08 Aug, 2023

ASEAN Poised to Be World’s Fourth-Largest Economy in 2030

ASEAN is forecast to be the world’s fourth-largest economy by 2030 as its combined gross domestic product (GDP) already reaches trillions of American dollars, according to the bloc’s secretary-general Kao Kim Hourn.

ASEAN has a combined GDP of approximately $3.7 trillion with over 670 million people in population size.

“This makes ASEAN the third-largest economy in Asia and the fifth-largest in the world. By 2030, ASEAN is projected to be the fourth-largest in the world,” Kao said when kicking off the ASEAN 56th Anniversary ceremony in Jakarta on Tuesday.

An economic integration brief released by ASEAN last month predicted that the Southeast Asian bloc was on track to be in the world’s top four largest economies, just behind the US, China, and India. The report attributed this growth to the young population. About 60 percent of ASEAN’s total population are currently under the age of 35. Half of the population will join the middle class by 2030.

Mahendra Siregar, the chairman of the Financial Services Authority (OJK), also commented on ASEAN’s economic prospects.

According to Mahendra, ASEAN can benefit from the neutral stance that it adopts amidst rising geo-economic tension. The 10-member grouping can develop its global value chain that not only serves the domestic market, but also exports its products beyond the region.

“Amidst geo-economic competition, [countries] are also trying to readjust their investment to different parts of the world. ASEAN has never been seen as taking sides. This is a good opportunity,” Mahendra told a discussion at the ASEAN Secretariat later during the day.

“At the same time, ASEAN needs to improve its integrated economy by keeping the stability and inflation in check, while also opening up trade and investment opportunities to everybody,” Mahendra said.

08 Aug, 2023

ASEAN brings tangible benefits to Laos as regional bloc turns 56

VIENTIANE (Vientiane Times/Asia News Network): The Association of Southeast Asian Nations (Asean), which was established 56 years ago, has brought tangible benefits to Laos after the country joined the regional bloc 26 years back, a top Lao diplomat has said.Delivering a commemorative message to mark the anniversary of the establishment of the 10-member bloc and Laos’ accession to the group, the Deputy Prime Minister and Minister of Foreign Affairs, Saleumxay Kommasith (pic), said the country has benefited from joining Asean.“The Lao PDR attaches great importance to Asean. Throughout the past 26 years, all line agencies of the Lao PDR have actively and responsively participated in Asean activities and cooperation, which has contributed to Asean community building efforts and brought tangible benefits to the Lao PDR,” he said.“It has also raised the profile of the Lao PDR in the regional and international arena.”Over the past 56 years, Asean has gradually expanded, both in terms of its membership and cooperation.Peace, stability and cooperation for development have been the consistent goals of Asean. As an inter-governmental regional organisation with unity in diversity, Asean has contributed to a common course of promoting and maintaining peace and stability in the region and the world.In 2015, Asean established the Asean Community, which consists of three pillars – Asean Political-Security Community, Asean Economic Community, and Asean Socio-Cultural Community.Asean is currently the world’s fifth-largest economy and is expected to be the fourth in the near future.The bloc’s cooperation with external partners has deepened and widened through Asean-initiated, Asean-led, and Asean-centred mechanisms, bringing benefits to both the group and its external partners.Laos had the honour of serving as Asean Chair twice, in 2004-05 and 2016.The country will have the honour of assuming the Asean Chairmanship for the third time in 2024, when the bloc will focus its efforts on fully implementing the Asean Community Vision 2025. Laos will take a leading role in developing the Asean Community’s Post-2025 Vision, amongst other matters.“The Lao PDR’s Asean Chairmanship in 2024 is another opportunity to elevate the role and profile of the Lao PDR in the regional and international arena,” Saleumxay said.“It also provides an opportunity to promote Lao culture and tradition, as well as Visit Laos Year 2024. The Lao PDR is currently making all necessary arrangements to ensure its successful Asean Chairmanship in 2024.”He called on people from all walks of lives in Laos to make contributions for the preparations for the Asean Chairmanship, to host Asean meetings in Laos, and to welcome delegates and tourists who will visit the country in 2024.

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08 Aug, 2023

56th ASEAN Day

On 8 August 1967, five leaders – the Foreign Ministers of Indonesia, Malaysia, the Philippines, Singapore and Thailand – sat down together in the main hall of the Department of Foreign Affairs building in Bangkok, Thailand and signed a document. By virtue of that document, the Association of Southeast Asian Nations (ASEAN) was born. The five Foreign Ministers who signed it – Adam Malik of Indonesia, Narciso R. Ramos of the Philippines, Tun Abdul Razak of Malaysia, S. Rajaratnam of Singapore, and Thanat Khoman of Thailand – would subsequently be hailed as the Founding Fathers of probably the most successful inter-governmental organization in the developing world today. And the document that they signed would be known as the ASEAN Declaration. It was a short, simply-worded document containing just five articles. It declared the establishment of an Association for Regional Cooperation among the Countries of Southeast Asia to be known as the Association of Southeast Asian Nations (ASEAN) and spelled out the aims and purposes of that Association. These aims and purposes were about cooperation in the economic, social, cultural, technical, educational and other fields, and in the promotion of regional peace and stability through abiding respect for justice and the rule of law and adherence to the principles of the United Nations Charter. It stipulated that the Association would be open for participation by all States in the Southeast Asian region subscribing to its aims, principles and purposes. It proclaimed ASEAN as representing “the collective will of the nations of Southeast Asia to bind themselves together in friendship and cooperation and, through joint efforts and sacrifices, secure for their peoples and for posterity the blessings of peace, freedom and prosperity.”

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