ASEAN should accelerate economic integration: IDEAS

ASEAN should accelerate economic integration: IDEAS hinh anh 1

CEO of IDEAS Tricia Yeoh (Photo: Internet)

Kuala Lumpur (VNA) – The Institute for Democracy and Economic Affairs (IDEAS), a Malaysian think tank, on November 8 launched the ASEAN Integration Report 2022, highlighting the need for the 10-member regional grouping's leaders to accelerate the process of economic integration to realise the potential of a greater intra-regional trade, moving forward.

IDEAS CEO Tricia Yeoh said through the ASEAN Integration Report, IDEAS is trying to encourage ASEAN governments to move toward economic integration, believing that with the liberalisation of economy and services and access to greater goods and services, there is a greater economic prosperity for all.

“It is important for ASEAN leaders to work together to continue their commitment toward further regional economic integration and trade reforms in the region, given the rise of protectionism and trade tensions in the past few years, compounded by the spread of COVID-19 pandemic”, she said, adding that such an effort is very timely to offset the inward-looking policies adopted by certain countries in the region in the midst of curbing the spread of the virus.

Yeoh said to move forward with further trade integration in the ASEAN region, lowering of tariffs only is not enough, while stressing that non-tariff barriers need to be eliminated especially in the time of emergencies.

The ASEAN Integration Report, as part of ASEAN Prosperity Initiative, is a research study that evaluates the various aspects of integration in the ASEAN Economic Community (AEC) and the impact of COVID-19 on economic integration, as well as discusses policy recommendations moving forward.

About the upcoming ASEAN summits, Yeoh hoped that they will deliberate the issues contained in the ASEAN Integration Report, adding that a copy of the report will be given to relevant ministries./.

VNA

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