ASEAN Economic Ministers at the opening of the 56th AEM and 38th ASEAN Free Trade Area Council Meeting in Vientiane, Laos, on September 16, 2024. (Source: vientianetimes.org.la)

The meeting was chaired by Lao Minister of Industry and Commerce Malaythong Kommasith and attended by economic ministers from ASEAN member countries and Timor-Leste.

In his opening remarks, Minister Malaythong Kommasith emphasised that the meeting underscores ASEAN members’ commitment to continued collaboration in the implementation of the ASEAN Economic Community (AEC) Vision 2025 and defining the vision for the community through 2045.

The meeting is taking place amid a complex global and regional context, particularly with ongoing economic and financial challenges stemming from the lasting impacts of the COVID-19 pandemic, climate change, and geopolitical conflicts both within the region and the world. It requires greater unity and cooperation among ASEAN members to find suitable solutions to these challenges and to realise ASEAN’s 2024 theme: "ASEAN: Enhancing Connectivity and Resilience."

Malaythong Kommasith further noted that these present both opportunities and challenges to the ASEAN region. He highlighted that ASEAN's average economic growth rate reached 4.1% in 2023 and is expected to increase to 4.6% this year. Investment in ASEAN slightly rose by 0.3% from 229 billion USD in 2022 to 230 billion USD in 2023. Although ASEAN’s trade in goods decreased from 3.846 trillion USD in 2022 to 3.525 trillion USD in 2023, it is projected to rebound to 3.617 trillion USD in 2024.

He also called on the attending ministers to offer support and constructive feedback to help strengthen the resilience of the AEC while stressing the importance of ensuring that these efforts deliver tangible benefits to the people of ASEAN and reaffirmed the bloc’s central role in maintaining external cooperation.

The delegates at the meeting engaged in deep discussions on several key issues aimed at positioning ASEAN as an attractive region for foreign investment. They also explored ways to address current global challenges.

Other topics included the implementation of critical priority work plans for 2024, the progress of building the ASEAN Economic Community by 2025, with a vision to 2045, ASEAN’s sustainable development plans and its external economic cooperation.