DOCSLIB.ORG

The 6 Countries Leading Global Economic Recovery

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
The 6 Countries Leading Global Economic Recovery The 6 Countries Leading Global Economic Recovery Aggressive growth strategies have sparked rapid economic recovery across Asia-Pacific. Finance executives from this region fair most positively in self-evaluation measures, according to a recent survey by CFO Research of Industry Dive and Globalization Partners. At a time when only 26 percent of CFOs in North America described their businesses as being “in a state of accelerated growth,” 46 percent of Asia-Pacific CFOs stated the same. Companies in the Asia-Pacific region emerged from a Covid-19-imposed world recession and actually began growing, months ahead of North America. Other regions have much to learn from Asia-Pacific’s rapid recovery. Table of Contents What is behind the Asia-Pacific economy recovering so quickly? Which countries should international businesses learn from? What can business leaders learn from Asia-Pacific? What can we expect next in the Asia-Pacific economy and the world market? What is behind the Asia-Pacific economy recovering so quickly? Governmental actions contributed enormously to resiliency early in the pandemic. As the medical threat diminished, different countries also benefited economically from these anticipant decisions. April 2020 Anti-trade disruption plan The Hanoi Plan of Action was implemented by the Association of Southeast Asian Nations (ASEAN) in a month when many countries in Europe, Africa, the Middle East, and the Americas were barely entering lockdown. This initiative was designed to identify and resolve any disruptions to trade of essential goods throughout Southeast Asia. © 2021 Globalization Partners. All Rights Reserved. Terms of Service | We respect your privacy The 6 Countries Leading Global Economic Recovery | 1 The 6 Countries Leading Global Economic Recovery The Hanoi plan’s impact was two-fold: short and long term. It minimized Covid-19’s regional economic impact, and established supply chains in a way that would make them more resilient to future recessions. November 2020 Free trade agreement A brand-new free trade agreement was born of Covid-19: 15 countries joined the Regional Comprehensive Economic Partnership (RCEP). Australia, Brunei, Cambodia, China, Indonesia, Japan, Laos, Malaysia, Myanmar, New Zealand, the Philippines, Singapore, South Korea, Thailand, and Vietnam signed the agreement in late 2020. The participating nations account for approximately 30 percent of global GDP, and the trade deal allows these countries to drop 90 percent of import tariffs. Logically, this greatly facilitates international business and inter-Asia-Pacific trade. Which countries should international businesses learn from? © 2021 Globalization Partners. All Rights Reserved. Terms of Service | We respect your privacy The 6 Countries Leading Global Economic Recovery | 2 The 6 Countries Leading Global Economic Recovery As a whole, Asia-Pacific is a role model to other regions. But some countries responded in a way that other nations, and even business leaders, can mimic. Here are the top six recession responses: 1. China sidestepped recession with three measures. The first country to succumb to Covid-19 and the first to emerge, China is expected to account for 27 percent of global economic growth in 2021, more than twice as much as the U.S. Being the model economy has little to do with being first in line for the virus, however. Three measures are worth highlighting: Strict virus curbs included the decision to start mass testing and lockdowns as early as January 2020. Covid-19 recovery grants from the People’s Bank of China began in February 2020 to maintain the banking system’s liquidity, while special “re-loans” were issued to enterprises for pandemic prevention and control. Chinese manufacturers stepped up production of goods to export to countries that were grossly impacted by the pandemic. 2. Singapore became a tech mecca. Already a notable business hub, Singapore flexed its innovative reputation and put measures in place to support the 4,000 startups located there. At a time when many countries were closing borders again, Singapore launched Tech.Pass. This visa would facilitate the entrance of tech entrepreneurs, leaders, or technical experts hoping to travel to Singapore and perform disruptive innovations from November 2020 onwards. At a time when many countries were closing borders again, Singapore launched Tech.Pass. Click To Tweet Employers in Singapore were given tax-exempt Covid-19 recovery grants in cash to cover salaries of local employees for several months. The government also set up a scheme to co- © 2021 Globalization Partners. All Rights Reserved. Terms of Service | We respect your privacy The 6 Countries Leading Global Economic Recovery | 3 The 6 Countries Leading Global Economic Recovery pay employees for their first year of work. 3. South Korea leveraged past experience. South Korea’s quick recovering was arguable due in large part to pandemic management. What exactly did the nation do so well? South Korea’s response to Covid-19 was, sadly, shaped by lessons learned from the MERS (Middle East respiratory syndrome) and SARS (severe acute respiratory syndrome) outbreaks in 2015 and 2003, respectively. By 2020, South Korea was versed in the three branches of effective response: virus detection, containment, and treatment. Hundreds of epidemiological intelligence officers were dispatched to trace the spread of the virus, and high-capacity screening facilities equipped the country with an extensive testing framework soon after the discovery of Covid-19. 4. Thailand diversified industry. You might think that a pandemic is a good time to fall back on what works best. But Thailand took this time to promise major technological advances in different industries. The unexpected announcement that Thailand intends to become Asia Pacific’s electric vehicle hub came in March 2020. Government incentives followed in November 2020 to encourage local manufacturing of electric cars, buses, trucks, motorcycles, and ships. Thailand’s plans to produce 250,000 electrically powered vehicles by 2025 provides an alternative focal point to a global pandemic. The Bangkok Post wrote that five major mobile and telecom enterprises, “bid a combined 100 billion baht at the auction for the spectrum required to set up 5G infrastructure,” in February 2020. As one of the first ASEAN countries to adopt 5G tech, Thailand’s 5G-enabled smart healthcare was used to combat the pandemic nation-wide. © 2021 Globalization Partners. All Rights Reserved. Terms of Service | We respect your privacy The 6 Countries Leading Global Economic Recovery | 4 The 6 Countries Leading Global Economic Recovery 5. Japan committed to the largest stimulus package as a percentage of GDP. Money talks, and just when Japan was due a fiscal reform, the agenda switched to economic stimuli. This nation put its pre-Covid plan to deal with the world’s largest public debt on the backburner, and injected much needed capital into businesses. The Japanese government’s US$708 billion economic stimulus package made headlines in December 2020. Interestingly, this will be spread across initiatives targeted at reducing carbon emissions while increasing technology adoption, as well as direct fiscal spending. 6. Malaysia was tight on controls but not spending. Periodic government spending has been successful in many countries around the world, alleviating some of the burden on businesses that were shut down during lockdown. How did Malaysia specifically manage stimuli? The first Covid-19 recovery grant in Malaysia was introduced early, in February 2020. A second came in June and another in November 2020. These three packages totaled 280 billion ringgit and included financial support for businesses and wage subsidies. Strict lockdown measures kept contagion to a minimum from the beginning of the pandemic. The authorities mandated major economic activities, except for essential services, to close in January 2020. Thanks to early controls, subsequent lockdowns were more lenient on economic activity. What can business leaders learn from Asia-Pacific? As reported by Globalization Partners and CFO Research of Industry Dive, Asia-Pacific CFOs’ top priority in 2021 was building a strategy for global expansion and presence, according to 53 percent of survey respondents. Meanwhile, North America is still working to either optimize margins and costs of goods or update the supply chain, while CFOs in Europe, the © 2021 Globalization Partners. All Rights Reserved. Terms of Service | We respect your privacy The 6 Countries Leading Global Economic Recovery | 5 The 6 Countries Leading Global Economic Recovery Middle East, and Africa are simply focusing on maintaining working capital. As reported by Globalization Partners and CFO Research of Industry Dive, Asia-Pacific CFOs’ top priority in 2021 was building a strategy for global expansion and presence, according to 53 percent of survey respondents Click To Tweet What business leaders can take away from the recovery in Asia-Pacific can be boiled down to three lessons: 1. Careful controls can minimize the impact of crisis. 2. There’s never a bad time for assertive investment in growth. 3. International collaboration strengthens individual economies. The regional initiatives of RCEP and the Hanoi Plan of Action set the stage for stronger links across borders, while governments implemented the best controls available. Then, individual countries took confident steps toward economic growth. When many countries were being cautious about expansion and finding their footing with remote work, Asia-Pacific was more ambitious. It turns out, this is the right way to recover from a global recession. What can we expect next in the Asia-Pacific economy and the world market? As a result of measures taken and their positive results, we may see an increase in Asia- Pacific companies employing across borders. The free trade deals are likely to encourage companies to test new markets within the region, or even those of different continents. Asia-Pacific companies might take advantage of the increase of job hunting professionals in other countries, to source the best talent at a time when other regions, like the Euro zone, are at 8 percent unemployment.
Load more

Recommended publications
  • The ASEAN Regional Forum M
    The ASEAN Regional Forum M. C. Abad, Jr Introduction The years immediately following the end of the Cold War in the first half of the 1990s enabled the Asia-Pacific region to experience peace and stability without major power competition and without smaller nations having to take sides. At that time, ASEAN was the only diplomatic organization in existence in the region which had a considerable record of regional engagement. In taking up “the primary driving force of the ARF [ASEAN Regional Forum],” ASEAN offered its record of enhancing regional cooperation in the most diverse sub- region of the Asia-Pacific. It also cited the habit of cooperation which it had fostered and could be a catalyst for encouraging regional cooperation in the wider Asia-Pacific region. ASEAN ministerial meetings in various sectors were supposed to have con- tributed to the positive regional environment, which could be emulated in the broader Asia-Pacific. The objective of the ARF would be “to successfully preserve and enhance the peace and prosperity of the region”1 under the assumption that periods of rapid economic growth were accompanied by shifts in power relations, which could lead to conflicts. From 18 founding members, the ARF now comprises 27 participants: Australia, Bangladesh, Brunei Darussalam, Cambodia, Canada, China, Democratic People’s Republic of Korea, European Union, India, Indonesia, Japan, Laos, Malaysia, Mongolia, Myanmar, New Zealand, Pakistan, Papua New Guinea, Philippines, Republic of Korea, Russia, Singapore, Sri Lanka, Thailand, Timor Leste, United States, and Vietnam.2 The first ARF ministerial meeting agreed on “the need to develop a more pre- dictable and constructive pattern of relations for the Asia-Pacific region.” In its initial phase, the ARF would concentrate on enhancing trust and confidence among the partic- * This paper was submitted on 27 April 2017.
    [Show full text]
  • Draft Framework & Outline
    ASEAN Strategic Transport Plan 2011-2015 Final Report List of Abbreviations 3PL Third Party Logistics A-JTLCB ASEAN-Japan Logistics Capacity Building Program A-JTLIP ASEAN-Japan Transport Logistics Improvement Plan AADCP ASEAN-Australia Development Cooperation Program AATIP ASEAN Air Transport Integration Project AC-ATA ASEAN-China Air Transport Agreement ACC ASEAN Coordinating Council ACMCM ASEAN-China Maritime Consultation Mechanism ACMTA ASEAN-China Maritime Transport Agreement ADB Asian Development Bank AEC ASEAN Economic Community AEM ASEAN Economic Ministers Meeting AEO Authorized Economic Operator AFAFGIT ASEAN Framework Agreement on the Facilitation of Good in Transit AFAFIST ASEAN Framework Agreement on the Facilitation of Inter-State Transport AFAMT ASEAN Framework Agreement on Multimodal Transport AFAS ASEAN Framework Agreement on Services AFFA ASEAN Federation of Forwarders Association AFTA ASEAN Free Trade Agreement AHLTF ASEAN High Level Task Force AH N ASEAN Highway Network AIF ASEAN Infrastructure Fund AIS Automatic Identification System AJ-APEIT ASEAN-Japan Action Plan on Environment Improvement in the Transport Sector AJTP ASEAN-Japan Transport Partnership AMRDPE ASEAN Ministers Meeting on Rural Development and Poverty Eradication AMSs ASEAN Member States APA ASEAN Ports Association APAEC ASEAN Plan of Action for Energy Cooperation APRIS II ASEAN-EU Programme for Regional Integration Support (APRIS) – Phase II APSC ASEAN Political-Security Community APU Auxiliary Power Unit ASAM ASEAN Single Aviation Market ASCC ASEAN
    [Show full text]
  • Building the Trans- Asean Gas Pipeline
    Asia Pacific Review Trans-Asian pipe The Trans-ASEAN Gas Pipeline (TAGP) project envisages the creation Building of a trans-national pipeline network linking ASEAN’s major gas production and utilisation centres. Once realised the TAGP will have the potential of linking almost 80% of the ASEAN region’s total gas reserves and will embody a far-reaching expression of the region’s the Trans- energy interdependence and long-standing interest in the co- ordination of energy activities. There is still much to do however in order to realise the dream, not least in establishing a solid legal and Asean gas regulatory basis upon which the TAGP could operate in the best interests of all those who would derive benefit from such a network. pipeline By Peter Roberts and Alex Cull, Jones Day, Hong Kong. ASEAN’S ENERGY POLICIES (ii) The ASEAN plan of action for Energy Co- ASEAN, the Association of South East Asian Nations, operation 1999-2004 (Bangkok, 1999) - The Bangkok is a ten-state co-operative framework intended to Plan was adopted by the Seventeenth ASEAN promote greater regional development through Ministers of Energy Meeting and identifies six mutual assistance. Originally founded in 1967 by programme areas to be focused on in order to Indonesia, Malaysia, the Philippines, Singapore and implement the Hanoi Plan, including the development Thailand, the membership of ASEAN has since of the TAGP as part of an integrated ASEAN energy doubled to include Brunei (1984),Vietnam (1995), grid.The Bangkok Plan provides for the establishment Laos (1997),
    [Show full text]
  • Subregional Development Strategy in ASEAN After COVID-19: Inclusiveness and Sustainability in the Mekong Subregion (Mekong 2030)
    Subregional Development Strategy in ASEAN after COVID-19: Inclusiveness and Sustainability in the Mekong Subregion (Mekong 2030) Economic Research Institute for ASEAN and East Asia Subregional Development Strategy in ASEAN after COVID-19: Inclusiveness and Sustainability in the Mekong Subregion (Mekong 2030) Published by Economic Research Institute for ASEAN and East Asia Sentral Senayan II, 5th and 6th floor Jalan Asia Afrika No.8, Gelora Bung Karno Central Jakarta 10270 Indonesia ©Economic Research Institute for ASEAN and East Asia, 2020 Cover design by Ranti Amelia Published in November 2020 All rights reserved. No part of this publication may be reproduced, stored in a retrieval system, or transmitted in any form by any means electronic or mechanical without prior written notice to and permission from ERIA. The findings, interpretations, conclusions, and views expressed in their respective chapters are entirely those of the author/s and do not reflect the views and policies of the Economic Research Institute for ASEAN and East Asia, its Governing Board, Academic Advisory Council, or the institutions and governments they represent. Any error in content or citation in the respective chapters is the sole responsibility of the authors. Material in this publication may be freely quoted or reprinted with proper acknowledgement. ISBN: 978-602-5460-30-2 The report was presented at a briefing by ERIA’s Chief Economist, Professor Fukunari Kimura, at the ‘ASEAN Forum on Subregional Development – Converging Mekong subregional cooperation with ASEAN goals’ held on 14 July 2020. The policy recommendations were highlighted by ERIA President Professor Hidetoshi Nishimura for ASEAN Foreign Ministers at the Special Session of the ASEAN Coordinating Council on Subregional Development held on 9 September 2020.
    [Show full text]
  • Malaysia Calls for Cohesive Economic Measures Among Asean Member States to Build Socio-Economic Resilience
    MEDIA RELEASE MALAYSIA CALLS FOR COHESIVE ECONOMIC MEASURES AMONG ASEAN MEMBER STATES TO BUILD SOCIO-ECONOMIC RESILIENCE Yesterday, YB Dato’ Seri Mohamed Azmin Ali, Senior Minister and Minister of International Trade and Industry attended the 36th ASEAN Summit via virtual conference hosted by Viet Nam. The Malaysian delegation was led by Prime Minister YAB Tan Sri Dato’ Hj. Muhyiddin Yassin. The ASEAN Summit is the supreme policy-making body of ASEAN which deliberates and provides policy guidance, including taking decisions on key issues pertaining to the realisation of the objectives of ASEAN among which are the acceleration of the economic growth, social progress and cultural development in the region through joint endeavors in the spirit of equality and partnership. ASEAN leaders stress the centrality and importance of unity, cooperation and solidarity, economic integration, and the importance of promoting ASEAN pro-activeness and capacity in addressing the challenges in the global landscape. The summit also discusses important matters of interest to Member States and all issues referred to it by the ASEAN Secretariat from the various councils and bodies. At the summit, ASEAN Leaders took note of the Hanoi Plan of Action on Strengthening ASEAN Economic Cooperation and Supply Chain Connectivity in Response to the COVID-19 Pandemic which was adopted by the ASEAN Economic Ministers at the Special ASEAN Economic Ministers’ Virtual Conference Meeting on COVID-19 Response held on 4 June 2020. The Hanoi Plan of Action demonstrates ASEAN unity and determination in mitigating the impact of the COVID-19 pandemic through strengthening regional economic resilience, in line with the key priorities of Viet Nam’s ASEAN Chairmanship 2020.
    [Show full text]
  • The ASEAN Economic Community: Progress, Challenges, and Prospects
    ADBI Working Paper Series The ASEAN Economic Community: Progress, Challenges, and Prospects Siow Yue Chia No. 440 October 2013 Asian Development Bank Institute Siow Yue Chia is Senior Research Fellow at the Singapore Institute of International Affairs. The views expressed in this paper are the views of the author and do not necessarily reflect the views or policies of ADBI, the ADB, its Board of Directors, or the governments they represent. ADBI does not guarantee the accuracy of the data included in this paper and accepts no responsibility for any consequences of their use. Terminology used may not necessarily be consistent with ADB official terms. The Working Paper series is a continuation of the formerly named Discussion Paper series; the numbering of the papers continued without interruption or change. ADBI’s working papers reflect initial ideas on a topic and are posted online for discussion. Some working papers may develop into other forms of publication. Suggested citation: Chia, S.Y. 2013. The ASEAN Economic Community: Progress, Challenges, and Prospects. ADBI Working Paper 440. Tokyo: Asian Development Bank Institute. Available: https://www.adb.org/publications/asean-economic-community-progress-challenges-and- prospects Please contact the authors for information about this paper. Email: [email protected] Asian Development Bank Institute Kasumigaseki Building 8F 3-2-5 Kasumigaseki, Chiyoda-ku Tokyo 100-6008, Japan Tel: +81-3-3593-5500 Fax: +81-3-3593-5571 URL: www.adbi.org E-mail: [email protected] © 2013 Asian Development Bank Institute ADBI Working Paper 440 Chia Abstract Serious efforts at economic integration among the Association of Southeast Asian Nations (ASEAN) members started only in 1992.
    [Show full text]
  • EU-ASEAN Relations
    01/2017 PANORAMA INSIGHTS INTO ASIAN AND EUROPEAN AFFAIRS ASEAN AT 50 A LOOK AT ITS EXTERNAL RELATIONS K o n r a d A d e n a u e r S t i f t u n g Panorama InsIghts Into asIan and euroPean affaIrs asean at 50 Panorama: Insights into Asian and European Affairs is a series of occasional papers published by the Konrad- Adenauer-Stiftung’s “Regional Programme Political Dialogue Asia/Singapore”. © 2017 Konrad-Adenauer-Stiftung, Singapore Editors: Christian Echle, Megha Sarmah, Frederick Kliem Publisher: Konrad-Adenauer-Stiftung Ltd 36 Bukit Pasoh Road Singapore 089848 Registration Number: 201228783N Tel: (65) 6603-6160 Tel: (65) 6227-8343 Email: [email protected] Website: www.kas.de/singapore All rights reserved. No part of this book may be reprinted or reproduced or utilised in any form or by any electronic, mechanical or other means, now known or hereafter invented, including photocopying or recording, or in any information storage or retrieval system, without permission from the publisher. Manuscript offers, review copies, exchange journals, and requests for subscription are to be sent to the editors. The responsibility for facts and opinions in this publication rests exclusively with the authors and their interpretations do not necessarily reflect the views or the policy of Konrad-Adenauer-Stiftung. Cover photographs clockwise from top left © Romeo Gacad / Reuters © Theeradaj S. / iStock © Mark Crisanto / Reuters Design, Layout and Typeset: Select Books Pte Ltd 65A, Jalan Tenteram #02-06, St Michael’s Industrial Estate Singapore 328958 Website: www.selectbooks.com.sg Panorama InsIghts Into asIan and euroPean affaIrs asean at 50 a Look at Its external relations Contents Preface 7 ASEAN at 50: Looking Back to Move Forward 9 Le Luong Minh ASEAN Community Building – What It Really Means to be a Community 19 Noel M.
    [Show full text]
  • CHAIRMAN's STATEMENT of the 27Th ASEAN REGIONAL FORUM
    Final CHAIRMAN’S STATEMENT OF THE 27th ASEAN REGIONAL FORUM HA NOI, 12 SEPTEMBER 2020 1. The Twenty-Seventh Meeting of the ASEAN Regional Forum (ARF) was held via video conference on 12 September 2020. The Meeting was chaired by H.E. Mr Pham Binh Minh, Deputy Prime Minister and Minister of Foreign Affairs of the Socialist Republic of Viet Nam. 2. The Meeting was attended by the Foreign Ministers and Representatives of all ARF Participants. The Secretary-General of ASEAN was also in attendance. The list of delegates appears as ANNEX 1. 3. The Ministers recognised the severe challenges and disruptions caused by the Coronavirus Disease 2019 (COVID-19) pandemic to the well-being of the peoples of the region, and the pandemic’s multi-faceted impacts on societies and economies, as well as on the stability, prosperity and security of the region and the world at large. They emphasised the importance of enhancing regional and international solidarity and cooperation towards a collective and effective response to the COVID-19 pandemic. In this regard, they acknowledged the progress made this year in the ARF given the context of the pandemic. OVERVIEW OF THE ARF PROCESS 4. The Ministers were pleased to note the continued progress of the ARF and commended the progress in the implementation of the Hanoi Plan of Action to Implement the ARF Vision Statement (HPOA), to move the ARF towards, among others, becoming a more ‘action-oriented’ forum since its adoption in 2010. They further noted with satisfaction that ten years since its adoption, the majority of action lines encompassed in the HPOA have been successfully implemented.
    [Show full text]
  • Country Reports: Viet
    Viet Nam Vo Tri Thanh Senior Expert, Central Institute for Economic Management Introduction In December 1997, the Association of South East Asian Nations (ASEAN) adopted the ASEAN Vision 2020, aimed at ‘transforming ASEAN into a stable, prosperous, and highly competitive region with equitable economic development and reduced poverty and socio-economic disparities’ (ASEAN, 2007: 1). In October 2003, ASEAN Member States agreed on the establishment of the ASEAN Community by 2020, resting on three pillars as a political-security community, economic community, and socio-cultural community. In August 2006, the ASEAN Economic Ministers agreed in principle to accelerate the establishment of the ASEAN Economic Community (AEC) by 2015 as an intermediate goal towards its vision by 2020. ASEAN declared the establishment of the AEC in December 2015 together with a follow-up blueprint towards 2025. Even with the AEC already in place, ASEAN Member States still have a sizeable workload. The Member States and the region as a whole face remaining challenges and impediments, the most pressing of which rely on whether the less-developed Member States can catch up with the more advanced ones. Yet ASEAN’s progress so far, particularly in amalgamating itself into a single bloc for negotiating and implementing free trade agreements (FTAs) with other major trading partners, has brought about major hopes for a more meaningful realisation of the AEC’s goal by 2025. From Viet Nam’s perspective, ASEAN integration has marked an essential first step towards international economic integration. Nevertheless, the country has emphasised the need for broader integration with all partners, not just ASEAN.
    [Show full text]
  • Final Chairman's Statement of the 34 Th Asean Summit
    FINAL CHAIRMAN’S STATEMENT OF THE 34TH ASEAN SUMMIT BANGKOK, 23 JUNE 2019 ADVANCING PARTNERSHIP FOR SUSTAINABILITY 1. We, the Heads of State/Government of ASEAN Member States, gathered in Bangkok for the 34th ASEAN Summit on 23 June 2019. We emphasised the importance of advancing partnership for sustainability to achieve a people-centred, people-oriented and forward-looking ASEAN Community that leaves no one behind in the rapidly changing regional and global environment. 2. We reaffirmed the importance of maintaining ASEAN Centrality and unity in our Community-building efforts and engagement with external partners. We reiterated the need to maintain a sustainable, resilient and forward-looking ASEAN-centred regional architecture and agreed to continue promoting synergy among the various ASEAN-led mechanisms, including the ASEAN Plus One, ASEAN Plus Three (APT), East Asia Summit (EAS), ASEAN Regional Forum (ARF), and ASEAN Defence Ministers’ Meeting-Plus (ADMM-Plus). 3. We reaffirmed our shared commitment to maintaining and promoting peace, security and stability in the region, as well as to the peaceful resolution of disputes, including full respect for legal and diplomatic processes, without resorting to the threat or use of force, in accordance with the universally recognised principles of international law, including the 1982 United Nations Convention on the Law of the Sea (UNCLOS). KEY DELIVERABLES 4. We adopted the ASEAN Leaders’ Vision Statement on “Partnership for Sustainability”, which aims to ensure sustainability in all dimensions, including sustainable security through the deepening of strategic trust, sustainable economic growth and sustainable development as well as sustainable human security. It also emphasises continuity and sustainability in ASEAN’s Community-building efforts and policies, in partnership with stakeholders within ASEAN and with the international community, to realise enduring peace, stability and prosperity in the region for the benefit of the people of ASEAN.
    [Show full text]
  • Flying the ASEAN Flag in a Pandemic Year: Vietnam's 2020 Chairmanship
    ISSUE: 2020 No. 137 ISSN 2335-6677 RESEARCHERS AT ISEAS – YUSOF ISHAK INSTITUTE ANALYSE CURRENT EVENTS Singapore | 3 December 2020 Flying the ASEAN Flag in a Pandemic Year: Vietnam’s 2020 Chairmanship Hoang Thi Ha* EXECUTIVE SUMMARY • Vietnam has leveraged digital diplomacy to keep the ASEAN agenda progressing despite the COVID-19 disruptions. A number of ASEAN pandemic response initiatives have been launched but their on-the-ground impact is yet to be seen. • As US-China rivalry deepens, ASEAN has reaffirmed its neutrality anchored in international law and an open and inclusive regional order. • ASEAN has demonstrated its centrality in the regional trade architecture through the conclusion of the Regional Comprehensive Economic Partnership (RCEP). • Vietnam has sought to embed Mekong Basin issues in the ASEAN agenda, and strengthen ASEAN’s position on the South China Sea by emphasising the primacy and universal application of the 1982 United Nations Convention on the Law of the Sea. • Vietnam’s success in pandemic control and smooth conduct of the ASEAN Chairmanship this year have elevated the country’s international standing and strategic importance in the Indo-Pacific. *Hoang Thi Ha is Fellow and Lead Researcher (Political-Security) at the ASEAN Studies Centre, ISEAS –Yusof Ishak Institute. 1 ISSUE: 2020 No. 137 ISSN 2335-6677 INTRODUCTION The COVID-19 pandemic is a paramount test of ASEAN’s resilience and Vietnam’s ability to lead as the ASEAN Chair in 2020.1 While many ASEAN member states (AMS) remain preoccupied with containing the virus or embroiled in political-social turmoil and economic depression, Vietnam has effectively brought the pandemic under control2 and is projected to record economic growth at 1.8% this year.3 Vietnam therefore has a greater bandwidth to focus on the ASEAN agenda and fulfill its chairmanship responsibility.
    [Show full text]
  • Chairman's Statement of the 20Th ASEAN Regional Forum
    Final CHAIRMAN’S STATEMENT OF THE 20TH ASEAN REGIONAL FORUM 2 July 2013 Bandar Seri Begawan, Brunei Darussalam 1. The 20th Meeting of the ASEAN Regional Forum (ARF) was held in Bandar Seri Begawan, Brunei Darussalam, on 2 July 2013. The Meeting was chaired by His Royal Highness Prince Mohamed Bolkiah, Minister of Foreign Affairs and Trade of Brunei Darussalam. 2. The Meeting was attended by the Foreign Ministers and Representatives of all ARF participants. The Secretary-General of ASEAN was also in attendance. The list of delegates appears as ANNEX 1. 3. The Ministers welcomed the launching of the “ASEAN Regional Forum at Twenty: Promoting Peace and Security in the Asia-Pacific – A Commemorative Publication for the 20th ARF”. In this connection, the Ministers expressed appreciation to Brunei Darussalam and China for their efforts in initiating and co-editing the publication to mark this significant milestone. 4. The Ministers reiterated the importance of the ARF as a primary forum for dialogue and cooperation on political and security issues in the Asia-Pacific region. They reaffirmed their support for ASEAN as the main driving force of the ARF, as well as acknowledged the crucial contribution the ARF plays in the evolving regional security architecture. 5. The Ministers encouraged the continued cooperation and contribution of all the ARF participants in taking the ARF process forward to the next stage of its evolution at a pace comfortable to all. In this regard, they underscored the need to continue implementing the Hanoi Plan of Action to Implement the ARF Vision Statement 2020 and all other current work plans in a consistent and comprehensive manner.
    [Show full text]