head of ASEAN-Vietnam Senior Officials Delegation (Photo: baoquocte.vn)
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Deputy Foreign Minister Nguyen Quoc Dung, Head of the ASEAN-Vietnam Senior Officials Delegation, said RCEP will be a strong driving force for economic recovery and development of ASEAN countries after COVID-19. Once it takes effect, RCEP will comprise the largest economic area ever with a combined GDP of more than 28.5 trillion USD, accounting for 32.7% of global GDP. The signing of the deal affirms the strong commitment of ASEAN and its partners to free trade and connectivity.
Mr. Dung said, “RCEP negotiations took years. The deal is of extra importance now with the COVID-19 pandemic taking a heavy toll on the global economy. RCEP, once in effect, will leverage regional trade development. The deal means a lot to Vietnam, the ASEAN Chair for 2020, who has pushed for its signing.”
In 2020, all the ASEAN countries have shown courage and determination to overcome all difficulties and challenges. The strong political commitmens being made at the ASEAN Summit will provide direction for ASEAN to act, defeat the pandemic, and revive the economy.