Economic ministers from the Association of Southeast Asian Nations (ASEAN) and Japan held the 16th consultations here Thursday, affirming their commitment to further strengthen the economic partnership between ASEAN and Japan.

The meeting was co-chaired by Vietnamese Minister of Industry and Trade Vu Huy Hoang and Japanese Minister for Economy, Trade and Industry.

At the meeting, ministers said full implementation of the ASEAN- Japan Comprehensive Economic Partnership Agreement will reinvigorate trade and investment in the region as well as strengthening economic cooperation among the countries in East Asia, said a joint media statement issued here Thursday. The agreement entered into force on Dec. 1, 2008.

They asked officials to ensure smooth implementation and maximum utilization of the agreement, said the statement.

The ministers also tasked the ASEAN-Japan sub-committee on economic cooperation to meet regularly for effective realization of economic cooperation activities. They recognized the need to appropriately utilize available funds.

ASEAN ministers welcomed Japan's proposal to realize smart communities in the East Asia and ASEAN countries, which will accommodate smart energy systems and various smart social infrastructures leading to sustainable society in the region, according to the statement.

In 2009, total trade between ASEAN and Japan saw a decline of 25 percent year-on-year to 160.9 billion U.S. dollars due to global economic crisis. However, Japan remained an important trading partner of ASEAN with a share of 10.5 percent of total ASEAN trade last year, said the statement.

Foreign investment flows from Japan to ASEAN countries recorded a 14 percent year-on-year growth to 5.3 billion U.S. dollars last year, according to the statement.

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