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ASEAN must press on with regional integration, says Lim Hng Kiang

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SINGAPORE: ASEAN “will need to stay on track and press on” with the implementation of the ASEAN Economic Community (AEC) to unlock the potential of the region’s economies and preserve its credibility, said Minister for Trade and Industry (Trade) Lim Hng Kiang on Thursday (Apr 26).
He added that the regional bloc’s perseverance in advancing the AEC 2025 vision, which has regional economic integration and infrastructure linkages as its key goals, is “assuming greater significance in a world where anti-globalisation sentiments and protectionist rhetoric are on the rise”.
Mr Lim was delivering the opening remarks for the 16th AEC Council Meeting, which is part of the 32nd ASEAN summit and related meetings taking place in Singapore this week. Singapore is the ASEAN chair this year.
Mr Lim said the realisation of the AEC in 2015 marked "an important economic milestone" in the region's economic integration journey. Collective efforts have since brought about benefits and increased opportunities for the population in the region.
"As we embark on the AEC 2025, we renew our commitment to build a more economically integrated and prosperous ASEAN," he said.
Mr Lim also touched on developments that present both challenges and opportunities.
AdvertisementAdvertisementApart from rising protectionist sentiment, the advent of the Fourth Industrial Revolution and the digital economy have caused disruptions, which are multi-dimensional and occurring at an unprecedented scale, he said.
With e-commerce becoming the "new reality" for businesses today, improving the operating environment for businesses in the digital economy is crucial, said Mr Lim. This will include the need for cross-border movement of goods to be facilitated simultaneously.
ASEAN will also need to pay stronger attention to trade facilitation. This comes as non-tariff measures have become more pertinent barriers to trade as customs duties falling from the proliferation of Free Trade Agreements (FTAs), said Mr Lim.
STRENGTHEN ASEAN INTO RESILIENT AND INNOVATIVE REGION
As Singapore takes on the rotating chairmanship of ASEAN, it will focus on strengthening the association to become a "resilient and innovative region which can adapt and thrive amidst global uncertainties and capitalise on emerging trends".
Some efforts to facilitate trade and enhance regional connectivity in ASEAN have borne fruit, according to Mr Lim.
For one, the ASEAN Single Window, an online platform to expedite customs clearance via the electronic exchange of information across borders, is now operational among five ASEAN member states. The remaining member states will come on board soon, said Mr Lim.
Once fully established, this would reduce transaction costs for businesses and facilitate the clearance of goods within ASEAN, he added.
"Our collective efforts will ensure that ASEAN remains on the trajectory to closer economic integration and sustained, long-term growth. ASEAN’s regional integration efforts have also anchored ASEAN’s relevance on the world stage," said Mr Lim.
"Going forward, ASEAN will need to continue to stay attuned to the emerging global trends and sharpen our value proposition to become more future-proof and globally ready."
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