The twenty third meeting of the ASEAN Economic Community (AEC) Council focused attention on Indonesia’s 16 priority economic outcomes under Indonesia’s leadership. This meeting took place in Jakarta on September 3, preceding the forty third ASEAN Summit.
This 12 months, the economic pillar hosted 16 PEDs organized under three strategic drivers, namely economic restructuring and recovery, digital economic development and sustainable development.
Secretary of the Indonesian Coordinating Ministry of Economic Affairs, Susiwijono Moegiarso, hopes that 11 of the 16 PEDs will likely be finalized in the course of the forty third ASEAN Summit. Meanwhile, five other PEDs are expected to be finalized within the fourth quarter of this 12 months. Efforts are geared toward successfully completing all 16 PEDs in the identical 12 months.
All of the six PEDs within the recovery push were successfully accomplished.
These include initiatives resembling the ASEAN Services Facilitation Framework (ASFF), efforts to revive economic and financial stability, the commitment of ASEAN leaders to strengthen food and nutrition security in response to the crisis, the signing of the Second Amendment Protocol to the Agreement Establishing an ASEAN Free Trade Area- Australia-New Zealand (AANZFTA), establishment of the RCEP Support Unit on the ASEAN Secretariat in Jakarta and the ASEAN Framework for Industrial Project-Based Initiatives.
Meanwhile, two of the five PEDs under the Digital Economy Initiative have been accomplished, while the remaining three are still ongoing.
These include actions resembling full implementation of the Electronic Certificate of Origin (e-Form D) through the ASEAN Single Window, improving payment connectivity, promoting digital financial literacy and social inclusion to support inclusive economic growth, and strengthening the resilience of the financial sector. It also includes the Leaders’ Statement on the event of the ASEAN Digital Economy Framework Agreement (DEFA), the Regulatory Space Pilot (RPS) project to facilitate cross-border flows of digital data to support mobility in ASEAN, and the ASEAN Framework for Logistics for the Digital Economy. rural (last mile delivery).
Meanwhile, under the third strategic thrust, Sustainable Development, there are five Priority Economic Outcomes (PEDs), of which three have been successfully accomplished and the remaining two are still ongoing.
The five PEDs include the ASEAN Harmonized Standards Roadmap to support the implementation of the Sustainable Development Goals (SDGs), the event of an electrical vehicle ecosystem, the event of the ASEAN Blue Economy Framework, the promotion of transitional financing to support sustainable finance and a green economy, and the Declaration on Sustainable Energy Security through connections.
Susiwijono Moegiarso also provided an summary of developments related to electric vehicles (EV) and the Digital Economy Framework Agreement (DEFA). In an effort to develop the electrical vehicle ecosystem, ASEAN has adopted measures to advertise uniform regional standards, including charging infrastructure, and enhance cooperation with other countries.
The AECC is predicted to approve DEFA ahead of the forty third ASEAN Summit, which could have a big impact on promoting digital economic integration within the region. The agreement is predicted to extend investment attractiveness, stimulate innovation, improve productivity, create high-quality employment opportunities and support the micro, small and medium-sized enterprise sector.
