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ASEAN Chair Sees Regional Economic Potential as the World Faces Crisis

SIEM REAP: The Prime Minister of Cambodia and Chairman of ASEAN in 2022, Prime Minister Hun Sen, has highlighted the ongoing potential of the ASEAN region even at a time when the world is facing a major crisis over sanctions imposed on Russia by the European Union and its allies.

During a meeting with the Permanent Secretary of the Ministry of Economy and Finance of Brunei Darussalam, May Fa'ezah Binti Haji Ahmad Ariffin, in Siem Reap, Prime Minister Hun Sen said that after the world began to recover from the Covid-19 pandemic, a new crisis arose from the economic turmoil caused by sanctions imposed on Russia following Russia’s invasion of Ukraine. The Prime Minister stressed that these sanctions are affecting countries around the whole world, including Cambodia.

However, he said that he also sees how Cambodia continues to achieve increased trade in the region, which he said reflects the high potential of ASEAN.

The Prime Minister’s Assistant, Eang Sophalleth, told reporters after the meeting, that “the economic opportunities highlighted include an increase in trade in the region, especially trade between Cambodia and Vietnam, trade between Cambodia and Thailand, trade between Cambodia and Laos, along with increased trade with other countries in the region as well."

In this regard, the Prime Minister advised the delegation from Brunei on which recommendations to take in order to expand trade within the framework of the ASEAN Free Trade Agreement (AFTA), complementary to trade with other countries, including under the framework of the Asia-Europe Meeting (ASEM) as well.


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