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The Association of Southeast Asian Nations (more commonly known as ASEAN) is an intergovernmental organization aimed primarily at promoting economic growth and regional stability among its members. There are currently 10 member states: Indonesia, Malaysia, Philippines, Singapore, Thailand, Brunei, Laos, Myanmar, Cambodia and Vietnam.
ASEAN is one of the success stories of modern economics. In 2014, the region was the seventh-largest economic power in the world. It was also the third-largest economy in Asia, with a combined GDP of US$2.6 trillion – higher than in India. Between 2007 and 2014, ASEAN trade increased by a value of nearly $1 trillion.
Yet in recent years, ASEAN has emerged as a dynamic and rapidly evolving economic hub, displaying resilience in the face of unprecedented challenges, including the COVID-19 pandemic. According to the Asian Development Bank, South-East Asia's GDP growth for July 2023 was projected at a robust 4.6%, compared to the slower rates of 1.1% for the ...
The region is well positioned to pursue its ambitions to become the fourth largest economy in the world by 2030. Ahead of Davos 2022 it's clear the region has an increasingly critical role to play in tackling global problems. The ASEAN (Association of Southeast Asian Nations) region will play host to global leaders later this year with the ...
The World Economic Forum is an independent international organization committed to improving the state of the world by engaging business, political, academic and other leaders of society to shape global, regional and industry agendas. Incorporated as a not-for-profit foundation in 1971, and headquartered in Geneva, Switzerland, the Forum is tied to no political, partisan or national interests.
Similarly, the share of intra-ASEAN trade grew only marginally from 22% in 2000 to 24% in 2015, versus 64% for intra-EU trade. Despite tariffs being brought down to negligible levels, non-tariffs have actually soared. Average tariff rates declined from 8.9% in 2000 to 4.5% in 2015, but non-tariff barriers rocketed from 1,634 to 5,975 over the ...
The engine of economic growth. Digital trade, encompassing e-commerce, digital services and data flows, is the engine that propels ASEAN's economic growth. The region hosts over 460 million digital consumers, with millions more joining online platforms yearly. This burgeoning digital market offers immense business opportunities, fosters ...
The value of gross digital payments across the six largest ASEAN economies reached $806 billion in 2022, up 14% year on year, and is forecast to rise to close to $1.2 trillion by 2025. The availability of smartphones and increased internet penetration have played central roles in the widespread adoption of online banking services, mobile money ...
The technological decoupling between the US and China does not necessarily mean deglobalization is happening; elements of global trade - including green and digital trade - remain robust. One development of Beijing and Washington's evolving relationship is the reduction of the presence of US financial institutions in mainland China, which ...
The WTO’s main aim is to promote free trade by lowering tariffs and other barriers. It does this through agreements negotiated and signed by most of the world’s trading nations. The WTO then polices these agreements to make sure all nations stick to the rules. When trade disputes between governments flare up, it steps in as mediator and, if ...