Japan and ASEAN agree to review economic pact to address supply chain disruptions and AI's growing role
3▲0 ▼0Impact / 5
Japan and the Association of Southeast Asian Nations, or ASEAN, agreed on Sunday, September 20, at a meeting of industry and trade ministers in Manila, the Philippines, to move ahead with strengthening their economic partnership agreement. The two sides will review the agreement, taking into account the risks of supply chain disruptions and the growing role of artificial intelligence, or AI. Both sides also discussed measures to ensure oil supply security amid concerns over the impact of Middle East conflicts on energy deliveries, with Japan affirming its readiness to support oil stockpiling by ASEAN countries. Ryosei Akazawa, Japan's Minister of Economy, Trade and Industry, said at the opening ceremony that amid rising global uncertainty, this is a time when ASEAN and Japan must join forces to turn crisis into opportunity. Philippine Trade Secretary Maria Cristina Roque said cooperation between the two sides is becoming increasingly important. The economic partnership agreement has been in effect since 2008, and Japan and ASEAN last updated its provisions on trade in services and investment in 2019. The latest move follows an agreement in May between Philippine President Ferdinand Marcos Jr. and Japanese Prime Minister Sanae Takaichi to consider revising the pact to expand the scope of cooperation.