AECC discusses ASEAN’s role in responding to geopolitical dynamics

Jakarta – The 22nd meeting of the ASEAN Economic Community Council (AECC) discussed the Association of Southeast Asian Nations (ASEAN)' role in responding to geopolitical and geoeconomic dynamics.

The meeting held in Jakarta on May 6–7 is part of the side events leading up to the 42nd ASEAN Summit. The ASEAN Summit will be held in Labuan Bajo, East Nusa Tenggara, on May 9–11.

Indonesian Coordinating Ministry for Economic Affairs Edi Prio Pambudi has said the ASEAN Outlook on the Indo-Pacific (AOIP) and ASEAN's role in responding to geopolitical and geoeconomic dynamics was put on the table at the meeting.

Pambudi, who was serving as the leader of senior economic officials at the meeting, emphasised the ASEAN's centrality as the region is attracting a lot of attention, and ASEAN will surely respond to the current global economic situation.

According to Pambudi, issues related to the development of the electric vehicle (EV) ecosystem in ASEAN were discussed in the meeting. Delegates also prepared a statement on EV ecosystem development.

Pambudi acknowledged that Indonesia has the potential to build the EV ecosystem because it has the raw materials for batteries, adding it must be supported by infrastructure, such as electric vehicle charging stations (SPKLU).

ASEAN and South Korea will renew one of their bilateral free trade agreements and implement other deals to reinforce the latter’s investment flows into the former, with Vietnam considered a key production base.

An upgrade of the ASEAN-China free trade deal and positive impacts from the Regional Comprehensive Economic Partnership are set to benefit Vietnam-China trade ties.