Asean has to shoot for open borders to grow
Cutting trade barriers, developing sustainable infrastructure and creating a seamless digital region are prerequisites for a more connected region.
Add BT as a preferred source
VIETNAM'S decision to make "cohesive and responsive" its focus when it takes the chair of the Association of South-east Asian Nations (Asean) for 2020 comes at a crucial time for the trade bloc.
Asean has enjoyed strong economic growth over the past few decades owing to the many reforms its member countries have initiated. GDP growth in Asean nations, for example, averaged 5.5 per cent a year between 2010 and 2018.
However, with many of the lower-hanging fruit of reform and economic development already picked, growth across South-east Asia is at risk of beginning to slow. In fact, the International Monetary Fund (IMF) expects the region's GDP to drop below 5 per cent this year.
TRENDING NOW
CSE Global independent director quits after clashes with chairman Eugene Lai over board refresh
Cat A COE rate exceeds Cat B for third time in 4 months; premiums largely down
‘I felt like dying’: Thai Singha beer scion speaks up after disclosure of alleged sexual abuse
Manulife pulls loan product for rich Hong Kong clients after scrutiny
