CLMV ministers discuss commercial connections at online meet

ECONOMIC ministers of Cambodia, Laos, Myanmar and Vietnam (CLMV ) discussed measures to fight Covid-19 and revive economic activities, particularly in border areas, at an online meeting on Monday.

They also shared initiatives and measures to help tackle difficulties for the business community in trade and investment at the 12th CLMV Economic Ministers’ Meeting which was held as part of the 52nd ASEAN Economic Ministers’ Meeting.

Vietnamese Minister of Industry and Trade Tran Tuan Anh said the Covid-19 pandemic has led to the interruption of many supply chains and economic and commercial activities. The pandemic has also harmed the implementation of projects and activities within the CLMV Action Plan for 2020.

These difficulties pose great challenges to CLMV countries in fighting the disease while taking measures to recover the economy.

Anh suggested CLMV countries increase cooperation in policies and measures to tackle difficulties caused by Covid-19 and support the connection of businesses as well as deal with difficulties for businesses in import and export activities and remove barriers in border trade activities.

To ensure the operation of supply chains, support businesses and help resolve reductions in trade exchanges between CLMV countries, Anh proposed countries pay attention to facilitating and streamlining processes and procedures relating to import and export activities at border areas as well as enhance transport and logistics connection.

He also suggested countries have new cooperation projects in research and training, capacity improvement and technical support in the digital economy, innovation, start-ups and transport, logistics and commercial linkage.

CLMV countries also needed to share information and experience in policy building and creating a favourable environment to welcome a wave of investment shifting, particularly during the context of the Covid-19 pandemic, to make CLMV an attractive and important destination for investors, he said.

Ministers agreed with Anh’s recommendations and agreed to enhance coordination to reduce the impacts of Covid-19 on economic activities of countries and keep trade and investment flows.

At the meeting, CLMV ministers reviewed and assessed the implementation of the CLMV Action Plan on Economic Cooperation during the 2019-2020 period.

Anh proposed countries proactively and flexibly adjust contents and implementation methods of activities that have not been executed or cancelled due to Covid-19 with priorities to applying information technology to host virtual meetings in line with the theme of ‘Cohesive and Responsive’ for ASEAN 2020.

The ministers approved the action plan on economic cooperation for 2020-2021 with focus on five key areas, including trade and investment cooperation, implementation of regional commitments, post-pandemic recovery plan, CLMV development framework and human resources development.

The ministers agreed to entrust heads of Senior Economic Officials Meeting (SEOM) to increase coordination activities in proposing new projects in line with cooperation and development demands in the new context.