OPENING REMARKS BY MINISTER CHAN CHUN SING AT THE 50th ASEAN ECONOMIC MINISTERS (AEM) MEETING ON WEDNESDAY 29 AUG 2018, 3.00PM AT SHANGRI-LA HOTEL SINGAPORE
Your Excellencies,
Distinguished Delegates,
Ladies and Gentlemen,
1. Welcome back from lunch.
2. Since the realisation of the AEC in 2015, ASEAN has made tremendous strides in our regional integration agenda. The AEC has lowered entry barriers, reduced transaction costs, widened choices for consumers and generated job opportunities across the region. We have also made steady progress in building a more conducive environment for our businesses. Tariffs have progressively come down, services regulations are more transparent, and investment rules are becoming more pro-business. Last year, we adopted the ASEAN Seamless Trade Facilitation Indicators (ASTFI) which measures and monitors the implementation of trade facilitation measures in a more targeted manner.
3. Today, the AEC remains one of the most established and vibrant economic groupings in the world. However, we still have much work ahead of us. When the AEC was realised in 2015, we embarked on the next phase of our regional integration under the AEC Blueprint 2025, which continues to be a vehicle for strengthening our businesses and expanding their global reach.
4. In the context of the rapid pace of technological change and digital disruption, ASEAN’s ability to stay nimble becomes even more important. We recognise the opportunities and challenges arising from the Fourth Industrial Revolution (4IR), and we are actively assessing and preparing our countries for opportunities and disruptions. Stocktaking exercises are underway to ensure that ASEAN stands in good stead to seize opportunities globally despite the challenging global economic climate. We are also evaluating ASEAN’s progress in Global Value Chains (GVCs) participation, and identifying pertinent steps required to ensure ASEAN’s continued participation in the GVCs.
5. We have ramped up efforts to develop our digital economy. The ASEAN Agreement on Electronic Commerce will foster and boost the nascent e-commerce environment in ASEAN. With the ASEAN digital economy forecast to grow from the current USD150 billion to USD200 billion by 2025, the ASEAN E-Commerce Agreement, when entered into force, will help businesses, particularly our MSMEs, market their products and services across the region.
6. Within ASEAN, we also constantly review our internal processes to share best practices in order to move ahead together. To this end, we are working on a set of Good Regulatory Practice (GRP) Core Principles, which aims to promote transparency and accountability. This will in turn promote more regional regulatory cooperation.
7. As we gather here today, it is another opportunity for us to chart the future for ASEAN, and take the necessary steps towards achieving an even more integrated AEC.
8. I look forward to constructive discussions today and your continued support as we take even bolder strides to serve businesses and people.
9. Thank you.