ASEAN a priority for Vietnam cooperation

The 48th ASEAN Summit and Related Meetings discussed solutions to further develop the bloc

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The 48th ASEAN Summit and Related Meetings discussed solutions to further develop the bloc

The 48th ASEAN Summit and accompanying events adopted more than 20 documents which aim to strengthen intra-bloc cooperation in trade, investment, security, and health, among others.

ASEAN member states have highlighted the need to enhance intra-bloc trade and investment, facilitate trade, expand regional connectivity in infrastructure, power grids, energy and digital connectivity, and diversify relations with partners.

The initiatives come amid the existing concern over rising geographical tensions and military conflicts in the world, besides global trade tensions and growing uncertainties in the international economic landscape, particularly unilateral actions relating to tariffs, which risk exacerbating global economic fragmentation and pose complex challenges to ASEAN’s economic stability.

“We expressed deep concern over the continued tensions in the Middle East. The escalating conflict has generated broader economic repercussions beyond the region, particularly through heightened volatility in global energy markets and disruption of key maritime and supply chain routes, bringing about uncertainty and significant challenges to the economy, businesses and global trading dynamics,” read a joint statement.

To mitigate the economic impact of the global and regional developments, ASEAN member states remain committed to keeping the ASEAN market open for trade and investment, by maintaining a transparent and predictable regional economic architecture.