Prime Minister Hun Sen said that adhering to the principles of multilateral trading system and enhancing trade liberalization would promote ASEAN as an open, transparent, and inclusive region.
Addressing the opening ceremony of the ASEAN Business and Investment Summit 2022 in Phnom Penh yesterday, the Prime Minister said that ASEAN is facing new and increasingly complex challenges that are occurring one after another in economic, social, environmental, and geo-political aspects, although the Covid-19 crisis has significantly lessened globally.
The outlook of the global economy is still fragile and prone to new crises, he said.
“In this sense, ASEAN must continue adhering to the principles of multilateral trading system and enhancing trade liberalization to promote ASEAN as an open, transparent, and inclusive region while maintaining “Centrality” and “Unity ASEAN” in building global and regional relations,” he said.
The two-day summit, co-organized by the Cambodia Chamber of Commerce and ASEAN Business Advisory Council, attracted hundreds of business leaders, companies, heads of ASEAN and its dialogue partners.
As one of the region’s foremost yearly assembly of ASEAN’s heads of state, world leaders, CEOs, industry leaders, and other key decision-makers, the ABIS 2022 was an indispensable forum to discuss common and most critical issues.
War in Ukraine, Covid-19 pandemic’s effects, regional Comprehensive Economic Partnership (RCEP), and digital symposium were the main topics featured in the forum with renowned experts sharing their thoughts on ideas to achieve economic growth.
“The RCEP marks an important achievement for ASEAN as members have been keeping up with our efforts to open up the economy and diversify our regional markets,” said the Prime Minister, adding that this huge free trade agreement will boost trade activities both inside and outside ASEAN, as well as promote broader regional economic integration.
“ASEAN must update the existing free trade agreements and Comprehensive Economic Partnership Agreements to ensure that these agreements are modern, up-to-date, improved and responsive to the current business and investment trends,” he said.
The full spectrum of ASEAN businesses and industries trading across borders benefited knowing that the knowledge gained from the summit can be utilized to make enlightened, immediate, and highly rewarding business and investment decisions, said Kith Meng, president of the Cambodia Chamber of Commerce and president of the ASEAN Business Advisory Council 2022.
The influence of geo-politics, increasing inflation, obstacles to production chains, and differences in economic recovery have been caused in 2022, he said.
“Because the economy has been back to normal, it is important for us to cooperate, not only join to solve facing problems, but also prepare the future which is digitalization and not-affect environment,” he said.
The prime ministers of Vietnam and Thailand also attended the summit and shared their thoughts on ASEAN development.
Vietnamese Prime Minister Pham Minh Chinh said that he hoped businesses will continue to work with the governments of ASEAN countries, maintain proactiveness and creativity, adapt to the new normal, step-up investment and business activities, and create jobs for workers.
“I am fully confident that we will continue to build upon the ‘ASEAN spirit’,” upholding responsibility and unity as we actively strive to together overcome challenges and pave the way towards a brighter future for our common home that is ASEAN,” Minh Chinh said in his speech.
Source: Khmer Times
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<p>Time: November 2025<br /> By: WTO and International Trade Group, Legal Department – VCCI</p>
