Economic Ministers from member states of the Association of South East Asian Nations (ASEAN) are meeting in Singapore between 29 August and 1 September. A number of important economic agreements have been signed or endorsed by the Ministers.

AFAS commitments

Agreements signed at the meeting include the 10th package of commitments for the ASEAN Framework Agreement on Services (AFAS). The package includes commitments on services liberalization. The latest package involves deeper commitments by member states and permits market access into new services sectors. Services providers within ASEAN will now benefit from wider preferential services access into ASEAN markets with fewer discriminatory barriers. The service providers will therefore participate more easily in service sectors that were previously closed to them in the region, including logistics, air transport, maritime transport, computer, telecommunications, tourism, construction services and professional services.

Protocol to Amend ASEAN Trade in Goods Agreement

A Protocol to amend the ASEAN Trade in Goods Agreement (ATIGA) introduces legal amendments to implement the ASEAN-wide self-certification (AWSC) scheme. Certified exporters will be permitted to self-certify the origin of their exports and therefore access preferential treatment. This improves efficiency and benefits importers and exporters by removing administrative barriers and the associated additional costs previously incurred in applying for a Certificate of Origin.

E-commerce Agreement

The ASEAN Agreement on e-Commerce is now due to be signed at the ASEAN Economic Community Council Meeting in November 2018. This is the first ASEAN agreement in the area of e-commerce and is designed to support regional e-commerce flows and give more impetus to the digital economy.

ASEAN Digital Integration Framework

The ASEAN Digital Integration Framework is also due to be signed in November 2018. This agreement aims to help ASEAN member states to improve the regional digital ecosystem and to monitor progress on digital integration in the region.

AEC Blueprint 2025

The Ministers have also reviewed the implementation of the ASEAN Economic Area (AEC) Blueprint 2025 and have looked at progress in ASEAN’s external economic relations with other states, in addition to exchanging views on current regional and global developments.