On May 7, 2026, the 27th ASEAN Economic Community Council (AECC 27) meeting was held in Cebu City, Philippines, chaired by Ms. Cristina Aldeguer-Roque, Minister of Trade and Industry of the Philippines, the ASEAN Chair for 2026. The meeting was attended by the Economic Ministers of ASEAN Member States, the Deputy Secretary-General of ASEAN, and representatives from international organizations such as the Asian Development Bank (ADB), the ASEAN+3 Macroeconomic Research Office (AMRO), and the Economic Research Institute for ASEAN and East Asia (ERIA). Viet Nam delegation was led by Deputy Minister of Industry and Trade Phan Thi Thang, along with representatives from relevant departments within the Ministry.

At the Meeting, Ministers heard reports and discussed the global economic context as well as the region's resilience to new challenges. The Meeting agreed that ASEAN should shift its focus from responding to external shocks to building a long-term self-reliance strategy. The Meeting also appreciated the proactive role of the Chair in leading adaptation proposals, particularly in organizing the Special AECC Meeting on the Middle East on April 30th to exchange strategic solutions to mitigate the risks of energy supply disruptions and ensure energy and food security.

Based on the updated report from the Philippines, the Meeting noted the progress in implementing the 19 Priority Economic Deliverables (PEDs) of the Philippines' 2026 Chair year, notably the PED of concluding the ASEAN-Canada Free Trade Agreement (ACAFTA) negotiations and signing the ASEAN Digital Economy Framework Agreement (DEFA). Regarding the progress of building the ASEAN Economic Community, the Meeting also noted that the completion rate of the ASEAN Economic Community (AEC) Master Plan 2025 has reached over 87% and discussed the implementation of the AEC Strategic Plan 2026-2030 towards the Vision 2045.

Ministers also devoted time to in-depth discussions on sustainable and digital transformation agendas, including: the ASEAN Strategy on Carbon Neutrality, the ASEAN Circular Economy Framework, the Blue Economy Framework, the ASEAN Power Grid, the Bandar Seri Begawan Roadmap on ASEAN Digital Transformation, and especially the progress of negotiations on the ASEAN Framework Agreement on the Digital Economy (DEFA) with the goal of concluding negotiations and signing the Agreement in 2026 to enhance regional competitiveness and contribute further to regional economic growth.

In addition, the Meeting also noted discussions on issues related to Timor Leste fulfilling its obligations to participate in ASEAN economic agreements as a full member of ASEAN, and the upgrading of the partnership between ASEAN and the ADB through the expected signing of a Memorandum of Understanding on cooperation between ASEAN and the ADB, with a financial support package of up to US$30 billion to support ASEAN in realizing its ASEAN Vision 2045, focusing on strategic infrastructure projects such as the ASEAN Power Grid (APG), digital transformation, and capital market development.

Participating in the discussions at the Meeting, Deputy Minister of Industry and Trade Phan Thi Thang highly appreciated the leading role of the Chair country in proactively adapting and proposing solutions to respond to the new, rapid, and complex developments in the global economic and trade situation. Deputy Minister also shared solutions and cooperation directions that ASEAN countries could consider to enhance the resilience of the regional economy against external impacts and emphasized that Viet Nam is ready to cooperate closely with other ASEAN member states to translate common commitments into practical actions, strengthen the resilience of the ASEAN economy, and together steer the ASEAN ship steadily through all challenges and fluctuations, completing the priority economic goals of 2026 on schedule.

The 27th ASEAN Economic Community (AECC) Meeting concluded successfully on the morning of May 7, 2026, with the adoption of important documents such as the Monitoring, Evaluation, Accountability and Lessons Learned Framework (MEAL Framework) to monitor, evaluate, and measure the results of the implementation of activities of the ASEAN Economic Community Strategic Plan 2026-2030, the Roadmap for streamlining the AEC meeting schedule to enhance the efficiency of the Economic Pillar, and the report of the 27th ASEAN Economic Community Council, completing the preparation of the Economic Pillar for the 48th ASEAN Summit to be held on May 8, 2026.

On the sidelines of the Meeting, based on a proposal from Singapore, Deputy Minister of Industry and Trade Phan Thi Thang held a bilateral meeting with the Deputy Prime Minister and Minister of Trade and Industry of Singapore, Mr. Gan Kim Yong, to discuss bilateral and multilateral economic cooperation issues such as the DEFA Agreement negotiations and the Agreement. ATIGA upgrades and Singapore's proposal for the ASEAN Framework Agreement on Green Economy (GEFA).

Following the conclusion of the 27th AECC Meeting, Deputy Minister of Industry and Trade Phan Thi Thang will continue to accompany the Prime Minister Le Minh Hung to the 48th ASEAN Summit and participate in bilateral meetings between the Prime Minister and ASEAN Leaders, the ASEAN Secretary-General, and the ADB to further promote bilateral and multilateral economic and trade cooperation in the future./.

Source: Compiled by the Multilateral Trade Policy Department, Ministry of Industry and Trade of Viet Nam