JAKARTA, 21 October 2021 – ASEAN adopted the Framework for Circular Economy for the ASEAN Economic Community (AEC) at the 20^th AEC Council Meeting held on 18 October. The Framework aims to guide ASEAN in achieving its long-term goals of a resilient economy, resource efficiency, and sustainable and inclusive growth.

ASEAN’s transition towards circular economy hinges on five Strategic Priorities,:

1. Standard Harmonisation and Mutual Recognition of Circular Products and Services;
2. Trade Openness and Trade Facilitation in Circular Goods and Services;
3. Enhanced Role of Innovation, Digitalisation, and Emerging/Green Technologies;
4. Competitive Sustainable Finance and Innovative ESG Investments; and
5. Efficient Use of Energy and Other Resources.

Building on existing ASEAN initiatives, the Framework seeks to explore new opportunities and collaborations with other ASEAN pillars, Dialogue Partners, and the private sector, to scale-up and accelerate the region’s transition to low-carbon economy.

The Framework is a priority economic deliverable under Brunei Darussalam’s 2021 ASEAN Chairmanship, and was developed by the ASEAN Secretariat in collaboration with the Economic Research Institute for ASEAN and East Asia (ERIA).