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Japan, ASEAN to deepen economic ties toward 50th friendship anniversary
During an in-person meeting of economy ministers in Siem Reap, Cambodia, the two sides affirmed cooperation in building a system for corporations in each country to share information on their supply inventories.
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The national flags of the various countries attending the 35th ASEAN Summit are displayed in Bangkok on November 4, 2019. (AFP/ASEAN Secretariat)
J
apan and the Association of Southeast Asian Nations agreed Sunday to deepen economic ties in areas such as supply chain resiliency ahead of the 50th anniversary of ASEAN-Japan friendship.
During an in-person meeting of economy ministers in Siem Reap, Cambodia, the two sides affirmed cooperation in building a system for corporations in each country to share information on their supply inventories.
"We reaffirmed we will overcome challenges together through free and fair trade and investment to pioneer the future in a time of economic uncertainty," especially in the wake of the coronavirus pandemic and Russia's war on Ukraine, Japanese Economy, Trade and Industry Minister Yasutoshi Nishimura told reporters after the meeting.
ASEAN groups Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand and Vietnam.
Trade between ASEAN and the plus-three countries -- Japan, China and South Korea -- recorded an increase of 25.1 percent, reaching a total value of $1.10 trillion in 2021.
Nishimura said Japan proposed efforts to strengthen economic cooperation, such as building a network of 100 entrepreneurs from Japan and ASEAN annually and creating 100 business projects yearly to tackle social issues.
Also in Cambodia on Saturday, economic ministers of the Regional Comprehensive Economic Partnership Agreement, which groups ASEAN and the plus three countries, as well as Australia and New Zealand, held their first ministerial meeting since the partnership came into force in January.
