ASEAN Unveils Strategic Plan to Become World's Fourth-Largest Economy
ASEAN announced a strategic plan aiming for economic integration to become the fourth-largest global economy by 2045. The initiative seeks enhanced trade, energy security, and transport connectivity amid challenges like geopolitical tensions and climate change. ASEAN must demonstrate unity for effective negotiations, with its Economic Community Council overseeing implementation.
The Association of Southeast Asian Nations (ASEAN) announced an ambitious strategic plan aimed at becoming the world's fourth-largest economy. This groundbreaking initiative was unveiled during a leadership summit in Malaysia, highlighting ASEAN's commitment to harmonize trade standards and enhance financial integration.
The comprehensive five-year plan focuses on increased regional trade, energy security, and improved transport connectivity. With countries such as Indonesia, Thailand, and Malaysia spearheading this effort, the goal is to address multifaceted challenges like geopolitical tensions, technological transformations, and climate change impacts.
Although ASEAN collectively boasts a GDP of $3.8 trillion, economic integration has lagged due to diverse economies and political systems. The bloc emphasizes the need for unified negotiations, particularly amid ongoing trade tensions with the United States and challenges like the Myanmar crisis. Economic Community Council is tasked with overseeing strategy implementation.
(With inputs from agencies.)
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