Singapore (VNA) – The 50th ASEANEconomic Ministers (AEM 50) Meeting and Related Meetings kicked off inSingapore on August 29 with the participation of economic leaders from 10 ASEANmember states and partner countries.

The Vietnamese delegation, led by DeputyMinister of Industry and Trade Tran Quoc Khanh, participated in the meetings.

In his speech at the opening ceremony, SingaporeanPrime Minister Lee Hsien Loong highlighted the establishment and development ofthe Association of Southeast Asian Nations (ASEAN).

He said the bloc has tremendous economicpotential with a strong market of over 630 million people. 

The grouping’s GDP growth has averaged 5.4percent in recent years, well above the global average, and is projected to expandaround this rate over the next five years, he noted.

ASEAN is forecast to become the fourth-largesteconomy in the world by 2030, just behind the US, China and the European Union(EU), he said.

Lee added that strengthening regional economiccooperation and integration is the key for ASEAN to fully tap its potential,including pressing on with the implementation of the ASEAN Economic Community(AEC) Blueprint 2025, as well as supporting an open and inclusive multilateralsystem amid growing trade tensions.

Escalating trade tensions between the US and itskey trading partners have put pressure on the rules-based multilateraltrading system, which has underpinned ASEAN’s growth and prosperity, he said,adding that each ASEAN member state is also subject to different pulls andpressure from bigger powers. 

In these circumstances, all the bloc’s membersmust stay united and strive to maintain cohesion and exert significant effortsto reach the signing of the Regional Comprehensive Economic Partnership (RCEP)at the end of this year to strengthen economic linkages and enhance trade andinvestment flows, Lee stressed. 

Singaporean Minister for Trade and Industry ChanChun Sing, who is the AEM chairperson, said ASEAN leaders are pushing aheadwith some initiatives to further enhance regional cooperation, specifically inthe fields of digital connectivity, customs clearance and tourism.

He added that the establishment of the AEC in2015 brought benefits to businesses and customers in the region. Most ofnon-tariff barriers have been diminished with less stringent and moretransparent service regulations. The implementation of business investmentrules has helped promote intra-bloc trade.

AEM 50 will run until September 1 with a seriesof related meetings such as the 32nd ASEAN Free Trade Area (AFTA) CouncilMeeting and the 21st ASEAN Investment Area (AIA) Council Meeting. 

ASEAN economic ministers are due to meet withtheir counterparts from dialogue partner countries namely Australia, Canada,China, India, Japan, the Republic of Korea, New Zealand, Russia and the US.

The sixth Regional Comprehensive EconomicPartnership (RCEP) Ministerial Meeting, the 11th Mekong-Japan MinisterialMeeting, and the 10th Cambodia, Laos, Myanmar and Vietnam (CLMV) EconomicMinisters’ Meeting will be held as part of AEM 50.

Founded in 1967, the ASEAN now groups Brunei,Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore,Thailand and Vietnam.-VNA