ASEAN Should Accelerate Economic Integration, Research Study Shows

KUALA LUMPUR, Nov 9 (Bernama) -- The Institute for Democracy and Economic Affairs (IDEAS), a Malaysian think tank, on Tuesday launched the ASEAN Integration Report 2022 highlighting the need for the 10-member regional grouping leaders to accelerate the process of economic integration to realise the potential of greater intra-regional trade, moving forward. Chief Executive Officer of IDEAS Tricia Yeoh said through the ASEAN Integration report, IDEAS is trying to encourage ASEAN governments to move towards economic integration believing that with the liberalisation of economy and services and access to greater goods and services, there is greater economic prosperity for all. “It is important for ASEAN leaders to work together to continue their commitment towards further regional economic integration and trade reforms in the region, given the rise of protectionism and trade tensions in the past few years, compounded by the spread of the COVID-19 pandemic. “Such an effort is very timely to offset the inward-looking policies adopted by certain countries in the region in the midst of curbing the spread of the virus,” she told Bernama after the launch here Tuesday. Yeoh said to move forward with further trade integration in the ASEAN region, lowering tariffs only is not enough, while stressing that non-tariff barriers need to be eliminated especially in the time of emergencies. The ASEAN Integration Report, as part of the ASEAN Prosperity Initiative, is a research study that evaluates the various aspects of integration in the ASEAN Economic Community (AEC) and the impact of COVID-19 on economic integration, as well as discusses policy recommendations moving forward. The AEC Blueprint 2025 is composed of five pillars, which are a highly integrated and cohesive economy; a competitive, innovative and dynamic ASEAN; an ASEAN with enhanced economic connectivity and deeper sectoral cooperation; a resilient, inclusive and people-oriented and people-centred ASEAN and a global ASEAN. Yeoh also hoped the 40th and 41st ASEAN Summits and Related Summits in Phnom Penh, Cambodia from Nov 10-13 will deliberate the issues contained in the ASEAN Integration Report, adding that a copy of the report will be given to relevant ministries. In a related matter, Yeoh said it is high time to expedite the signing of the EU-ASEAN and EU-Malaysia Free Trade Agreement (FTA) to further strengthen trade and investment activities within the ASEAN community, stressing that a strong political will is needed in order for the FTA to be materialised. She said talks on a free-trade agreement between EU and Malaysia have been stalled for more than 10 years due to some unresolved issues like palm oil and public procurement. -- BERNAMA