Posted on : 10-04-2017 | By : sabah today | In : National Business
KUALA LUMPUR: The Association of South-East Asian Nations’ (Asean) Economic Ministers Roadshow, which was held in Japan on April 6-9, 2017, has recognised huge untapped potentials for Japan and the grouping to further deepen collaboration in promoting innovations, fostering entrepreneurship and creating new industries.
In a statement yesterday, the Ministry of International Trade and Industry (MITI) said the ministers agreed on the role of micro, small and medium enterprises (MSMEs) as a key driver of economic growth.
“They have also recognised the importance of increasing access to finance through possible cooperation in accordance with the domestic laws and regulations on MSMEs,” it said.
MITI said the ministers agreed that in the headwinds against globalisation, it was imperative for a modern, comprehensive, high quality, and mutually-beneficial Regional Comprehensive Economic Partnership (RCEP) to be a model for inclusive and innovation-oriented growth.
“RCEP will be an agreement that would not only facilitate the participation of MSMEs and local enterprises into the regional value chains but also promote innovation and encourage entrepreneurship.
“In this regard, while being mindful of RPCs’ sensitivities, the ministers reiterated the importance of RCEP to deliver high quality and commercially meaningful outcomes, not only on trade in goods, trade in services and investment, but also in trade facilitating rules,” it said.
It said the Economic and Technical Cooperation has been recognised as an important pillar of RCEP.
In this context, it said, the ministers agreed to consider a Japan-Asean Initiative to realise RCEP by jointly developing human resources, enhancing institutional capacities, building infrastructure for strengthening connectivity in the region and deepening industrial cooperation, while addressing the divergence of economic development in this region.
“The ministers are committed to work towards elaborating on the details of the Japan-Asean Initiative to realise RCEP.
They also agreed to the importance of accelerating structural reform and reducing NTB for promoting innovation and fostering new industries,” it said.