The Southeast Asian bloc Asean yesterday announced an ambitious strategic plan that includes harmonising trade standards and greater financial integration in an effort to collectively become the world’s fourth-largest economy.
The five-year, 41-page plan for the 10-member Association of Southeast Asian Nations, released during a leaders’ summit in Malaysia, calls for increased regional trade, freer movement of businesses and people, enhanced transparency and regulatory practices and sustainable mining, industry and farming policies to attract foreign investment.
The plan said Asean countries – Indonesia, Thailand, Malaysia, Vietnam, the Philippines, Singapore, Cambodia, Laos, Myanmar and Brunei – must deepen their economic integration, pursue energy security, boost transport connectivity and strengthen supply chains.
“Carrying on with business as usual will not suffice for this highly dynamic economic region,” the plan said.
“For Asean to become the fourth-largest global economy by 2045, countries in the region will need to deepen their economic integration and enhance their agility to address multifaceted challenges.”
The document identified several challenges for Asean’s economic integration ranging from geopolitical tensions, shifting trade flows and technological transformation to climate change impacts and demographic shifts.
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