The Second AEM-UK Consultation – Joint Media Statement
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The Second AEM-UK Consultation
10 November 2022, Phnom Penh, Cambodia
JOINT MEDIA STATEMENT
The Second ASEAN Economic Ministers (AEM) – United Kingdom Consultation was held on 10 November 2022. The Consultation was co-chaired by H.E. Pan Sorasak, Minister of Commerce of the Royal Government of Cambodia, and Greg Hands MP, Minister of State for the Department of International Trade of the United Kingdom of Great Britain and Northern Ireland (UK).
The Meeting was pleased to note that the economies of ASEAN and the UK are on their path to post-COVID-19 recovery. According to statistics, total UK trade with ASEAN increased by 3.7 per cent from £36.6 billion in 2020 to £38.0 billion in 2021. The Meeting also noted that foreign direct investment (FDI) inflow from the UK to the ASEAN region had been growing prior to being impacted by the COVID-19 pandemic. In this regard, the Meeting noted that in 2020, the FDI inflow from the UK into ASEAN was at least £32.8 billion, £19.0 billion lower than in 2019. In 2020, ASEAN accounted for at least 2.0 per cent of the total UK outward FDI stock.
The Meeting reiterated its commitment to forge a closer cooperation to enable the continued growth of the UK and ASEAN economies following the COVID-19 pandemic. The Meeting expressed appreciation to the UK’s support to the region’s COVID-19 pandemic responses, including through its contribution made to the COVID-19 ASEAN Response Fund and to the ASEAN Comprehensive Recovery Framework (ACRF) and its Implementation Plan.
The Meeting noted that the post-COVID-19 economic recovery remains vulnerable to adverse global economic developments. The Meeting expressed its deep concerns on geopolitical tension and continued risks to global food and energy security, and rising inflationary pressure.
The Meeting exchanged views on ASEAN’s and the UK’s approach in the Indo-Pacific. The Meeting reaffirmed its commitment to ASEAN Centrality and unity in the evolving regional architecture and reiterated the commitment to support an ASEAN-centred regional architecture that is open, transparent, inclusive and rules-based, built upon ASEAN-led mechanisms to support the ASEAN Outlook on the Indo-Pacific (AOIP).
The Meeting noted paragraph 14 of the Chairman’s Statement of the ASEAN Post Ministerial Conference (PMC) 10+1 Sessions with the Dialogue Partners and Trilateral Meetings (Phnom Penh, Cambodia, 3-4 August 2022) and underscored the importance of multilateralism, adherence to international law, and respect for sovereignty in contributing to global and regional peace, stability, and prosperity…
To read and download the full Joint Media Statement, please click the link below.