ASEAN Summit reaffirms commitments to multilateralism

The 33^rd Association of the Southeast Asian Nations (ASEAN) Summit and Related Summits concluded last week with reaffirmed commitments to regional economic integration and multilateralism worldwide, Channel News Asia reports.

This commitment was reflected in various key side-events at the Summit, including the ASEAN-China Summit. Xinhua reported that the two sides vowed to intensify efforts to meet the joint target of US$1 trillion in trade and US$150 billion in investment by 2020. In a bid to encourage these efforts, the ASEAN-China Strategic Partnership 2030 was announced to forge wider cooperation in three pillars – political security, economy and trade, and people-to-people exchanges.

Singapore Prime Minister Lee Hsien Loong also stated that “tremendous progress [has] been made to advance negotiations on the Regional Comprehensive Economic Partnership (RCEP)”, with conclusions expected to be reached in 2019. According to the Straits Times, if completed, the proposed pact between 16 nations would be the largest trade deal – without the United States – covering 45% of the world’s population and a combined gross domestic product of US$25 trillion. In a message to show China’s support of free trade, Chinese Premier Li Keqiang stated the importance of advancing RCEP negotiations, as “no country can handle trends toward more protectionism, uncertainty and other destabilizing factors alone.”

As the world enters an era of global uncertainty brought on by increased threats of protectionism, the outcomes of the Summit signalled ASEAN’s important role in maintaining an open and rules-based trading system.

Asia House will be exploring the shifting global trade landscape and other trends, such as the digitisation of trade and the politics of the Belt and Road Initiative, at Asia House’s conference in Singapore this Thursday (22 November). The conference is free to attend but registration is required. Register now.