Asean will also draw up a 10-year plan to deepen cooperation with Japan.

Following the 48th Asean Economic Ministers meeting in Vientiane, Laos this week, Commerce Minister Apiradi Tantraporn said that Asean countries had agreed on the 10-year plan to deepen cooperation on trade, service, investment, and consumers protection in the region.

He said that Asean also agreed to set a clear target for each area so it clearly showed whether each action was successful.

“The 10-year plan will create a good economic fundamental for each Asean country, and help strengthen economic growth in the region,” Apiradi said.

During the Vientiane meeting, Asean agreed to cooperate in a number of areas under the AECBlueprint including adjustments in how the nations cooperate in trade and the development of market mechanisms to reduce the impact from non-tariff barriers.

The other areas include deepening cooperation in the service sector and the liberalisation of that sector, tightening cooperation in investment, reviewing restrictions in investment protection, and promoting investment.

The grouping also aims to promote knowledge gathering, increase consumer confidence, and lift border trading.

As an Asean partner, Japan has agreed to draw the 10-year strategic partnership plan with the grouping so that both sides will tighten cooperation in many sectors. The closer cooperation with Japan relates to human resource development, the development of small and medium-sized enterprises, the development of industries in the Mekong River sub-region, and innovation development.

During the Vientiane meeting, Asean also agreed to revise the Asean-Australia-New Zealand free-trade agreement, and agreed on the Asean-United States transparency measure to reduce unnecessary limitations on trade in goods and strengthen cooperation between both sides.

Asean also plans to boost cooperation with China in the manufacturing sector by increasing efficiency, and strengthen cooperation with China and its other eight partner countries – South Korea, Australia, New Zealand, India, Russia, the United States, and Canada – in trade, investment and other economic issues.