ASEAN has witnessed significant growth in regional trade, with a 21.5% increase driven by the ASEAN Free Trade Area (AFTA). Since its inception in 1992, AFTA has played a pivotal role in reducing tariffs, with 98.6% of all tariff items now eliminated. The ongoing refinement of the ASEAN Single Window Tax Notification System has further streamlined trade processes, reducing costs and facilitating easier business across member states.
Laos’ Minister of Industry and Commerce, Malaythong Kommasith, highlighted this surge in trade while chairing the 56th ASEAN Economic Ministers Meeting and the 38th ASEAN Free Trade Area Council Meeting in Vientiane. In 2023, intra-ASEAN trade reached US$759 billion, marking a significant milestone in the region’s economic integration efforts.
Malaythong credited ASEAN’s leadership and its commitment to fulfilling the ASEAN Economic Community (AEC) Master Plan for 2025. The successful implementation of the ASEAN Trade Agreement and the ASEAN Single Window system has been key to achieving many goals, particularly in resolving trade-related issues and promoting electronic trade documentation.
Looking ahead, ASEAN aims to further strengthen trade through ongoing negotiations to upgrade the ASEAN Trade Agreement, with completion targeted for 2025. The focus will be on deepening economic ties, expanding trade integration, and adopting recommendations to create a favorable environment for trade development within the region.
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