FRIDAY, March 29, 2024
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UK and Asean launch economic relations with Covid recovery top of agenda

UK and Asean launch economic relations with Covid recovery top of agenda

The UK launched formal economic ties with Asean on Wednesday as economic ministers from all 10 members of the regional bloc met with the UK’s top trade official.

The UK-Asean Economic Dialogue 2020 was co-chaired by Asean Economic Community Minister Tran Tuan Anh of Vietnam and UK International Trade Secretary Liz Truss.

The dialogue aims to further trade and bolster economic recovery efforts amid the Covid-19 pandemic.

Truss said the meeting had discussed building a framework for economic collaboration between the UK and Asean.

“We want our relationship with the Asean region to strengthen and grow, continuing the partnership we have had for more than 40 years.

“The current crisis proves now more than ever the importance of international engagement and finding global solutions to global challenges,” she said.

Free trade and resilient supply chains were crucial to the global economic recovery, Truss added, citing the Hanoi Plan of Action on Strengthening Asean Economic Cooperation and Supply Chain Connectivity in Response to Covid-19.

The UK said it will work with Asean on research to help strengthen UK-Asean supply chains.

Meanwhile officials on both sides of the dialogue agreed that the current economic climate was an opportunity to build a greener and more sustainable global economy, in line with the Paris Agreement in advance of COP26, next year.

Truss outlined the critical opportunities that could enable countries to take an early adopter advantage in low-carbon as a response to Covid-19. She encouraged sustainable infrastructure investment and approaches to stimulate green growth as part of wider economic recovery plans.

The UK offered to further collaborate with the region on its plans to tap into low carbon growth opportunities, and to deliver sustainable and enduring infrastructure projects that boost connectivity in the region, in alignment with the Masterplan on Asean Connectivity 2025.

The UK already provides technical assistance to develop green financial systems and energy efficiency across the Asean region, including through its £15-million (Bt619 million) Prosperity Fund Low Carbon Energy Programme and £12-million global Green Recovery Challenge Fund.

The UK also outlined future areas of economic collaboration, including nurturing digital innovation to help businesses in the region find a place in the burgeoning digital economy.

“The post Covid-19 world will be one that is characterised by rapid digital adoption, and Asean is at the heart of this sea change in lifestyle and business transformation,” noted Natalie Black, UK Trade Commissioner for Asia Pacific.

“The dialogue marks an important step in strengthening UK-ASEAN collaboration on innovation and trade, and we hope to further mutual exchanges and nurture new ideas that can better lives in the region and around the world.”

The UK said it will deepen its digital partnership with Asean through its Asia Pacific Digital Trade Network launched in June and by kick-starting a new UK-Asean Digital Business Challenge, exploring how tech micro, small and medium enterprises (MSMEs) can deliver solutions to tough business challenges.

Moreover, the UK would continue to work closely with the Asean Business Advisory Council (ABAC) to develop a private sector regional digital trade connectivity road map, complementing the Asean Single Window programme which can lead to more facilitative trade within Asean and beyond.

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