Photo shows participants of the 26th IMT-GT Ministerial Meeting meeting which was held via video conference.
KUALA LUMPUR: The 26th Indonesia-Malaysia-Thailand Growth Triangle (IMT-GT) Ministerial Meeting has identified potential areas of cooperation that would mutually benefit the member countries.
To this end, the IMT-GT recommended for the relevant working groups and stakeholders to implement the proposed strategic interventions and enabling actions to enhance the relevance of special economic zones (SEZs), address key challenges, and to support active clustering and specialisation efforts.
“A significant number of SEZs are located along or around the IMT-GT economic corridors. We appreciate the results and recommendations of the Asian Development Bank (ADB) study on collaborative approach to SEZs development and cooperation,” it said.
The 26th meeting was held via video conference under the chairmanship of Indonesia’s Trade Minister, Agus Suparmanto and attended by Malaysia’s Minister in the Prime Minister’s Department (Economy), Datuk Seri Mustapa Mohamed and Thailand’s Finance Minister, Arkhom Termpittayapaisith.
IMT-GT earlier expressed its support for cross-border cooperation in value-adding activities and measures, to promote domestic and foreign investment, increase employment, and boost linkages to regional production networks and supply chains in an inclusive and sustainable manner.
“In the wake of the Covid-19 pandemic, digital trade calls for convergence between the working group on agriculture and agro-based industry WGAA), working group on trade and investment (WGTI) and working group on transport and information and communications technology connectivity (WGTIC).
“We realise the important role of ICT in enhancing efficient connectivity along the IMT-GT Economic Corridors, especially in rural areas. It is timely for IMT-GT to accelerate the progress of IMT-GT E-Commerce Platform, which will serve to further expand IMT-GT market,” it said.
IMT-GT also encourages the private sector to utilise its platform in digitising their business activities in response to global trends.
“We commit to strengthen IMT-GT cooperation in all sectors, build on earlier gains in connectivity with the completion of nine out of 37 IMT-GT physical connectivity projects, and strengthen economic corridors and SEZs development to sustain trade and supply chains and attract quality investments amid Covid-19 and beyond.
“The pandemic has reinforced the enduring relevance of our collective aspiration of an integrated, innovative, inclusive, and sustainable subregion,” it said, among others.
The representatives agreed to convene at the 27th IMT-GT Ministerial Meeting and related Meetings in Malaysia in 2021. — Bernama