ASEAN counting on expanded e-commerce to boost integration

LAPU-LAPU CITY — The Association of Southeast Asian Nations (ASEAN) is promoting expanded e-commerce as part of its integration agenda, saying it holds the potential to widen the reach of trade in the region.

“Towards realizing an ASEAN Economic Community (AEC), we are promoting e-commerce in the region, pooling resources to develop the infrastructure we need, facilitating trade and supporting each other’s rising expanding consumer markets,” said Finance Secretary Carlos G. Dominguez III in a speech before ASEAN Finance ministers here yesterday.

“We have developed a Master Plan on ASEAN Connectivity 2025 and a detailed AEC Blueprint 2025. In less than a decade, we aspire to build a truly dynamic regional economy,” he added.

Economic ministers are set to conclude today a series of conferences and meetings as part of the 3rd ASEAN Finance Ministers’ and Central Bank Governors’ Meetings, and are expected to discuss the progress made in the meetings.

“The regional economy we envision is a truly ambitious undertaking that will require massive investments. But we have momentum and opportunity on our side. The support of the investor community will be indispensable for this undertaking to succeed,” said Mr. Dominguez.

Contrary to rising protectionism seen in the US and in Europe, Mr. Dominguez said that the ASEAN region believes that globalization is the way to go.

“Our governments are convinced that globalization is the way to progress,” he said. “Our economies have much headroom for rapid expansion, beginning from a massive infrastructure build-up that will bring our region increased efficiency,” added Mr. Dominguez.

“More extensive cooperation and more intensive integration have been beneficial to the economies of this dynamic region. All our economies are driven to a large extent by trade. The ASEAN Free Trade Area (AFTA) provided us a framework for dramatically increasing intraregional trade and investments,” he said. —