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
The Association of Southeast Asian Nations (ASEAN) is in a “good position” to capitalise on the tech revolution currently taking place in the global economy, the Prime Minister of Singapore has said.
Speaking at the ASEAN World Economic Forum – which saw tech and innovation emerge as a key theme – PM Lee Hsien Loong said ASEAN was already taking steps to ensure new technologies drive growth in the bloc.
This includes the ASEAN Agreement on e-Commerce, which will streamline regulations for businesses to sell their products in ASEAN, and an ASEAN Single Window that will use one online platform to speed up cross-border customs clearance, Straits Times reports.
“Here in ASEAN, member states are in a good position to take advantage of the new opportunities that this Fourth Industrial Revolution (4IR) can bring,” Prime Minister Lee said. “Our economic fundamentals are robust. ASEAN will become the fourth-largest economy in the world by 2020, after the United States, China and the European Union.”
His comments were echoed by a number of ASEAN leaders at the summit, who emphasised the need for the region to embrace 4IR.
Cambodian Prime Minister Hun Sen noted that “digitalisation has become a new growth catalyst” and argued technology would create new, positive changes, the Economic Times reports.
Laos Prime Minister Thongloun Sisoulith said ASEAN should become a region of innovation and competitiveness, and argued that new technology infrastructure was needed to boost such development.
Indonesian President Joko Widodo added that ASEAN economies did not need to fear the impact of technology on jobs, but should view technology as playing a role in boosting “human talent,” according to the Jakarta Post.
Leaders of the 10 ASEAN countries also reaffirmed their commitment to open trade as a key part of future economic growth, Straits Times reports.
Prime Minister Lee, who is holding the chairmanship of ASEAN this year, said the region would work with like-minded global partners to strengthen the multilateral trading system, which “has underpinned our growth and stability, but is under… threat.” Lee also said ASEAN was working to “achieve a substantial conclusion” on Regional Comprehensive Economic Partnership negotiations by end-2018, a development that Asia House is monitoring.
Victor Chu, Chairman and CEO of First Eastern Investment Group, who took part in a prominent panel at the Forum, also said that US-China trade tensions are expected to have “serious repercussions” across the Southeast Asian region, CNBC reports.
Chu will be speaking at Asia House’s signature conference, Asia Trade in the New Global Order, in Singapore this November, which will explore the key issues driving change in the trade landscape today.
Asia Trade in the New Global Order will include discussions on tech disruption and digital ecosystems, featuring speakers such as Kai Fu Lee, Chairman of Sinovation Ventures and author of new book AI Superpowers, and Marcus Treacher, Senior VP of Customer Success, Ripple.
