Inaugural briefings show Asean economic integration making progress

KOTA KINABALU: Progress towards realising the goals of the Asean Economic Community (AEC) 2025 remains steady and Asean will continue to work closely to implement the deliverables under the AEC 2025 agenda.

Singapore as the Chair of Asean in 2018 had identified 12 economic priority deliverables focusing on innovation and digital economy. Asean will continue the work on improving trade facilitation, deepening services and investment integration, cultivating a conducive regulatory environment and progressing Asean’s external relations.

These were highlighted by Datuk Isham Ishak, deputy secretary general (Trade) Ministry of International Trade and Industry (MITI) Malaysia at the Inaugural CARI Briefings titled, “Asean Economic Community 2018 Priorities and Progress” which was organised by the CIMB Asean Research Institute (CARI) on May 31, in collaboration with the Asean Business Club.

According to Datuk Isham, the key thrusts and economic priority deliverables for Singapore’s Asean Chairmanship in 2018 are driven by the overall thematic priority of “Resilience and Innovation” with the key economic objective of deepening regional connectivity to position Asean as a region for seamless economic activity and growth opportunities, especially in e-Commerce and the digital economy.

Asean is currently undertaking a study to assess the readiness of Asean and individual Asean Member States in addressing the challenges while seizing opportunities brought about by the Fourth Industrial Revolution (4IR).

He further added that Asean Good Regulatory Practice (GRP) is one of the new elements introduced in AEC 2025 and Asean Work Plan on Good Regulatory Practice (GRP) 2016-2025 was endorsed in April 2017.

Asean is currently drafting the GRP Core Principles to further implement GRP in Asean with the aim to reduce the regulatory burden and improve the overall regulatory coherence and cooperation in the region.