Economic Ministers of the Association of Southeast Asian Nations (ASEAN) have launched negotiations to upgrade the ASEAN Trade in Goods Agreement (ATIGA), the regional bloc said a statement.
The announcement was made during the virtual 28th ASEAN Economic Ministers’ (AEM) Retreat, which was held under the chairmanship of Cambodia’s Commerce Minister Pan Sorasak, Xinhua news agency quoted the statement as saying on Thursday.
“The AEM retreat has adopted the guidelines, terms and conditions for the ATIGA Upgrade Negotiations committee and announced the launch of the ATIGA Upgrade Negotiations,” Sorasak said in the statement.
The ASEAN ministers also fully supported 19 Priority Economic Deliverables for 2022 proposed by Cambodia, and one of them was the ATIGA Upgrade Negotiations, he said.
Signed in Thailand in 2009, the ATIGA aims to achieve free flow of goods in the region resulting in less trade barriers and deeper economic linkages among member states, lower business costs, increased trade, and a larger market and economies of scale for businesses.
The upgraded negotiations are to ensure that ATIGA remains relevant in transforming the region into a more integrated and cohesive economy, particularly in the face of global economic shocks and volatility.
According to the statement, the Ministers also chartered priority tasks for 2022 towards expediting regional economic recovery.
ASEAN groups Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand and Vietnam.
–IANS
ksk/
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
Dear Reader,
Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.
As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.
Support quality journalism and subscribe to Business Standard.
Digital Editor
