ASEAN Economic Integration Can Be Realised Through Concerted Efforts

KUALA LUMPUR, Nov 2 (Bernama) -- The ASEAN economic integration could be realised through the concerted efforts of ASEAN member states (AMS), said the 2019 Economic Outlook Report released by the Malaysian Ministry of Finance on Friday. The report said the AMS needed to raise awareness of stakeholders on ASEAN Economic Community (AEC) measures and strengthen the domestic industries to enable them to participate in the global value chain. Apart from that, it said the AMS also needed to place importance on improving regional infrastructure and allocate additional financial and human resources towards regional integration. "Therefore, it is crucial for stakeholders to strengthen their collaboration to overcome the challenges towards making AEC 2025 a success," it said. Meanwhile, the report pointed out that the escalating trade tensions between the US and China, a slowdown in China's economy, as well as the US Federal Reserve's interest rates normalisation were among the factors that might weaken the ASEAN economic integration. Notwithstanding the challenges faced by ASEAN countries, coupled with varying political systems and levels of economic development of AMS, it said the AEC presented immense opportunities to the region. "In this regard, the AEC Blueprint 2025 guides ASEAN's transformation into a high-performing trading region and an attractive investment destination focusing on financial sector integration benefits. "The benefits are free flow of trade in service, freer flow of capital, integrated capital markets in ASEAN, and harmonised ASEAN payments and settlement systems," it added. The AEC Blueprint 2025, adopted by the ASEAN leaders at the 27th ASEAN Summit on Nov 22, 2015, charts the region's economic integration landscape over the next decade, while remaining the key vision of the AEC 2015. It emphasises the use of science and technology, development of human resources and the enhancement of good governance, as well as promotion of connectivity. -- BERNAMA