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ASEAN, Japan adopt COVID-19 economic resilience action plan

ASEAN, Japan adopt COVID-19 economic resilience action plan

The ASEAN member states and Japan have agreed on an economic resilience action plan aimed at helping the local businesses to cope with the coronacrisis. As Vietnam Plus reports, the top economic officials have also discussed the specific measures to implement the adopted plan.

The Japan Economic Resilience Action Plan was adopted during the virtual meeting of ASEAN, which was chaired by Minister of Industry and Trade Tran Tuan Anh on July 29. The Asia Pacific region promotes solidarity between the sides in combating COVID-19.

The meeting discussed specific measures to implement “the ASEAN – Japan Economic Ministers’ Joint Statement on Initiatives on Economic Resilience in Response to the Corona Virus Disease (COVID-19) Outbreak” adopted by the ASEAN economic ministers and the Japanese Minister of Economy, Trade and Industries in April.

The Action Plan outlines concrete actions to accomplish three objectives: sustaining the close economic ties developed by ASEAN and Japan, mitigating the adverse impact of COVID-19 on the economy, and strengthening economic resilience.

The document seeks to strengthen economic integration and cooperation to keep markets open for trade and investment, with both sides specifically committed to the signing of the Regional Comprehensive Economic Partnership (RCEP) agreement this year.

Both ASEAN and Japan also agreed to provide capacity-building assistance to boost business and production, including supporting industry, and support regional digital trade transformation in ASEAN and promote existing trade platforms.

They will also together promote regional mechanisms such as the following:

  • the ASEAN Single Window,
  • the Electronic Certificate of Origin system,
  • the ASEAN Digital Integration Framework (DIF), and
  • the ASEAN Framework on Digital Data Governance.

ASEAN, Japan continue to support the local businesses

The economic toll has been harsh, with ASEAN’s leading economies, including Singapore, Indonesia, Thailand and Malaysia, facing one of their most severe recessions in decades.

ASEAN and Japan will enhance information exchange and the sharing of best practices on economic policies to manage the COVID-19 pandemic, and public-private collaboration efforts to respond to economic and business challenges.

Amid coronacrisis, Japan and ASEAN members will initiate programmes to strengthen supply chain resilience, including through enhancing the participation of businesses and academics.