At the ASEAN economic ministers and the US trade representative consultation. (Photo: VOV's correspondent in Indonesia)

Ministers also emphasized the importance of expanding economic cooperation through the TIFA and E3 ASEAN-US Work Plans for the 2023-2024 period, with a focus on key areas such as digital economy, the development of micro, small and medium enterprises, human resource development, and trade facilitation.

At the ASEAN economic ministers - ministry of commerce consultation. (Photo: VOV's correspondent in Indonesia)

The Ministers agreed to adopt the China Initiative to enhance ASEAN-China e-commerce cooperation, with the aim of promoting cooperation among micro, small and medium enterprises and facilitate cross-border e-commerce. In addition, the Ministers discussed the status of negotiations to upgrade the ASEAN-China Free Trade Agreement, with the goal of completing the negotiations by next year.

The Ministers noted the progress made in implementing the cooperation program between ASEAN and the Eurasian Economic Commission for the 2020-2025 period, highlighting the implementation of the ASEAN Trade and Investment Cooperation Roadmap and Program for the 2021-2025 period, with a focus on areas including business and industry, intellectual property, and climate change.

The participating countries agreed to approve documents that would facilitate the review and upgrade of the ASEAN-India Trade in Goods Agreement (AITIGA), aiming to simplify non-tariff barriers by coordinating standards and mutual recognition, reducing border requirements, and enhancing trade relations between ASEAN and India.

The Ministers also discussed the regional and global economic situation and issued the Chairman's Statement to highlight their collective stance.

The ministers endorsed the Terms of Reference of the RCEP Support Unit (RSU) and the Funding Arrangement of the RSU, thus laying a foundation for its establishment and promoting the effective implementation of the deal in the future.

Officials also witnessed the signing of the Second Protocol to Amend the ASEAN-Australia-New Zealand Free Trade Agreement among Indonesia (ASEAN Chair 2023), Brunei (ASEAN Coordinator for ASEAN-Australia-New Zealand Economic Relations), Australia, and New Zealand. The remaining countries are expected to sign the protocol sequentially after completing their domestic procedures.