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EEC and ASEAN to hold seminar on economic recovery in post-coronavirus period

EEC and ASEAN to hold seminar on economic recovery in post-coronavirus period

7/27/2020
The issues of recovering economies of two regions in the post-coronavirus period as well as current interaction agenda were a focus of attention at the meeting of the ASEAN Senior Officials on Economy and the Eurasian Economic Commission represented by Goar Barseghyan, Director of the Integration Development Department. The event was held on July 25 via videoconferencing.

"After signing the Memorandum of Understanding between the EEC and the ASEAN in the field of economic cooperation in 2018, the interaction between the associations is on the rise. Despite the forced cancellation of a number of face-to-face events in 2020, including the traditional EAEU-ASEAN Business Dialogue within the St. Petersburg International Economic Forum, we still follow the policy of intensifying joint work and implementing the Cooperation Program between our organizations," stated Director of the EEC Integration Development Department.

Goar Barseghyan has informed the ASEAN partners about current agenda of the Eurasian Economic Union, including work on the Strategic Directions for Developing the Eurasian Economic Integration until 2025. The EEC representative has also suggested holding a joint seminar on economic recovery after the COVID-19 pandemic and implementing required measures at the level of integration associations. The event format will be determined in the near future.

The ASEAN Senior Officials on Economy have approved the recommendations developed following the seminar "Regional economic integration in the EAEU and the ASEAN". Furthermore, the meeting attendees have discussed issues raised during the negotiations between Mikhail Myasnikovich, Chairman of the EEC Board, and Lim Jock Hoi, Secretary General of the ASEAN, held in February 2020.

The attendees have agreed the agenda for the next meeting at the level of Ministers on Economy of the EEC and the ASEAN scheduled to be held at the end of August.

For reference

The Association of Southeast Asian Nations (ASEAN) is an economic association founded in 1967. The Association members include Indonesia, Malaysia, Singapore, Thailand, the Philippines, Brunei Darussalam, Vietnam, Laos, Myanmar, and Cambodia. Papua New Guinea and East Timor have an observer status. This is one of the largest regional integration associations with a combined GDP of US$ 2.6 trillion, foreign trade turnover of US$ 2.5 trillion and a population of 622 million people.

The Memorandum of Understanding between EEC and the ASEAN was signed in November 2018. It underpins the formation of a dialogue platform for discussing a wide range of issues of interaction between integration blocks on the Eurasian continent scale.

To implement the Memorandum, a Cooperation Program for 2019–2020 was adopted. It covers customs legislation and law enforcement practice, trade policy, business activities, technical and antitrust regulation, SPS measures, energy, functioning of internal markets, etc.​