Asean focuses on fighting pandemic, economic recovery

Asean leaders actively engaged with the Asean Business Advisory Council (Asean BAC) via video conference during their 17th Dialogue last Friday.

The leaders highlighted the key role that the private sector plays to help Asean, at national and regional levels, to mitigate the devastating economic and social impact of the pandemic and lift the region towards economic recovery at the earliest possible time.

Asean chair Vietnamese Prime Minister Nguyen Xuan Phuc conveyed his gratitude to Asean BAC, led by chair Dr Doan Duy Khuong, for putting together a package of actionable short-term recommendations and key elements of the Post-Pandemic Economic Recovery Plan with support from partner joint business councils and sector champions.

Khuong urged the establishment of the Asean High-Level Special Commission on Covid-19 and emphasised the readiness of Asean BAC and its partners to help the commission.

The Asean chair was pleased to note the practical recommendations to bring back confidence and trust in business operations.

Thai Prime Minister Prayut Chan o Cha focused on the importance of Asean resilience in responding to future health emergencies, as covered by Asean BAC's presentation. He said making Asean leverage on the opportunities of the Fourth Industrial Revolution, e-commerce and full utilisation of existing free trade agreements were crucial to bring in investments and make Asean an investment hub.

Prayut gave strong support to Asean BAC's proposal to set up the Special Business Advisory Board to ensure strong private sector cooperation with Asean, but it must be ensured that there is no duplication with related initiatives by other Asean bodies.

Cambodian Prime Minister Hun Sen said the pandemic accentuated the urgency to improve the regional supply chain and increase intra-Asean trade through the immediate elimination of remaining tariff barriers and difficult non-tariff barriers. He urged Asean to strive for self-sufficiency.

Indonesia's Coordinating Minister for Economic Affairs Airlangga Hartarto, speaking on behalf of President Joko Widodo, reiterated the need to move away from the "business as usual" mode to effective action and took note of the importance of a "Digital Asean" for sustainable development. He likewise extended support for the establishment of the High-Level Special Commission and Special Business Advisory Board.

Malaysia's Senior International Trade and Industry Minister Datuk Seri Azmin Ali, who spoke on behalf of Prime Minister Tan Sri Muhyiddin Yassin, fully supported the establishment of the High-Level Special Commission to ensure effective decision-making in undertaking such a huge responsibility. He stressed that time was of the essence for the finalisation of a concerted Economic Recovery Plan and it must be anchored on the Hanoi Plan of Action.

Prayut and Airlangga also expressed concurrence with Asean BAC's recommendation to finalise the Regional Comprehensive Economic Partnership in the earliest possible time to unleash its potential to create more markets for Asean and enhance Asean's competitiveness at this time when it is most needed.

In summary, the chair took positive note of the alignment of Asean BAC's recommendations with the interventions and directions made by the leaders.

The chair urged Asean BAC to continue cooperating closely with Asean and national governments as it draws up the Economic Recovery Plan.

The chair also thanked Asean BAC Malaysia chair Tan Sri Munir Majid, Asean BAC Brunei chair Siti Rozaimeriyanty Abd Rahman and Nguyen Thi Nga from Asean BAC Vietnam and who is Asean Business Awards chair for their presentations.

In closing, the Asean chair said: "I believe that with the determination of the governments, combined with the dynamism and flexibility of Asean businesses, we will together overcome the current challenges, thereby empowering and making Asean an attractive new destination for investors, contributing to the prosperity for all Asean economies and the Asean people and businesses."

Source: New Straits Times