Steady progress for AEC in first year

The establishment of ASEAN Economic Community (AEC) in 2015 was a major milestone in the region’s economic integration. With a GDP of USD2.6 trillion and 600 million people, the AEC is Asia’s third largest economy and the seventh largest in the world. What is the AEC score card thus far? Leon Perera, Chief Executive Officer of Spire Research and Consulting, shared his insights in China Daily – Asia Weekly.

AEC’s Blueprint 2025 envisions in achieving a highly integrated and competitive regional economy with enhanced connectivity to improve market access for ASEAN companies to sell goods and services.

However, the past year has seen missed opportunities to accelerate progress for cross-border investment between ASEAN countries, speeding up the harmonization progress of non-tariff barriers as well as integrating a competition policy across ASEAN.

Nevertheless, the AEC is making some progress. In time, it is well-placed to improve market access and provide the ASEAN grouping of 10 nations with more bargaining power in negotiating trade deals with other countries.

If it stays the course in enhancing economic growth and narrowing development gaps through higher productivity and investment, ASEAN is bound to be at the forefront of Asia Pacific’s trade liberalization initiatives.

https://www.spireresearch.com/newsroom/media/steady-progress-for-aec-in-first-year/

Comments

The European Union-Vietnam Free Trade Agreement (EVFTA) is set to open doors for Vietnamese exporters

On 30 June, 2019, the European Union signed its first free trade deal with a developing Asian country – Vietnam, one of the fastest growing economies in Southeast Asia. The EU-Vietnam Free Trade Agreement (EVFTA) would reduce 99% of tariffs on goods and services traded between European and Vietnamese markets. WVietnam’s exports to the EU were valued at 50 billion euros in 2018. This figure is expected to increase by 40% by 2025 under EVFTA. Between the years 2024 – 2028, the agreement would boost Vietnam’s gross domestic product by 5 to 6% annually. Will the EVFTA herald a closer economic relationship between Vietnam and Europe? For more information : https://www.spireresearch.com/newsroom/spirethoughts/the-european-union-vietnam-free-trade-agreement-evfta-is-set-to-open-doors-for-vietnamese-exporters/

The Philippines - Asia's next economic powerhouse

The Philippines is emerging as one of Asia’s most dynamic economies, with a forecasted growth rate of 6.9 per cent in 2018 driven by investment and private consumption. The economy recorded growth of over 6 per cent in 2017, for the sixth straight year, thanks to buoyant government spending, exports and a recovery in the agricultural sector. Will this Southeast Asian tiger be able to maintain its momentum? A growing economy While advanced economies like the United States, Europe and Japan are growing at slow rate, a number of emerging economies like the Philippines continue to surge ahead. With annual growth expected to reach 6.9 per cent by 2018, the Philippines now ranks as the 10th fastest growing economy globally. Owing to strong domestic demand and government projects, the country’s economy is on the rise. The government’s expansionary fiscal policy has aided capital formation and credit growth, whereas low inflation has strengthened private consumption. Path...

Spirethoughts: Saving India’s farmers

Rural farming in India could benefit immensely from solar energy, as farmers can use water pumps that are powered by solar panels to irrigate farms; balancing out the electricity provided for urban dwellers in the process. This is crucial as approximately 18 million of the country’s 25 million water pump sets are linked to the national electric grid. To address the nation’s power shortage, a joint-venture will be formed between six state-owned companies in Mumbai, including Bharat Heavy Electricals Ltd and Power Grid Corporation of India Ltd, to build a 4-gigawatt solar photovoltaic farm by the end of 2016. The price would be INR10 cheaper than the lowest power bid in India. Once the government grant has been received, this would change the way clean energy is generated; providing light through solar energy to 70 percent of the population residing in the urban areas. Is solar energy becoming a transformative resource for rural farmers? http://www.spireresearch.com/ne...

China’s landfills: Can waste be turned into energy?

260 million used tires are dumped in landfills all over the world. These tires contaminate groundwater and create clouds of black grime when they ignite, releasing toxins into the atmosphere. IFW Recycling Corporation based in the U.S. sees these old tires as a clean, green and efficient source of fuel. The tires are gassed to result in usable diesel fuel. This does not cause pollution and creates by-products for further use such as distilled water, carbon black and ash. With China emerging as one of the world’s biggest polluters, its government is seeking alternatives to coal-fired electricity generation. This could be one of them. https://www.spireresearch.com/newsroom/spirethoughts/chinas-landfills-can-waste-be-turned-into-energy/

Confidence key to Singapore’s success Can Singapore cultivate a culture of confidence as it turns 53? Leon Perera, CEO of Spire Research and Consulting shared his insights in The Business Times – Views from the Top section on 6 August 2018 on Singapore’s future. As Singapore ushers in another year of independence, more confidence needs to be instilled. Intelligent risk-taking will be key to the next phase of Singapore’s development. Perera highlighted that familiarity with past successes should not inhibit fresh, innovative thinking and experimentation with new strategies. Therefore, it is crucial for leaders to inspire trust and also for Singaporeans to cultivate greater trust in one another to be good citizens, thus engendering the social capital necessary for national success. The text of Perera’s comments are provided below. A comprehensive Korean peace treaty and denuclearization agreement are worthwhile goals to pursue. But it is unlikely that the North ...

The Knowledge to Decide

Search This Blog