“ASEAN-Japan Economic Ministers’ Joint statement on Initiatives on Economic Resilience” Formulated

Japan Trade Information

Based on the telephone conference agreement held on April 17 (Friday) between Mr. Kajiyama Hiroshi, Minister of Economy, Trade and Industry and H.E. Mr. Tran Tuan Anh, Minister of Industry and Trade, the Socialist Republic of Viet Nam, the 2020 ASEAN chair, the “ASEAN – Japan Economic Ministers’ Joint Statement on Initiatives on Economic Resilience in Response to the Corona Virus Disease (COVID-19) Outbreak” was released. Through the release of the initiative, Japan and ASEAN will prepare an “ASEAN-Japan Economic Resilience Action Plan” by mobilizing the collective wisdom of ASEAN and Japan, affirming the three objectives: (i) sustaining the close economic ties developed by ASEAN and Japan; (ii) mitigating the adverse impact of COVID- 19 on the economy; and (iii) strengthening economic resilience.

Overview

On April 17 (Fri.), 2020, the “ASEAN-Japan Economic Ministers’ Joint statement on Initiatives on Economic Resilience” was released, agreed to by telephone conference between Mr. Kajiyama Hiroshi, Minister of Economy, Trade and Industry and H.E. Mr. Tran Tuan Anh, Minister of Industry and Trade, the Socialist Republic of Viet Nam, the 2020 ASEAN chair.

In response to the unprecedented challenge of the outbreak of COVID-19, Japan-ASEAN affirm the following through the release of the initiative:

  1. Noting that they enhanced economic relations for almost a half-century and worked very closely on various crises from natural disasters and the Asian financial crisis, ASEAN and Japan believe that they will overcome the economic challenges brought about by the COVID-19 outbreak through continued and close collaboration.
  2. While prioritizing outbreak prevention, they express their commitment to make utmost efforts to prevent stagnation of economic activities by ensuring the smooth flow of goods, encouraging the use of digital technology to overcome constraints caused by recent travel restrictions, and to make their best efforts to provide essential goods to the global market as pivotal suppliers in global supply chains.
  3. Aiming to build resilient supply chains that will enable businesses to achieve a better balance between both risk management and cost competitiveness, ASEAN and Japan will promote upgrading and diversification of production bases using digital technology.

While affirming the abovementioned three objectives, ASEAN and Japan will prepare, in a timely manner, the “ASEAN-Japan Economic Resilience Action Plan” that includes concrete measures.