ISLAMABAD: Chairman ASEAN Committee Islamabad (ACI), Ambassador Nguyen Tien Phong on Sunday said that regional integration of ASEAN countries is not only essential for the economic prosperity of the ASEAN region but also for global economic linkages and connectivity.
The 55th anniversary of this month will be made with the determination that ASEAN will play its full role for economic prosperity, trade integration to promote peace and harmony with the other regions of the world, Chairman ASEAN Committee told media.
Ambassador said that ASEAN reaffirmed commitment to address its common challenges and to sustain the momentum of ASEAN’s community-building efforts with a strong sense of togetherness.
The Ambassador said that ASEAN’s economic growth could further accelerate to 5.0% in 2022.
ASEAN’s total merchandise trade reached USD 3.3 trillion in 2021, of which 21.3% was within the region, while services trade reached USD 743 billion with intra-ASEAN comprising 11.7%, he said.
Meanwhile, inflows of foreign direct investments to ASEAN reached USD 174.1 billion in 2021, 12.0% of which was among ASEAN Member States, he added.
The ASEAN were pleased to note the significant recovery in the region’s economy, which expanded by 3.0% in 2021 compared to a 3.2% contraction in 2020.
Replying to a question on ASEAN and Pakistan Relations, he said that Pakistan was accorded the status of sectoral dialogue partner of ASEAN at the 26th ASEAN Ministerial Meeting on 23 July 1993.
He said that in trade, ASEAN and Pakistan have undertaken a Joint Feasibility Study for an ASEAN-Pakistan Free Trade Agreement (FTA) to enhance and expand the overall ASEAN-Pakistan economic engagement.
Replying to a question, he said that data from Pakistan showed that Pakistan trade with ASEAN reached approximately USD$11.0 billion in fiscal year 2022.
The 15 member countries account for about 30% of the world’s population (2.2 billion people) and 30% of global GDP ($29.7 trillion), making it the largest trade bloc in region.
He said that there is a need to Create favorable conditions for tourism, connect B2B via organizations, business associations, for example between FPCCI and ASEAN business community specially SMEs, ASEAN youth business association, country member CCIs.
He suggested that Stability, consistency and continuity in economic policies planning and implementation also resolve for economic integration between Pakistan and ASEAN.
