1. Economic Ministers from the ten ASEAN Member States and the Republic of Korea (“the Ministers”) met virtually on 29 August 2020 on the occasion of the Seventeenth AEM-ROK Consultations. The Consultations were co-chaired by H.E. Tran Tuan Anh, Minister of Industry and Trade, Viet Nam and H.E. Ms. Yoo Myung Hee, Minister for Trade, Republic of Korea.

2. The Ministers acknowledged the impact of the unprecedented COVID-19 pandemic that has affected the lives of many people and economies in the region. The Ministers reaffirmed their commitment to take collective actions in mitigating the economic impact of the pandemic and resolved to ensure macroeconomic and financial stability by keeping the markets open for trade and investment and ensuring the supply chain connectivity, particularly ensuring the unimpeded flow of essential goods such as medical supplies, medicines and food in the region in accordance with the WTO rules and refraining from introducing or maintaining measures (i.e. of nontariff barriers) that could disrupt the flow of essential goods and services necessary to address the COVID-19 pandemic. The Ministers adopted the joint initiatives on bolstering the economic connectivity between ASEAN-ROK in response to the COVID19 outbreak, focusing on facilitating the flow of essential goods and service as well as essential movement of business people across borders. The Ministers also underscored the importance of coordinated efforts in promoting economic and social resilience in the region, including through the signing of the RCEP Agreement in 2020.

Download the full statement here.

17th AEM-Republic Of Korea (ROK) Consultations