Jakarta, CNBC Indonesia – Coordinating Minister for Economic Affairs Airlangga Hartarto said that Indonesia had prepared a strategy to increase economic integration and strengthen competitiveness in realizing ASEAN as a center for economic growth. Among other things, through digital transformation by expanding local currency transactions and Quick Response Code Indonesian Standard and accelerate negotiations Digital Economic Framework Agreement (DEFA).
Furthermore, strengthening air and sea connectivity to encourage this realization ASEAN Power Gridand improving food security through strengthening ASEAN supply chains and logistics systems.
“There needs to be cross-sector cooperation to ensure food security in the region as well as build strengthening mechanisms early warning system,“said Airlangga, quoted from a written statement, recently.
Not only strengthening economic integration, ASEAN member countries also need to harmonize regulations to improve trade performance in the region. Because this effort is considered to facilitate the process of trading goods and services between ASEAN countries.
Finally, ASEAN itself has ASEAN Single Window (ASW) as a form of support for digital transformation and acceleration of trade logistics processes between countries in the region.
ASW development will continue to be carried out in the future, such as exchanges e-form D, ASEAN Customs Declaration Document (ACDD), Electronic Sanitary and Phytosanitary Certificate (e-SPS), other potential documents and also exchange of trade-related documents with ASEAN dialogue partner countries. This shows that the existence of ASW provides optimal benefits within and outside the ASEAN region.
For your information, the ASEAN region is currently considered to have sufficient capital as a potential center for world economic growth. With Gross Domestic Product (GDP) reaching US$ 3.36 trillion in 2021, ASEAN is the fifth largest economic region in the world.
This is also supported by the population in the ASEAN region which reaches more than 650 million people. Economic growth in the ASEAN region can continue and increase every year. Especially, if it is supported by open trade, consumption and investment activities with other countries.
On the other hand, ASEAN is currently developing the Post-2025 ASEAN Vision to set a new agenda in realizing better economic integration. This is to respond to technological advances, geopolitical shifts and economic transformations that are changing the global landscape.
A total of six core elements that will serve as guidelines in the preparation of the companion document to the Post-2025 Vision have been agreed. Among them Action-oriented, Sustainable, Enterprising, bold, and innovative, Adaptable and pro-active, Nimble and resilient and Inclusive, participatory, and collaborative.
The Post-2025 Vision on the economic pillar is built in accordance with the six core components previously established. However, there are several new characteristics to anticipate and support economic integration in the future, namely health, global megatrends, creative economy, sustainability, digitalization, and cooperation with ASEAN partners.
For your information, the Post-2025 Vision was agreed for 20 years, namely ASEAN Vision 2045 with the aim of making the ASEAN region a “Resilient, Innovative, Dynamic and People-Centred”. The Ministers instructed all elements of relevant sectoral bodies to immediately prepare work plans to support the achievement of ASEAN Vision 2045.
“The next task is to prepare a post-2025 MEA strategic plan,” concluded Airlangga.
For information, the peak of the ASEAN Summit took place in Indonesia on 5-7 September 2023 with the theme “ASEAN Matters : Epicentrum of Growth”. The ASEAN Summit activities will be held in two meetings, namely the 43rd ASEAN Summit (Plenary Session) and the 43rd ASEAN Summit (Retreat Session). Then six meetings continued on September 6, including the 26th ASEAN-China Summit, the 26th ASEAN-Japan Summit, the 24th ASEAN-Republic of South Korea Summit, and the 11th ASEAN-United States Summit.
Then on September 7, four closing meetings were held, namely the 20th ASEAN-India Summit, 3rd ASEAN-Australia Summit, 13th ASEAN-UN Summit, and 18th East Asia Summit.
Apart from that, a bilateral meeting will also be held on the sidelines of the summit. The 43rd ASEAN Summit also discussed several important themes. For example, the question Code of Conduct related to the South China Sea, South East Asia Nuclear Weapon Free Zone (SEANWFZ), ASEAN Maritime Outlook, ASEAN Outlook in Indo Pacific (AOIP), and issues related to Myanmar.
The momentum of the ASEAN Summit is the right time to strengthen bonding its members. UOB has long supported support for strengthening and integrating the ASEAN economy. This bank, which has been operating for more than 80 years, is committed to building a better future for the economy in ASEAN.
By utilizing its extensive network, UOB offers financial solutions for business people connected and operating in the ASEAN region. Moreover, the ASEAN region is the 5th largest economy, the 4th largest exporter, and in 2022 it will become a destination foreign direct investment (FDI) 2nd largest.
UOB has integrated services dedicated to helping companies establish regional operations in Asia. In addition to UOB’s comprehensive suite of financial solutions, close collaboration with government agencies, trade associations and professional service providers provides holistic solutions for investment.
Through nineteen FDI Centers spread across Asia, UOB leverages the power of UOB’s extensive network and deep local knowledge to help reduce barriers to cross-border expansion in your country.
For more information, visit the official page UOB
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