Trade Commitment of ASEAN Members Despite US/China Trade Conflict
Trade Commitment of ASEAN Members Despite US/China Trade Conflict: Despite growing tension of tariffs, Southeast Asia will maintain their robust economic growth. The 10 member ASEAN economy is estimated to have grown by 5.1% last year and is expected to leave behind other countries in the current year.
ASEAN covers a region of 650 million people, grouping Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand and Vietnam. Currently Pakistan holds observer status however; strategy of bilateral engagement with major ASEAN countries has been adopted in order to strengthen the case for full dialogue partnership.
Pakistan had been trading partner with Malaysia, Indonesia, Thailand, Vietnam and Philippines and had been exporting cereals, textile articles, cotton, sea food, leather, machinery and other items whereas, palm oil, coffee, rubber, machinery, chemicals were major imports.
After a meeting of ASEAN finance chiefs Singapore Finance Minister Heng Swee Keat told reporters that that they really have to watch the risk of trade disputes that could undermine the investment sentiment. However detailed briefings by economists from the World Bank (TWB), International Monetary Fund (IMF) and the private sector on ASEAN’s prospects were consistent with projections for strong growth, said Heng, who chaired the meeting.
ASEAN ministers in the meeting agreed to take ahead trade liberalization and taking steps to help those who are negatively affected. ASEAN countries are open to global process and have a very strong commitment to trade.
Pakistan is also committed to invite businessmen so they share their diverse experience with the under training newly inducted trade officers and officers posted in trade missions abroad. Trade tension will not benefit anyone. There is a need to send strong signals for trade otherwise it will be negative for everyone involved.
ASEAN is geopolitical and economic organization having 10 countries with massively different stages of developing economies and all sharing immense growth potential.