Driving commercial and political engagement between Asia, the Middle East and Europe
Driving commercial and political engagement between Asia, the Middle East and Europe
Driving commercial and political engagement between Asia, the Middle East and Europe
ASEAN must continue to push for economic integration and a greater level of connectivity among members, Singapore’s Minister for Trade and Industry has said.
Speaking in Singapore – chair of the Association for 2018 – Chan Chun Sing said that that ASEAN “must reaffirm our resolve to abide by open regionalism, press on with deepening integration, and come together to make a strong statement for a free, open, rules-based and interdependent system,” The Straits Times reports.
“ASEAN has done well in eliminating tariffs and gradually reducing services barriers,” he said. “However, non-tariff barriers still hinder the free flow of goods, and the investment landscape is uneven and lagging behind many other emerging economies.”
The comments highlight an increasing anxiety within the bloc about global drifts towards protectionism, with the US threatening tariffs and China making slow progress in opening up its economy to foreign companies.
According to Chinese media outlet Xinhua, ‘The minister noted that trade frictions between major economic players will lead to spillover effects in the region.’
Chan also highlighted the need to capitalise on emerging technologies at the risk of being leapfrogged by other global players.
“If ASEAN does not collectively build a compelling vision for innovation and the digital economy, we will be left behind,” he said.
