Delegates gathered on Monday for the 38th ASEAN Free Trade Area (AFTA) Council meeting, according to a report from Laos' Ministry of Industry and Commerce on Tuesday.
According to Xinhua news agency, Lao Industry and Commerce Minister Malaythong Komasith in his opening remarks highlighted the importance of the meeting to integrate ASEAN as a single competitive production hub.
Since the establishment of the ASEAN Free Trade Area in 1992, there has been significant progress in trade among ASEAN countries. ASEAN has eliminated tariffs on 98.6 percent of all tariffed goods and continues to refine the ASEAN Single Window Tax Notification System to reduce trade costs and facilitate trade. In the area.
These measures have led to a significant increase in trade, with the value of intra-ASEAN trade reaching US$759 billion in 2023, accounting for 21.5 percent of the total trade value of ASEAN countries.
“Over the past year, we have completed action plans to build the ASEAN Free Trade Area and achieved a number of goals. In particular, we resolved issues arising from the use of electronic trade documents through the ASEAN Trade Agreement and the ASEAN Single Window. Were able to do the tax notification service system,” Malaythong said.
The meeting was held to broaden and deepen regional trade and further integrate trade.
The meeting focused on considering and adopting a report of the Committee of ASEAN Senior Economic Officials, a report of a Negotiating Committee on the Upgrade of the ASEAN Trade Agreement and a joint statement of the 38th AFTA Council Meeting.
According to Xinhua news agency, Lao Industry and Commerce Minister Malaythong Komasith in his opening remarks highlighted the importance of the meeting to integrate ASEAN as a single competitive production hub.
Since the establishment of the ASEAN Free Trade Area in 1992, there has been significant progress in trade among ASEAN countries. ASEAN has eliminated tariffs on 98.6 percent of all tariffed goods and continues to refine the ASEAN Single Window Tax Notification System to reduce trade costs and facilitate trade. In the area.
These measures have led to a significant increase in trade, with the value of intra-ASEAN trade reaching US$759 billion in 2023, accounting for 21.5 percent of the total trade value of ASEAN countries.
“Over the past year, we have completed action plans to build the ASEAN Free Trade Area and achieved a number of goals. In particular, we resolved issues arising from the use of electronic trade documents through the ASEAN Trade Agreement and the ASEAN Single Window. Were able to do the tax notification service system,” Malaythong said.
The meeting was held to broaden and deepen regional trade and further integrate trade.
The meeting focused on considering and adopting a report of the Committee of ASEAN Senior Economic Officials, a report of a Negotiating Committee on the Upgrade of the ASEAN Trade Agreement and a joint statement of the 38th AFTA Council Meeting.
