ASEAN Launches Negotiations for Upgrading ASEAN Trade in Goods Agreement

Jakarta: The 28th ASEAN Economic Ministers’ (AEM) Retreat was convened via video conference on Wednesday.
 
It was the first ministerial level meeting in the economic track since Cambodia assumed the chairmanship of ASEAN for 2022, with the theme of "A.C.T: Addressing Challenges Together."
 
Underlining the need for ASEAN to accelerate economic recovery from the COVID-19 global pandemic, the meeting launched negotiations for upgrading the ASEAN Trade in Goods Agreement (ATIGA) which Member States have been implementing since 2010.

The launch of the ATIGA upgrade negotiations is both timely as the region is on the road to recovery from the COVID-19 pandemic, and important following the entry-into-force of the Regional Comprehensive Economic Partnership (RCEP) Agreement on 1 January.
 
The ATIGA upgrade seeks to ensure that ASEAN remains relevant, modern, forward-looking, and more responsive to regional and global developments and able to contribute to increasing the efficient utilisation of ATIGA for businesses to benefit from regional integration.
 
"The upgraded ATIGA should deepen the ASEAN economic integration with more comprehensive, modern, trade facilitative and stronger commitments than those offered by ASEAN to Dialogue Partners, including in RCEP, to enhance the competitiveness of ASEAN as a single market and production base and its attractiveness as a preferred production and investment hub," Secretary-General of ASEAN Dato Lim Jock Hoi said in a press release on Wednesday.
 

The meeting also agreed, in principle, to extend the validity of the Memorandum of Understanding on the Implementation of the Non-Tariff Measures on Essential Goods under the Hanoi Plan of Action on Strengthening ASEAN Economic Cooperation and Supply Chain Connectivity in Response to the COVID-19 Pandemic until 13 November 2024, as well as expanding the list of the essential goods.
 
This underscores the ASEAN Member States’ determination to continue their strengthened cooperation in combating the COVID-19 pandemic and support the business community in the region. 
 
AMS will continue to work towards identifying potential products considered as essential goods with a view to submitting the expanded list for endorsement at the 54th AEM Meeting in September.
 

The meeting also endorsed the 19 Priority Economic Deliverables of the Cambodian Chairmanship of ASEAN for 2022, which fall under the four strategic thrusts of: (i) enhancing digital connectivity, science and technology; (ii) narrowing the development gap for ASEAN’s competitiveness; (iii) promoting a more integrated, inclusive, resilient, and competitive ASEAN; and (iv) global ASEAN for growth and development.

 
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