56th ASEAN Economic Ministers Meeting in Laos

According to Vientiane Times, on September 17, the 56th ASEAN Economic Ministers' Meeting opened in Vientiane, chaired by Lao Minister of Industry and Trade Malaythong Kommasith, along with economic ministers of ASEAN member countries and Timor Leste.

Delegates attending the 56th ASEAN Economic Ministers Meeting in Laos. Photo: VIENTIANE TIMES

In his opening speech, Mr. Malaythong Kommasith said that the 56th ASEAN Economic Ministers' Meeting demonstrated the commitment of ASEAN members to continue to cooperate in implementing the vision of building the ASEAN Economic Community by 2025 and defining the vision of building the ASEAN Economic Community by 2045.

The 56th ASEAN Economic Ministers' Meeting took place in the context of complex changes in the world and the region, especially when the economic and financial situation in the region and the world continues to face instabilities due to the impact of the Covid-19 pandemic, climate change and geopolitical conflicts in the region and internationally.

Delegates focused on studying and discussing in depth many outstanding issues to turn the ASEAN region into a region that attracts foreign investment and is ready to cope with the current changing situation, such as in-depth discussions on issues related to the organization and implementation of important priority work plans in 2024; progress in building the ASEAN Economic Community 2025 and vision to 2045; ASEAN's sustainable development plan and economic cooperation with the outside world.

ASEAN's economic growth rate averaged 4.1% in 2023 and is expected to increase to 4.6% in 2024. Investment in ASEAN increased by 0.3%, from US$229 billion in 2022 to US$230 billion in 2023. ASEAN's trade in goods value decreased by 1.2% from US$3,846 billion in 2022 to US$3,525 billion in 2023 and is expected to increase to US$3,617 billion in 2024.

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Source: https://www.sggp.org.vn/hoi-nghi-bo-truong-kinh-te-asean-lan-thu-56-tai-lao-post759371.html