Phnom Penh – Heads of ASEAN member economies have agreed to create a mechanism to promote competition, create an environment conductive for regional SMEs to enter ASEAN amid economic recovery from COVID-19 crisis.

Cambodian Ministry of Commerce's Undersecretary of State and Spokesman Penn Sovicheat (Photo: Internet)

Together with green, digital economy and synchronous development, the development of small and medium-sized enterprises (SMEs) was under major discussions at the 54th ASEAN Economic Ministers' Meeting (AEM-54), said Cambodian Ministry of Commerce's Undersecretary of State and Spokesman Penn Sovicheat at a press conference on September 18.

Ministers shared the view that the effective performance of competition law will accelerate the process of carrying out digital economic policy, contributing to developing digital market and helping ASEAN SMEs operate in a transparent and healthy competition environment.

On the occasion, they decided to strengthen the implementation of joint action plan on competition till 2025 to expand competition space of innovation market and promote the dynamic development of ASEAN member economies, said Penn Sovicheat.

The AEM-54 and related meetings with diverse agenda took place on September 11-18 in Siam Reap tourism city of Cambodia, host of ASEAN 2022.