ASEAN Plus Three Countries Strengthen Cooperation to Tackle Economic Challenges

The Twenty-Sixth ASEAN Economic Ministers (AEM) Plus Three Consultation was held in Semarang, Central Java, Indonesia on Tuesday (22/8/2023).

IDXChannel - The Twenty-Sixth ASEAN Economic Ministers (AEM) Plus Three Consultation was held in Semarang, Central Java, Indonesia on Tuesday (22/8/2023). 

The Consultation was co-chaired by Jerry Sambuaga, Vice Minister of Trade of Indonesia; Li Fei, Vice Minister of Commerce of China; Nakatani Shinichi, State Minister of Economy,
Trade and Industry of Japan, and Dukgeun Ahn, Minister for Trade of South Korea. 

The Meeting exchanged views on the regional and global challenges, such as the multidimensionalimpacts of the COVID-19 pandemic, climate change, heightened volatility in the global financial market, inflationary pressures, all of which could potentially affect economic and trade relations between ASEAN and the Plus Three countries. 

"The Meeting emphasised that, to navigate the challenging global environment, a stronger and more impactful cooperation is essential," the Ministers said in a joint media statement.

"The Meeting therefore tasked officials to explore ways to embed practical activities of mutual interest that will mitigate the effects of these global challenges on the economic relationship of the ASEAN - Plus Three countries, especially in the areas of sustainable development, digital transformation, and supply chain resilience," they stated.

Trade between ASEAN and the Plus Three Countries recorded an increase of 10.2 percent, rising from a total value of USD1.101 trillion in 2021 to USD1.213 trillion in 2022, based on ASEAN’s data. 

Meanwhile, total foreign direct investment (FDI) flows from the Plus Three Countries into ASEAN increased by 13.8 percent, from USD 48 billion in 2021 to USD 54 billion in 2022 based on ASEAN’s data, accounted for 24.3 percent of total FDI inflows into ASEAN. (WHY)