2 days ago
APT Reaffirms Commitment To Economic Integration, WTO Reform Amid Global Uncertainties
BUSINESS
KUALA LUMPUR, July 13 (Bernama) -- The ASEAN Plus Three (APT) countries have reaffirmed their strong commitment to deepening regional economic integration and maintaining a rules-based multilateral trading system, amid escalating global economic and trade uncertainties.
According to the ASEAN chairman's statement issued after the 26th APT Foreign Ministers' Meeting here, the ministers welcomed the adoption of the ASEAN Leaders' Statement on Responding to Global Economic and Trade Uncertainties.
They reaffirmed their resolve in providing meaningful impetus to respond to current trade challenges, supporting the necessary reform of the World Trade Organisation (WTO), and advancing inclusive and sustainable growth.
The meeting further underscored the need to advance or upgrade free trade agreements with external partners, reinforce the robustness of supply chains and maximise the utilisation of the Regional Comprehensive Economic Partnership (RCEP) Agreement.
The ministers welcomed the progress in the implementation of the RCEP Agreement and the operationalisation of the RCEP Support Unit, which provides institutional support to enhance the agreement's utilisation by the private sector, particularly micro, small and medium enterprises.
In the area of regional finance, the meeting welcomed the outcomes of the 28th ASEAN+3 Finance Ministers' and Central Bank Governors' Meeting held on May 4 that reaffirmed the importance of strengthening regional financial cooperation through the ASEAN+3 Finance Process.
The meeting also noted ongoing discussions on establishing a paid-in capital structure and welcomed the ASEAN+3 Fiscal Policy Exchange Initiative introduced in 2025 and looked forward to exploring the potential for it to serve as a regular discussion platform.
On digital cooperation, the meeting welcomed the APT's support for negotiations on the ASEAN Digital Economy Framework Agreement (DEFA), which will be concluded later this year.
The ministers also acknowledged the continued support for the ASEAN Digital Master Plan 2025 and looked forward to sustaining this momentum in the upcoming ASEAN Digital Master Plan 2030.
