ASEAN, Japan ink economic cooperation deals

The Association of Southeast Asian Nations (ASEAN) and Japan have agreed on several economic cooperation measures as they are celebrating the 50th anniversary of dialogue relations this year.

At a forum held in Tokyo on June 5, the Japan External Trade Organisation (JETRO) and other bodies signed a memorandum of understanding to support the launch of new startup projects.

Another pact calls for a Japanese Government-affiliated trade insurance organisations and MUFG Bank to provide investment and loans for decarbonisation efforts by ASEAN members.

Japanese Minister of Economy, Trade and Industry Nishimura Yasutoshi said ASEAN is showing remarkable growth while Japan possesses advanced technology. Using the strengths of both to jointly create a future based on trust is the direction they should aim for.

The 10-member ASEAN accounts for more than 8 per cent of global trade and population. The Japanese Government is planning to invite leaders of the regional bloc to a special summit this December to further cement relations.