ASEAN accelerates economic recovery, digital economy transformation

Tuesday, 2021-10-19 21:48:56
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NDO/VNA - The 20th ASEAN Economic Community (AEC) Council Meeting was held virtually on October 18 under the chair of Dato Dr Amin Abdullah, Minister at the Prime Minister’s Office and Minister of Finance and Economy II of Brunei Darussalam.

The Council took note that ASEAN economy is currently on the path of recovery. However, as ASEAN is catching up on vaccination for its population, other looming challenges are threatening the region’s economic recovery. The Council therefore called for the implementation of key initiatives notably those outlined in the ASEAN Comprehensive Recovery Framework to be expedited to maintain the recovery momentum going forward.

The Council commended the significant progress towards the completion of Brunei Darussalam’s Chairmanship 2021 Priority Economic Deliverables under the three strategic thrusts: Recovery, Digitilisation, and Sustainability, and was encouraged by the progress and key achievements in the implementation of AEC Blueprint 2025 across the five characteristics.

The Council exchanged views on the challenges faced by AEC Sectoral Bodies and the proposed recommendations in addressing them. On that note, the Council emphasised the importance of effective implementation of the Mid-Term Review (MTR) of the AEC Blueprint 2025 recommendations, particularly the key cross-sectoral ones that address both operational and strategic issues.

The Council also took note of the progress in the development of the ASEAN Community’s Post-2025 Vision and discussed the global mega trends and emerging issues that will shape the future direction of ASEAN Integration agenda.

Further, the Council endorsed the Framework for Circular Economy for the ASEAN Economic Community, the Bandar Seri Begawan Roadmap (BSBR) – An ASEAN Digital Transformation Agenda to Accelerate ASEAN’s Economic Recovery and Digital Economy Integration and the ASEAN Collaboration Framework Towards Strengthening Evidence-Based MSME Policies.