Network based systems

ASEM promises supply chain and digitization cooperation

November 26, 2021

On November 25, senior Eurasian officials and representatives of the private sector agreed to work together to support global supply and value chains and overcome the challenges posed by the current Covid-19 crisis.

Efforts will be to chart a course towards meaningful digitization and adaptation to mandatory changes, in order to ensure the reliability and resilience of international trade flows.

Consensus was reached at the 1st Asia-Europe Virtual Economic and Business Forum (AEEBF1), which consisted of three presentations and three round tables – organized by the Ministry of Commerce – aimed at strengthening multilateralism for inclusive growth.

During Group III discussion, participants explored the establishment of high priority support frameworks to promote new models on emerging global trends in supply and value chain management, said the ministry in a press release.

Topics covered include nearshoring, intra-regional transactions and localization, contactless delivery and green infrastructure to boost global trade as the world recovers from the crisis, he added.

The Asia-Europe Meeting (ASEM) countries “must provide the necessary incentives and assistance for businesses and industrial communities to transform into green businesses and take advantage of supply and value chain modernization using future technologies, ”the ministry said.

Commerce Minister Pan Sorasak says access to and adoption of new technologies could ensure the continued functioning of businesses and other private sector entities, which he says have remained embedded in value chains during the pandemic, moving towards a “better future”.

“It requires joint efforts, along with business facilitation policies and the support of governments and private sectors in Asia and Europe, to make it a reality,” he said.

Cambodia Chamber of Commerce (CCC) President Kith Meng stressed that the international community attaches great importance to ASEM cooperation and partnerships, which he said would protect a system of trade and open and integrated investment, based on law.

“The full potential and dynamics of the two blocs can be manifested in a dynamic market that could become the engine of the world economy and play an important role in the sustainable and integrated socio-economic development post-Covid-19”, a- he declared.

Hong Vanak, Director of International Economics at the Royal Academy of Cambodia, believed that ASEM countries clearly knew how to work well together on the production and supply processes needed to strengthen supply chains and global value and meet needs and demands.

“These points are essential to support businessmen and investors and allow them to see the big picture when it comes to minimizing the negative effects of modernization on their businesses,” he said. at the Post.

ASEM member states represent about 65% of the world economy and about 55% of world trade, according to ASEM InfoBoard.

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