ASEAN economic ministers agreed to strengthen economic cooperation and a more inclusive supply chain.
The following article was translated using both Microsoft Azure Open AI and Google Translation AI.
The uncertain global economic projections going forward also indicate the potential for weakening and uncertainty in economic growth in the region. ASEAN is facing the complexity of challenges, such as the ripple effects of geopolitical tensions, increasingly fragmented global supply chains, demands for a green transition, digital innovation, and inclusive growth. Strengthening regional economic integration is important to ensure ASEAN's economic resilience in the face of threats of crisis and changes to the global economic landscape.
The latest projection from the Organization for Economic Cooperation and Development estimates that the average economic growth rate of ASEAN countries this year will slow down to 4.2 percent, lower than the OECD's projection in March of 4.6 percent. Instead of getting stronger, intra-regional trade among ASEAN countries has weakened after the implementation of the ASEAN Economic Community scheme in 2015. The level of trade and investment between ASEAN countries tends to stagnate. Intra-ASEAN trade growth still falls behind progress of ASEAN's trade with countries outside the region."The great potential is still difficult to achieve due to non-tariff trade barriers.
Out of a total of 16 priorities, 11 priorities can be resolved and agreed upon during the ASEAN summit. Meanwhile, the remaining five priorities will only be completed by the end of this year as they require further detailed discussions.
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