Prior to the COVID-19 pandemic, South-East Asia as on track to becoming the world’s 4th largest economy by 2030. However, the pandemic caused economic devastation in the region and has become one of the biggest challenges to face ASEAN.
However, there are positive signs, that the bloc can successfully overcome this and make an economic recovery in 2021. The region is determined to enhance and strengthen economic and trade cooperation, for example, through the ASEAN Single Window Live Operation and the ASEAN Customs Transit System. In addition, ASEAN nations have increased the uptake of digital payments, and e-commerce is on the rise, as a result of the movement restrictions due to the pandemic.
Alongside intra-ASEAN cooperation, strengthening relations with external partners is also high on the agenda. The bloc is seeking even closer collaboration with China, in addition to the signing of the Regional Comprehensive Economic Partnership, which will support ASEAN cooperation with Asia-Pacific nations.
ASEAN has faced challenges before, and undoubtedly, Southeast Asia will overcome this ordeal and make a speedy economic recovery, after the pandemic is under control.
Source: Business Times
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February 17, 2021
