EABC Hailed for Achievements in 2020

2:24:59 PM | 1/22/2021

On January 22, East Asia Business Council (EABC) convened its 50th meeting via online platforms, attracting representatives from 13 East Asian nations, including 10 ASEAN member states and their three partners of China, Japan and the Republic of Korea.

Addressing the meeting, Dr. Vu Tien Loc, President of the Vietnam Chamber of Commerce and Industry, who is also EABC Chair 2020, said that EABC has recorded a number of achievements in 2020, including the signing of RCEP; Dialogue with ASEAN Plus Three (APT) Leaders and ASEAN Plus Three Economic Ministers (AEM+3); 5th EABC Survey.

The signing of RCEP

The RCEP negotiation was launched in November 2012, and after eight years of negotiations, it was finally signed at the 37th ASEAN Summit on November 15, 2020.  The RCEP marks ASEAN’s biggest free-trade pact to date, covering a market of 2.2 billion people with a combined size of US$26.2 trillion or 30% of the world’s GDP. The signing of RCEP is timely to pave the way for economic recovery. Dr. Vu Tien Loc said thanks to all the council members especially EABC Working Group on RCEP for their relentless effort in achieving this milestone.

Dialogue with ASEAN Plus Three (APT) Leaders and ASEAN Plus Three Economic Ministers (AEM+3).

EABC had a dialogue with APT leaders on November 14, 2020. According to Dr. Vu Tien Loc, at the dialogue, the APT leaders highly appreciated  EABC’s effort in promoting the regional economic activities particularly in the midst of the Covid-19 pandemic, and the support from the private sector in RCEP. APT Leaders also commented on the effort of EABC for the e-Book publications aimed to help facilitate business practices and the outcome of the 5th EABC survey is useful for the Government in advancing the future digital trade policy that will fit into the context of digital global trade in the capacity of competitiveness.

The 5th EABC Survey

The survey with JETRO on the Business Outlook and Digital Strategy towards the “New Normal” was launched from June 23 – August 17, 2020, to identify changing demand to digital technology in responding to Covid-19. According to EABC Chair 2020, the outcome of the survey was successfully presented to the APT Leader as well as AEM+3. Moving forward, Dr. Vu Tien Loc hoped all EABC members and staffers would play an active role in encouraging businesses in their countries to continue participating in EABC survey as the survey result will reflect the overall sentiment of the business industry in the region.

“Although the path forward from 2020 may feel uncertain, one thing will always remain the same: to change the course for the better, we have to come together, work together, and support each other in promoting economic growth and shared prosperity. Hence our role as EABC is even more crucial now to strengthen cooperation to support sustainable economic recovery and ensure continuous and faster developments in East Asia,” President Vu Tien Loc emphasized.

At the meeting, business leaders witnessed the transfer of the EABC Chairmanship 2020 from Dr. Vu Tien Loc to Mr. Hakhee Jo from EABC Korea.

Huong Ly (Vietnam Business Forum)