 ASEAN ministers sign the MoU on implementing non-tariff measures on essential goods. (Photo: VNA) |
The memorandum realizes the Hanoi Plan of Action to enhance economic cooperation within ASEAN and connect supply chains amidst the COVID-19 pandemic.
Luong Hoang Thai, Director of the Department of Multilateral Trade Policy of the Vietnamese Ministry of Industry and Trade, told reporters, “The MoU will help us deal with problems in the short term while setting forth a new framework for handling issues businesses will encounter during regional integration."
The ministers agreed to impose non-tariff measures on 150 production lines, including pharmaceutical products and medical supplies, which will soon be extended to include food, which is also important in fighting COVID-19.
The ministers also adopted the ASEAN Comprehensive Recovery Framework (ACRF), which commits them to joining forces to mitigate the effects of COVID-19 as countries reopen. The framework will seek approval at the 37th ASEAN Summit from Thursday.