Union Minister for Investment and Foreign Economic Relations U Aung Naing Oo attends 27th ASEAN Economic Ministers’ Retreat Meeting

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Union Minister U Aung Naing Oo joins the 27th ASEAN Economic Ministers’ Retreat Meeting online yesterday.

Union Minister for Investment and Foreign Economic Relations U Aung Naing Oo participated in the 27th ASEAN Economic Ministers’ Retreat Meeting via video conference, which was held on 2 March 2021.

In the first session of the 27th AEM Retreat Meeting, the ASEAN Economic Ministers’ interface with the representatives of the ASEAN Business Advisory Council (ASEAN-BAC) was held. At the interface, Dr Ar. Siti Rozaimeriyanty DSLJ Haji Abd Rahman, chairman of ASEAN-BAC and the members, presented ASEAN-BAC’s priorities and initiatives for 2021 under the theme,“ Recover, Stronger, Together, Sama-Sama”. U Zaw Min Win, President of the Union of Myanmar Federation of Chambers of Commerce and Industry as a member of ASEAN-BAC, briefed the current trade and investment environment in Myanmar. The Ministers stressed the importance of public-private partnership in the implementation of ASEAN Economic Integration, welcomed private engagement in the COVID-19 recovery efforts in the region and encouraged to cooperate for the regional economic sustainable development.

The Union Minister informed the meeting that Myanmar would continue to implement the commitments as agreed in the regional and international agreements and the government’s efforts to facilitate trade and investment. On the comments of ASEAN-BAC members for the safety of doing business in Myanmar, Union Minister responded that the government committed to protecting the approved businesses in accordance with the existing laws, rules and regulations, and informed the government initiative to support the business-facing operational issues and regulatory burdens by setting up help desk as after- care service. He also stressed the development of the SMART programme to facilitate trade and investment for the better business environment.

In the second session, the Ministers exchanged views on Post COVID-19 recovery efforts in each member country, strengthening global value chains in ASEAN, the Priority Economic Deliverables (PEDs) under Brunei’s Chairmanship of ASEAN in 2021. Ministers also discussed and gave guidance on the modalities for future entry into force provisions in ASEAN economic agreements, the preparation of post-2025 vision for the ASEAN Economic Community, the status of the review of the ASEAN – India Trade in Goods Agreement and the Framework setting out the parameters of a future ASEAN – EU Agreement.

The Union Minister updated the situation of COVID-19 in Myanmar and the implementation of the National Vaccination Programme. He also explained that Myanmar would take the measures leading to economic recovery rather than the relief measures undertaken in the past and take immediate action to review the COVID-19 Economic Relief Plan (CERP) , and support MSMEs to restart their business. He reiterated that Myanmar would actively participate in the regional and multilateral fora and maintain commitments to honouring the existing bilateral and multilateral agreements. Moreover, the Union Minister exchanged the view on the implementation of the ASEAN Economic Community (AEC) with other ASEAN Economic Ministers.

The Meeting was chaired by Dato Dr Amin Liew Abdullah, Minister at the Prime Minister’s Office and Minister of Finance and Economy of Brunei Darussalam and attended by ASEAN Economic Ministers, Senior Economic Officials (SEOM) and representatives from ASEAN Countries, ASEAN Business Council members, the ASEAN Secretary-General and representatives from ASEAN Secretariat.
The meeting will continue on 3 March 2021.—MNA

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