Ratifying Seven Economic Priority Achievements at AEM Retreat 2023

VIVA – The Ministry of Trade held the 29^th ASEAN Economic Ministers (AEM) Retreat meeting which took place in Magelang, Central Java, on March 22, 2023. This meeting is one of the roles of Indonesia's Chairmanship of ASEAN in 2023.

At the meeting, Indonesia succeeded in encouraging ASEAN Economic Ministers to endorse seven concrete Economic Priority Outcomes within the scope of the AEM.

"This AEM Retreat is a significant momentum because Indonesia succeeded in encouraging the Ministers to ratify seven Economic Priority Achievements and 48 Annual Priorities for 2023," said Indonesian Trade Minister Zulkifli Hasan when chairing the 29^th AEM Retreat meeting.

The seven economic priorities consist of the Service Facilitation Framework in ASEAN; the signing of the 2nd Amendment Protocol of the Agreement on the Establishment of the ASEAN-Australia-New Zealand Free Trade Area; the establishment of the Approval Support Unit for the Ministry of Regional Comprehensive Economy (RCEP) at the ASEAN Secretariat in Jakarta; the project-based ASEAN Industrial Development; the full implementation of Form D Electronic Certificate of Origin through the ASEAN Single Window; the statement of ASEAN leaders to develop an ASEAN Digital Economy Framework Agreement (DEFA); and the road map for harmonizing ASEAN standards to support the sustainable development goals.

The ministers also held a Consultative Session with the ASEAN-Business Advisory Council (ASEAN-BAC) focusing on five issues related to digital transformation; sustainable development; health security; food security; and trade and investment facilitation. 

"The ASEAN-BAC meeting aims to encourage increased trade in ASEAN and strengthen cooperation and collaboration between governments and businesses," the Minister informed.

Other significant issues discussed include the latest developments in the Digital Economy Framework Agreement (DEFA) study; upgrading the agreement on trade in goods in ASEAN (ATIGA); FTA priorities for 2023, which includes upgrading the ATIGA; upgrading ASEAN and the China Free Trade (ASEAN-China FTA); the RCEP implementation; as well as the road map of Timor Leste's membership in ASEAN.

The meeting is the first that involves Timor Leste at the ASEAN economic ministers’ level as the 11th member country, attended by the Tourism, Trade, and Industry minister of Timor Leste, Jose Lucas do Carno da Silva.