Nay Pyi Taw, 18th May, 2022

Union Minister for Investment and Foreign Economic Relations, U Aung Naing Oo, participated at the ASEAN Economic Ministers’ Special Meeting which was held from 17th to 18th May 2022, in Bali, Indonesia.
The Meeting was chaired by H.E. Pan Sorasak, Minister for Commerce, the Kingdom of Cambodia and attended by ASEAN Economic Ministers, the ASEAN Secretary General, Senior Economic Officials (SEOM) and representatives from ASEAN Countries.
At the Meeting, the Ministers discussed and exchanged views on ASEAN’s collective efforts and strategies to address the regional and global issues, to mitigate their potentially adverse impacts on ASEAN’s economy and to strengthen ASEAN’s centrality in the economic integration.
The Ministers acknowledged the United States’ and the European Union’s intention their engagement with the Indo-Pacific region, and reiterated the importance of strengthening and maintaining ASEAN Centrality in ASEAN’s engagement with its external partners through ASEAN-led mechanisms such as the ASEAN Outlook on Indo-Pacific (AOIP).
 With regard to the implementation of the Regional Comprehensive Economic Partnership Agreement, the Ministers urged the remaining countries to expedite the ratification of the Agreement which is to be a significant contributor to post pandemic economic recovery efforts.
The Ministers shared the information on preparing for the WTO 12th Ministerial Conference which will be held on 13 June 2022 in Geneva, and they also shared views on deepening understanding of the complex dynamics between trade-related environment and climate change measures.
In addition, the Ministers discussed the potential industrial based projects in ASEAN as a collective effort in deepening ASEAN economic integration, enhancing intra-ASEAN trade and investment and strengthening supply chain connectivity.
In his statement, Union Minister highlighted the impacts of global economic stagnation on ASEAN’s economy due to the unprecedented global challenges particularly Russia-Ukraine Conflict while ASEAN is attempting the economic recovery efforts in post Covid-19 Pandemic. In addition, he also explained the efforts of State Administration Council (SAC) to address the political issues and to mitigate geo-political risks. He also underscored the crucial role of supports and understanding of ASEAN Member States to stabilize the political and economic situations in Myanmar. He also stressed Myanmar’s commitment to actively participate in regional economic integration programme under ASEAN Economic Community Pillar.
During the Meeting, Union Minister met with H.E. Pan Sorasak, Chairman of the ASEAN Economic Ministers’ Meeting, Minister for Commerce, the Kingdom of Cambodia and discussed on the matters to strengthen bilateral economic cooperation, to finalize Investment Promotion and Protection Treaty and to continue further discussion for the Avoidance of Double Taxation Agreement between Myanmar and Cambodia.
    Union Minister also had a separate meeting with H.E. Muhammad Lutfi, Minister for Trade of Indonesia, and discussed on the strengthening of cooperation under the implementation of Regional Comprehensive Economic Cooperation Agreement. At the meeting, Union Minister requested to liberalize the Indonesia’s current export ban on palm oil, particularly exemption for Myanmar and to promote Myanmar agricultural exports to Indonesia market. 
    Union Minister also met with H.E. Samsem Samalapa, Deputy Minister for Commerce, Thailand, and frankly discussed on the matters to enhance bilateral trade and also to facilitate the Baht/Kyat direct payment at the Thai-Myanmar border. In addition, Union Minister had a meeting with H.E. Bountheung Douangsavanh, Deputy Minister for Industry and Commerce of Lao PDR, and explored the promotion of bilateral economic cooperation and border trade. 
    On the evening of May 17, Union Minister joined the dinner hosted by H.E. Muhammad Lutfi, together with ASEAN Economic Ministers.
Permanent Secretary, Ministry of Investment and Foreign Economic Relations and the officials also attended the meeting.