"The regional economic integration is important in facing the growing global trade conditions lately," Indonesian Trade Minister Enggartiasto Lukita noted in a statement received by Antara here on Tuesday.
He said Indonesia lauded the support of China, Japan, and South Korea to continue the economic integration cooperation with ASEAN + 3 through the agreement.
The agreement was reached at the 21st AEM Plus Three Consultation Meeting recently held in Singapore. This consultation meeting was a series of the 50th ASEAN Economic Ministers Meeting held from August 28 to September 1, 2018.
The ASEAN+3 Economic Cooperation plan agreement for the 2019-2020 period is a testament to the commitment to increase ASEAN+3 economic cooperation.
During the meeting, ASEAN and the three partner countries also discussed the development of the implementation of the ASEAN+3 economic cooperation plan for the 2017-2018 period, especially in the fields of connectivity; micro, small, and medium enterprises; and trade facilitation.
The minister noted that the agreement will be reported to the Heads of State of ASEAN+3 at the ASEAN+3 Summit in November 2018 to speed up the implementation on January 1, 2019.
The ministers also agreed to conduct a joint study titled "10+3 Cooperation for Improvement of Supply Chain Connectivity" as proposed by China to be launched at the ASEAN+3 Summit in November 2018.
The ministers also welcomed the implementation of the China International Import Expo on November 5-10, 2018, in Shanghai, China, and a seminar on ASEAN+3 Anti-Counterfeit Goods to be held in 2019 in Thailand.
The ministers agreed to jointly participate and succeed in both activities.
According to Minister Enggar, Indonesia is ready to support and participate in every ASEAN+3 cooperation that boosts Indonesia`s economy, encourages regional economic integration, and expands synergy between regions.
"We believe that by contributing actively, all countries can build a platform that can increase inclusiveness, openness, and cooperation in this region," he added.
In 2017, the total trade of the ASEAN+3 countries increased 16.1 percent to US$807.3 billion as compared to the previous year. Of this figure, 31.6 percent is the total goods trade in the ASEAN.
The framework of the ASEAN+3 cooperation also has an impact on Foreign Direct Investment from these three countries to the ASEAN.
In 2017, investment flows to the ASEAN had amounted to $29.9 billion, or 21.8 percent of the total foreign investment inflows into the bloc.
(KR-LWA/INE)
Reporter: Antara
Editor: Suharto
Copyright © ANTARA 2018
