By Yusrin Junadi –
BANDAR SERI BEGAWAN, 19 SEPT – Minister in the Prime Minister’s Department and Second Minister of Finance and Economy, the Honorable Dato Seri Setia Dr Haji Mohd Amin Liew bin Abdullah attended the 56th ASEAN Economic Ministers’ (AEM) Meeting and Related Meetings held on 16 and last September 17 in Vientiane, Laos.
Series of meetings chaired by Laos, including 56th AEM Meeting – 38th ASEAN Free Trade Council (AFTA) Meeting, 56th AEM Meeting – 27th ASEAN Investment Area (AIA) Council Meeting, ASEAN Business Advisory Council Consultation ( ASEAN-BAC) the 22nd, and the 56th AEM Meeting.
The main focus of the meeting was the beginning of the signing of the Fifth Protocol to Amend the ASEAN Comprehensive Investment Agreement (ACIA) held during the 56th AEM Meeting and Related Meetings.
According to a statement received by the Ministry of Finance and Economy, the streamlined ACIA provides more transparency and certainty to investors regarding the investment regime in ASEAN, which can attract more investment to the region, including the expansion of the scope of ACIA beyond traditional investment sectors such as manufacturing, agriculture, fisheries, forestry, mining and quarrying and related services.
The 38th AFTA Meeting has welcomed the positive progress noted in the implementation of the ASEAN Trade in Goods Agreement (ATIGA), especially regarding the full implementation of the issuance and acceptance of the Electronic Certificate of Origin (e-Form D).
In addition, the meeting also took note of the good progress in the ATIGA Upgrade Negotiations, with the aim of completing the negotiations by the first quarter of 2025. In that regard, the meeting affirmed ASEAN’s commitment to ensure that the streamlined ATIGA will be modern, comprehensive and more responsive to regional development and global.
Aware of the importance of achieving a sustainable region, the ministers of the AEM Meeting, the 56th AIA Council Meeting welcomed the progress of the ASEAN Sustainable Investment Guidelines (ASIG) scheduled to be finalized in 2024.
Meanwhile, the meeting also discussed the ASEAN Investment Report 2024 which provides an assessment of the investment landscape in ASEAN over the past decade as well as specific policy recommendations for the period after 2025.
In addition, the Policy Paper on the Global Minimum Tax and its implications for investment incentives and promotions in the region were also discussed.
The 56th AEM meeting also emphasized ASEAN’s continued efforts to strengthen the economic integration agenda despite facing global economic challenges where the ASEAN economy grew 4.1 percent in 2023 and is expected to record positive growth of 4.6 percent and 4.7 percent in 2024 and 2025.
In addition, the meeting also discussed several ASEAN sustainability initiatives such as the ASEAN Strategy for Carbon Neutrality, ASEAN Circular Economy Framework and Blue Economy Framework in an effort to become a sustainable and resilient region.
During the meeting, the Honorable Dato Seri Setia Dr Haji Mohd Amin Liew in his speech affirmed that a sustainable environment has been and will continue to be one of Brunei Darussalam’s policy aspirations, recognizing the important role of sustainability initiatives in achieving resilient and dynamic economic growth.
Yang Berhormat Dato also recognized the good progress recorded such as the ATIGA Upgrade Negotiations which take into account the elements of a circular economy and the establishment of the ASEAN Task Force to Carbon Neutrality.
In preparation for the 56th AEM Meeting and Related Meetings, senior ASEAN economic officials have extensively discussed the progress of Key Economic Outcomes under the Laos Chairmanship in 2024 and Annual Key Policies that fall under the jurisdiction of AEM and continued economic cooperation within ASEAN and external partners .
Also present at the meeting was the Permanent Secretary (Economy, Trade and Industry) at the Ministry of Finance and Economy, Dr Hajah May Fa’ezah binti Haji Ahmad Ariffin, as Senior Economic Officer for Brunei Darussalam.
