Key Highlights from the 23rd AECC Meeting: 16 Priority Economic Deliverables in Focus

Key Highlights from the 23rd AECC Meeting: 16 Priority Economic Deliverables in Focus
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The 23rd ASEAN Economic Community (AEC) Council meeting centered its attention on 16 of Indonesia's Priority Economic Deliverables (PEDs) under Indonesia's Chairmanship. This meeting took place in Jakarta on September 3, preceding the 43rd ASEAN Summit.

This year, under the economic pillar, there are 16 PEDs organized under three strategic drivers, namely economic restructuring and recovery, digital economic development, and sustainable development.

Secretary of Indonesia's Coordinating Ministry for Economic Affairs, Susiwijono Moegiarso, hopes that 11 of the 16 PEDs can be finalized during the 43rd ASEAN Summit. Meanwhile, five other PEDs are expected to be finalized in the fourth quarter of this year. The effort is aimed at successfully completing all 16 PEDs within the same year.

Of the six PEDs under the Rebuilding Recovery Thrust, all have been successfully completed. 

These include initiatives such as the ASEAN Service Facilitation Framework (ASFF), efforts to restore economic and financial stability, the commitment of ASEAN leaders to strengthen food security and nutrition in response to the crisis, the signing of the Second Protocol of Amendment to the Agreement Establishing the ASEAN-Australia-New Zealand Free Trade Area (AANZFTA), the establishment of the RCEP Support Unit at the ASEAN Secretariat in Jakarta, and the ASEAN Framework for Industrial Project-Based Initiatives.

Meanwhile, two of the five PEDs under the Digital Economy Thrust have been completed, while the other three are still ongoing. 

These include efforts such as the full implementation of the Electronic Certificate of Origin (e-Form D) through the ASEAN Single Window, enhancing payment connectivity, promoting digital financial literacy and inclusion to support inclusive economic growth, and strengthening the resilience of the financial sector. There is also the Leaders' Statement to Develop an ASEAN Digital Economy Framework Agreement (DEFA), the Regulatory Pilot Space (RPS) project to facilitate cross-border digital data flows to support mobility in ASEAN, and the ASEAN Framework on Logistics for Digital Economy Supply Chain in Rural Areas (Last-Mile Delivery).

Meanwhile, under the third strategic thrust, Sustainability, there are five Priority Economic Deliverables (PEDs), three of which have been successfully completed while the other two are still ongoing. 

The five PEDs include the Roadmap of ASEAN Harmonized Standards to support the implementation of the Sustainable Development Goals (SDGs), the development of the electric vehicle ecosystem, the development of the ASEAN Blue Economy Framework, the promotion of transitional finance to support sustainable finance and the green economy, and the Declaration on Sustainable Energy Security through Linkages.

Susiwijono Moegiarso also provided an overview of developments related to electric vehicles (EVs) and the Digital Economy Framework Agreement (DEFA). In an effort to develop the EV ecosystem, ASEAN has adopted measures to promote uniform regional standards, including charging infrastructure, and to enhance cooperation with other countries.

The AECC is expected to approve the DEFA before the 43rd ASEAN Summit, which will have a significant impact on promoting digital economic integration in the region. The agreement is expected to enhance investment attractiveness, stimulate innovation, improve productivity, create quality employment opportunities and support the micro, small and medium enterprise sector.

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