Socialist Republic of Vietnam

Ha Noi, Sept. 11 (VNA) -- The third ASEM Economic Ministers' Meeting (EMM-3), gave first priority to the simplification of customs procedures in a move to remove trade barriers and increase trade between member countries, according to Trade Minister Vu Khoan of Viet Nam.

Khoan was speaking at a press briefing on the outcome of the EMM-3 in Ha Noi on Sept. 11. He said that the ministers focused their discussion on how to apply 'paperless' customs procedures among member countries.

He also cited other measures to further remove trade barriers such as setting collective quality standards and making travel and goods distribution easier.

Participants at the meeting noted that ASEM trade liberalisation efforts have brought about encouraging results with trade value between Asia and Europe rising to USD 320 billion in 2000 from USD 275 billion in 1995, one year before the establishment of ASEM.

Mr. Khoan told the press that having acknowledged the current recession trend of the global economy as a result of the slowdown of the US and Japanese economies, the ministers agreed that greater efforts should be made to promote multilateral cooperation to mitigate difficulties and regain the strength of economies.

They agreed that the on-going globalisation on the one hand offers new opportunities but on the other hand also has the potential to wider the gap between developed and under-developed economies. Therefore, they were of the same view to enhance cooperation to ensure sustainable development of all economies and that developed economies should give necessary assistance to under-developed ones.

Mr. Khoan also took this occasion to announce that he and EU Trade Commissioner Pascal Lamy in a bilateral meeting reached an agreement on the opening of a new trade negotiation round on increasing EU textile and garments quotas to Viet Nam in the near future.

Business environment and support to small and medium-sized enterprises drew great attention during the meeting as the ministers recognised that the Asia-Europe Business Forum (AEBF) is an appropriate means for businesses to communicate their needs to governments on how the latter can facilitate and promote the business and investment environment. They decided that the on-going upgrade of communication information on business opportunities and business framework as well as trade regulations should be further expedited.

The Ministers lauded the results obtained during the course of implementing the Investment Promotion Action Plan (IPAP) to remove obstacles to investment and carry out the most effective measures to attract foreign direct investment. They agreed to extend the terms of Investment Expert Group (IEG) for two years and emphasized the need to further develop on-line investing.

Participants at the meeting expressed their strong support for China and Viet Nam to join the World Trade Organisation, Khoan said. He also took this occasion to thank the European Union for providing effective technical assistance to strengthen the capacity of Vietnamese agencies concerned, enabling them to make legal documents in conformity with WTO criteria.

Minister Khoan noted that Viet Nam has given the finishing touches to its initial offer to be handed over to WTO members in preparation for multilateral and bilateral negotiations.

The Ministers agreed that the next EMM will be held in Copenhagen, Denmark, in the second half of 2002.

The press briefing was also co-chaired by European Commissioner on Trade Pascal Lamy, Chinese Deputy Minister of Foreign Trade and Economic Cooperation Sun Zhenyu, and Belgian Minister for Economic Affaires Charles Picque, who all praised Viet Nam for successfully hosting the meeting.

The Asia-Europe Meeting (ASEM), an informal dialogue and cooperation forum, comprises 10 Asian members, Brunei, China, Indonesia, Japan, the Republic of Korea, Malaysia, the Philippines, Singapore, Thailand and Viet Nam, and EU members, Ireland, the United Kingdom of Britain, Austria, Belgium, Portugal, Denmark, Germany, the Netherlands, Greece, Italy, Finland, France, Spain and Sweden, and the European Commission. --VNA