Lao Minister of Industry and Commerce Malaithong Kommasith said that the 56th AEM meeting is an annual event where ASEAN economic ministers discuss priority economic issues in 2024, review the progress of economic initiatives, and outline strategic plans for economic connectivity in the region.
ASEAN economic ministers met with development partners to review the implementation of current economic cooperation plans and set priorities for the coming years.
The meeting reaffirmed ASEAN’s commitment to promoting innovation, competitiveness, and sustainable supply chains in the region. The ministers adopted guidelines for the amendment of the ASEAN Framework Agreement on Intellectual Property Rights Cooperation (AFAIPC), expecting that negotiations on the amendment will begin in 2025. They also acknowledged the significant progress in the ASEAN-China Free Trade Area (ACFTA) 3.0 upgrade negotiations and reaffirmed their commitment to work with China to reach important conclusions in 2024, upgrading ASEAN-China economic and trade cooperation to a new level.
At the meeting, the ministers also discussed ways to improve trade within ASEAN, especially trade facilitation and implementation of ASEAN trade in goods agreements. Delegates were satisfied with the progress achieved, demonstrating the importance of the agreements to the region.
