CLMV endorse cooperation plan to intensify development
CLMV endorse cooperation plan to intensify development
The economic ministers of Cambodia, Laos, Myanmar and Vietnam (CLMV) endorsed the cooperation Action Plan for 2017-2018 on Saturday in Vientiane to boost development in the region.
The action plan consisting of four key areas is set to advance development of the countries, the ministers said in a joint statement after their 8th meeting in the Lao capital.
The four areas are trade and investment cooperation, implementation of regional commitments, framework for CLMV development and human resource development.
The formulation of the action plan of the four new Asean members took into consideration the aspirations of the Asean Economic Community (AEC) Blueprint 2025, particularly on narrowing the development gap and the AEC-related actions of the Initiative for Asean Integration (IAI) Work Plan II, which will be adopted by Asean Leaders in September 2016 during their meetings in Vientiane.
The ministers endorsed the recommended work plan for the formulation of the Framework for CLMV Development, which is a deliverable of Lao PDR's Chairmanship of Asean in 2016.
The framework is envisioned to be an economic strategy for CLMV to advance economic development, enhance their capacity to reap the benefits arising from regional integration and increase the li ving standards of their people.
The four countries recorded favourable growth of combined merchandise trade in the past ten years, not only in terms of trade value but also as a percentage of Asean's total trade.
In 2015, combined merchandise trade amounted to US$ 385.5 billion and contributed 16.9 percent to Asean's total trade, compared with 14.1 percent in 2014.
In the same period, foreign direct investment into the four countries totalled US$17.4 billion, which constituted 14.6 percent of total inward direct investment to Asean.
The ministers also noted the review of CLMV sub-regional initiatives, conducted with the assistance of the Asian Development Bank (ADB) as an initial phase of the Framework for CLMV Development.
The review revealed, among others, the potential for greater synergy among the various CLMV initiatives, particularly in the management of resources as well as formulation of selected projects which will generate greater benefits through cooperation. The development of the framework is targeted for completion by 2018.
The meeting noted favourably the implementation of the CLMV Action Plan 2016 where six out of the ten activities were already implemented or on-going and two projects are scheduled for the end of 2016. These activities included the three-year programme on “Support to the Initiative for Asean Integration (IAI) within the Framework of the Asean Single Market” and two projects related to Asean Good Aquaculture Practice and Asean Harmonised Electrical and Electronic Equipment, which were supported by external funding.
The ministers also noted that 72.7 percent of the activities in the CLMV Action Plan 2015 were realised, including two projects related to consumer protection and agriculture.
