Asean+3 economic ministers seek cooperation

ECONOMIC ministers from the 10 Association of Southeast Asian Nations ( Asean) member- states and the plus three partners

( China, Japan and South Korea) will focus on economic resilience amidst the pandemic.

In a statement over the weekend, the Department of Trade and Industry ( DTI) said economic ministers from these countries met through a video conference last June 4 to exchange views and discuss measures necessary to address the coronavirus disease 2019 ( Covid- 19) pandemic and mitigate its impact on the economy.

The DTI said the meeting affirmed the need to keep the markets open for trade and investment; ensure stable supply and smooth flow of essential goods; and continue cooperation towards food security and sustainability of regional supply chains, especially for food, medicines, medical and other essential supplies in the region.

It also highlighted the need to support businesses, especially micro, small and medium enterprises, and the importance of innovation and technologies to continue business operations.

Trade Secretary Ramon Lopez said the meeting was successful in pushing for the strengthening of the region’s supply chain and ensuring greater cooperation to expedite economic recovery from the Covid- 19 pandemic.

“This pandemic has shown us the vulnerabilities of our supply chains. We see that by continuing to work together, we will be able to consolidate our individual efforts, that of relevant sectoral bodies, and our other partners into a coordinated strategy that will ensure the smooth flow of essential goods and services in combating Covid- 19 in the region, as well as minimize disruptions in our supply chains,” Lopez said in his remarks.

The ministers also cited the need to refrain from imposing unnecessary non- tariff measures that may derail the production and supply of essential goods.

“In this critical time, we should refrain from imposing unnecessary non- tariff measures, such as export prohibitions and restrictions, to ensure adequate supplies of essential goods necessary to fight the pandemic,” said Lopez.

He also pushed for the creation of an Asean Emergency Reserves for critical medicines and medical supplies in order for the region to be fully equipped should there be another similar crisis in the future.

Lopez disclosed that ministers agreed to strengthen joint efforts toward post- pandemic recovery in the region; stabilize manufacturing and supply chains of goods and services towards improving stability and resilience of the regional economy; and restore growth and connectivity as well as to make them more resilient, sustainable and less vulnerable to future internal and external crises.

ANNA LEAH E. GONZALES