AEC the cornerstone of Malaysia's trade policy - Azmin

The ASEAN Economic Community (AEC) is the cornerstone of Malaysia's trade policy and remains an important platform towards creating a deeply integrated and highly cohesive regional economy as well as a competitive, innovative and dynamic region, says Datuk Seri Mohamed Azmin Ali .

The Senior Minister of International Trade and Industry said Malaysia has been capitalising on economic integration initiatives under various external economic relationships and partnerships.

"For sustainable economic growth, Malaysia continues to assume an active role in materialising the integration agenda under the AEC Blueprint 2025.

"This includes keeping markets open and maximising the potential of ASEAN trade and investment," he said in a statement today in conjunction with the 52nd ASEAN Economic Ministers' (AEM) Meeting and Related Meetings being held virtually from Aug 24-29.

Mohamed Azmin said the impact of the COVID-19 pandemic on the regional economy is also a prominent feature during this meeting.

"The COVID-19 pandemic has presented unprecedented challenges, which have adversely impacted global socio-economic growth as well as the lives and livelihoods of the people," he said.

He said during this six-day meeting, economic ministers would also be in consultation with dialogue partners to evaluate the economic cooperation programmes and the progress in the implementation of various free trade agreements (FTAs).

"A ministerial meeting on the Regional Comprehensive Economic Partnership (RCEP) Agreement will take place on Aug 26-27.

"It is expected that ministers will focus on the full conclusion of the negotiations and the preparation for signing of this agreement during the ASEAN Summit in November 2020," he said.

He said the AEM meeting is an important annual platform for ASEAN economic ministers to deliberate on the broadening and deepening of economic integration within the region, as well as to engage with significant external partners.

"The AEM meeting would also recommend and provide the best solutions to issues that hinder the economic development of ASEAN," he said.

He said during the meeting, the economic ministers would further monitor and review the implementation of the AEC Blueprint 2025 undertaken by the responsible sectoral bodies and the progress on the priority economic deliverables under Vietnam's Chairmanship of ASEAN 2020.

"The meeting is also set to follow up on the decisions made by leaders at the ASEAN Summit on June 26, 2020.

"This year marks an important milestone for ASEAN as the region reaches its mid-term review for the AEC Blueprint 2025 implementation," he added.

-- BERNAMA