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Cohesiveness vital for ASEAN’s post-COVID-19 economic recovery
ASEAN needs to accelerate progress on the promised “single market and production base” – means finally taking action to eliminate non-tariff barriers to trade in the region, starting with price control restrictions, import quotas, and ownership and control restrictions; quickly harmonizing standards across the broadest possible range of sectors; simplifying and automating customs procedures, and enable the growth of the digital economy.
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Travex, the ASEAN Tourism Forum's travel trade fair held in Brunei Darussalam from Jan. 14 to 16, 30 exhibitors from Indonesia, such as tour operators, travel agents, hotel and resort operators, had business-to-business meetings with potential buyers from 43 countries, most of whom are tour operators and travel agents. (JP/Riza Roidila Mufti)
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e live in extraordinary times, when a health emergency becomes a global economic emergency, creating unprecedented stress on all aspects. We should count ourselves lucky, however, to live in this region: ASEAN is well placed to emerge stronger, and better equipped to seize the opportunities of the future.
The ASEAN economic ministers met in early June to discuss strategies for the post-pandemic economic recovery for the region, with a follow-up meeting by the ASEAN leaders to be held this week.
The EU-ASEAN Business Council, the European business body for Southeast Asia that I chair, and the ASEAN Business Advisory Council – plus a host of organizations representing businesses from the United States, United Kingdom, Australia, New Zealand, Canada, India, Russia, East Asia, as well as young entrepreneurs and specific sectors recently issued a joint statement calling for such an approach: “The time for ASEAN to prove its strength to mitigate the worst impacts of the on-going pandemic and ensure the long-term prosperity and wellness of its people through fast action is now. Swift and effective planning and execution of measures for a post-pandemic economic recovery are of utmost priority.”
The joint statement called for a High-Level Special Commission tasked by the ASEAN leaders for a recovery plan that would improve the response to the current and future pandemics and ensure that ASEAN comes out stronger, more integrated and better able to respond to global challenges and opportunities.
That commission would seek inputs including from the Special Business Advisory Board, as post-pandemic economic recovery will not be easy and the “new normal” requires novel approaches; it transforms our economies and the nature of competition.
We will see increased digitization and automation of everything; shifts in supply chains as businesses look to diversify the sources of essential components away from single locations; an urgent and more profound need to reskill workers and adapt current educational practices for the new paradigms. Environmental sustainability, inclusion, shared prosperity will be paramount.
ASEAN should be well-placed to succeed, given its young and adaptable population, high urbanization rates and levels of internet penetration and its geographical location.
