Deepening ASEAN Economic Integration

Aug 29, 2018 05:50 AM
SPOTLIGHT

Advancing ASEAN

WHEN ASEAN Economic Ministers meet in Singapore this week, it will be the 50th such get-together since the group was...

A more economically integrated and connected ASEAN is good for all

ASEAN is a significant market with enormous potential for economic growth. For the South-east Asian region to remain an attractive business destination, we must deepen economic integration so that the world sees ASEAN as a single market.

What is the ASEAN Economic Community?

THE ASEAN Economic Community (AEC) was realised on Dec 31, 2015, marking a milestone in the region's economic integration.

Positioning ASEAN for further economic growth

ASEAN is fast becoming a major economic force in Asia and a key driver of global growth, with its young population, growing middle class and rapid urbanisation.

ASEAN steps up to the plate

AS the ASEAN Economic Community (AEC) Blueprint 2025 enters its third year of implementation, ASEAN continues our focus on fostering long-term competitiveness and sustainability.

The key is to work collectively and cut business costs

To me, the impetus for an ASEAN economic community was the 1997-1998 Asian Financial Crisis which clearly demonstrated the vulnerability of South-east Asian economies to uncontrollable developments and forces in the developed world.

Promoting innovation and e-commerce

INFORMATION flows have also become the currency of the digital world, and digital connectivity is itself becoming the business, with the demand for data analysis and cybersecurity fast growing.

Improving trade facilitation

TRADE is a key driver of economic growth in ASEAN and is also key to deeper regional integration. Reducing the cost of trade is essential for countries to effectively use trade as an engine of growth and sustainable development.

Deepening services and investment integration in the region

SERVICES are a key engine of growth in ASEAN, accounting for slightly more than half of the re­gion’s economy over the last dec­ade. Travel, transport and other business services dominate ASEAN ser­vices trade.

Enhancing energy security in ASEAN

RELIABLE and sustainable energy sources are key to ASEAN's long-term economic growth. This is why Singapore in its capacity as ASEAN chair is pursuing initiatives that will build capabilities in areas such as energy efficiency, natural gas and renewable energy.

Looking outwards

Economic engagement between both sides is guided by the Joint Declaration between ASEAN and Canada on Trade and Investment signed in 2011 covering cooperation in areas such as trade in goods, services and investment, amongst others.

Singapore a bridge to South-east Asia for Fung Group

HONG Kong's Fung Group, a major player in retail, trade and logistics, is gunning for growth in both South Asia and South-east Asia - and this makes a base in Singapore critical to expansion.

Engaging ASEAN with knowledge and partnership

STRONG global undercurrents are posing a formidable challenge to ASEAN's growth prospects and regional economic integration agenda. We are now seeing a rise in protectionist policies by the major powers that could disrupt trade, and restrict cross-border flow of goods, services, capital and people.

Business efforts to help enhance ASEAN economic integration

FORMED by the ASEAN Leaders in 2003, the ASEAN Business Advisory Council (ASEAN-BAC) is the official business platform that provides private sector feedback and guidance to boost ASEAN efforts towards economic integration, identifies priority areas for consideration by the ASEAN leaders, as well as advocate relevant policy recommendations. The feedback is shared with ASEAN leaders during the annual ASEAN Summit.

Progressing towards an integrated ASEAN

The ASEAN Economic Community (AEC) is a culmination of years of collective efforts by all ASEAN Member States in breaking down the barriers to trade and investment in the region towards achieving a deeply integrated and highly cohesive economy. As we push forward to enhance our cooperation, we have to recognise that progress thus far is significant.

ASEAN Economic Community: Looking back to move forward

ASEAN economic cooperation has come a long way from ASEAN Free Trade Area (AFTA) of the 1990s to the more recent ASEAN Economic Community (AEC) 2025. It evolved from a trade liberalisation initiative to become a more comprehensive form of cooperation.

Guide to regional markets

ASEAN markets present tremendous growth opportunities for Singapore firms. Enterprise Singapore (ESG) highlights key growth sectors, and how they can work with your business to venture to these markets.

Talent crucial in winning the ASEAN game

Q: What do you see are the challenges in getting Singapore companies to venture to ASEAN?