KUALA LUMPUR, Sept 23 (Bernama) -- The 7^th Asia Europe Meeting (ASEM) Economic Ministers Meeting (EMM7) reconvened after they last met in 2005. ASEM EMM was established as a platform dedicated to discussing relevant economic issues including trade and investment matters within the ASEM region. The Malaysian delegation to the EMM7 was led by YB Dato’ Seri Ong Ka Chuan, Minister of International Trade and Industry II. 

EMM7 was attended by economic and trade Ministers and representatives from 21 Asian countries and from 30 European countries, as well as the European Commission and the ASEAN Secretariat. The meeting was also participated by the World Trade Organisation (WTO), Organisation for Economic Cooperation and Development (OECD), United Nations Industrial Development Organisation (UNIDO) and the Asian Development Bank (ADB).

In his opening remarks, the Prime Minister of the Republic of Korea, Lee Nak-yeon stressed that the EMM7 lays a foundation for a productive discussions at the 11^th Ministerial Conference (MC11) of the World Trade Organisation (WTO) to be held in December this year in Buenos Aires, Argentina.

With the theme “Reconnecting Asia-Europe: Innovative Partnership for Inclusive Prosperity”, EMM7 discussed the following topics:

(1) Facilitating and Promoting Trade and Investment;
(2) Strengthening Economic Connectivity; and
(3) Sustainable and Inclusive Growth.

Acknowledging trade as a key engine for growth, development, and job creation in ASEM economies, and the significant contribution that the open and rules-based multilateral trading system centered on the WTO has made to global prosperity and inclusiveness.  At the meeting, Ministers also adopted a dedicated Ministerial Statement on supporting the multilateral trading system, including to a successful WTO MC11 and to the full implementation of the WTO Trade Facilitation Agreement (TFA). Ministers stressed in the statement their commitment to fight protectionism and reiterated their commitment to stand firm against unfair trade practices.

In discussing ASEM-wide trade and investment facilitation, the Ministers recognized the need to revitalize cross-border investment within the ASEM region and welcome discussion on dialogues in investment policymaking. In this regard, the Ministers encouraged exchange of information and the sharing of best practices on policies and regulations that support a more predictable and transparent investment climate.

YB Dato’ Seri Ong Ka Chuan also chaired the 2^nd Plenary Session of the EMM7 with the theme Strengthening Economic Connectivity. In his opening remarks, YB Minister MITI II highlighted that e-Commerce has become increasingly vital element of the global economy. In a globalised world interconnected through ICT, e-Commerce plays a key role not only in domestic and cross-border trade, but also in facilitating foreign investment through the supply of intermediary services. 

E-Commerce also has significantly lowered barriers to entry and operating cost for businesses and is particularly beneficial for the Micro, Small and Medium Enterprises (MSMEs). Against this background, Ministers agreed on the importance of enhancing multilateral work on e-commerce, including by using the opportunity offered at MC11 to take the necessary steps to revitalize the work in the WTO.

EMM7 also discussed on the emerging of the 4^th Industrial Revolution and its role in bringing about fundamental technological changes of which all ASEM partners could be beneficiaries with regard to creating new and better jobs, increasing productivity, and seizing growth opportunities. 

The Ministers also reaffirmed the Micro, Small and Medium Enterprises (MSMEs) leading role in job creation, economic growth, and prosperity in both developed and developing countries. MSMEs should make the best use of the opportunities provided by digitalisation and innovate themselves to be small, fast and strong competitors in the global arena on a level playing field. 

The Ministers expressed strong support to internationalize MSMEs by fostering their participation in regional and global value chains. This could be achieved by providing better access to information, improving their access to local digital infrastructure and enabling them to reap the benefits of FTA networks. Ministers also encouraged officials in charge of MSME policies within the ASEM region to share best practices and related knowledge in the appropriate fora, including in the WTO.

Background
 
ASEM was established in March 1996. Over the past 20 years, it has become the biggest cooperative forum between Asia and Europe. From 26 founding members, ASEM now has 53 partners consisting of 51 countries, the European Comission and the ASEAN Secretariat. ASEM represents 62% of the world population, 57% of the global GDP, and 68% of global trade. Its revitalization this year is particularly timely and meaningful in view of the structural changes in the world economy over the recent years, including the increased relevance of global supply chains, the rising protectionism, and the dawning of the 4^th Industrial Revolution.

Source  : Ministry of International Trade & Industry 

FOR MORE INFORMATION, PLEASE CONTACT:
Name : Sabri Salleh
Strategic Communications Unit
Tel : 03 6200 0082 / 03 603. 6206 4293 / +012 3139451
Email : sabri.salleh@miti.gov.my

--BERNAMA