ASEAN regional integration to contribute for global economic development

ISLAMABAD, Aug 07 (NNI): Chairman ASEAN Committee Islamabad (ACI) Ambassador Nguyen Tien Phong on Sunday said that regional integration of ASEAN countries is not only essential for the economic prosperity of the ASEAN region but also important for global economic linkages and connectivity.
In the same month, the foundation of ASEAN was laid on August 8, 1967, he said.
The 55th anniversary of this month will be made with the determination that ASEAN will play its full role for economic prosperity, trade integration to promote peace and harmony with the other regions of the world, Chairman Association of SouthEast Asian Nations (ASEANs) Committee Islamabad (ACI) and Ambassador of Vietnam to Pakistan, Nguyen Tien Phong on Sunday told a state run news here.
The Ambassador economic and trade liberalization, multilateralism, credibility, global connectivity, economic stability, youth empowerment, maritime security, political stability, and regional to regional connectivity are part of ASEAN’s regional economic vision.
While in interview with a state run news agency on 55th Anniversary of ASEAN was established in August 8, 1967 ,he said that ASEAN reaffirmed its belief that regionalism and multilateralism are important principles and frameworks of cooperation, and that their strength and value lie in their inclusivity, rules-based nature, and emphasis on mutual benefit and respect.
Meanwhile he informed that the 55th ASEAN Foreign Ministers’ Meeting (AMM) was held on August 3, 2022 in Phnom Penh, Kingdom of Cambodia. The Meeting was chaired by Cambodia under the theme “ASEAN A.C.T.: Addressing Challenges Together.” He said that in the meeting ASEAN reaffirmed commitment to address its common challenges and to sustain the momentum of ASEAN’s community-building efforts with a strong sense of togetherness.
ASEAN also discussed the need to further strengthen engagement and cooperation with Dialogue Partners and external partners, including through existing ASEAN-led mechanisms, and the importance of ASEAN Centrality, credibility and relevance in maintaining peace, stability, and prosperity in the regional and global endeavours amidst uncertainty and rapid changes in Southeast Asia and beyond.
The ASEAN underscored the importance of maintaining ASEAN’s unity and Centrality in its community-building efforts and engagement with external partners, in promoting peace, security and stability as well as in enhancing regional resilience in response to common and emerging challenges, he said.
The ASEAN countries also shown its 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).
ASEAN underscored the importance of seizing the opportunities of the Fourth Industrial Revolution (4IR) with the COVID-19 pandemic having accentuated the urgency for digital transformation. The Ambassador said that ASEAN’s economic growth could further accelerate to 5.0% in 2022.
ASEAN’s total merchandise trade reached USD 3.3 trillion in 2021, of which 21.3% was within the region, while services trade reached USD 743 billion with intra-ASEAN comprising 11.7%, he said. Meanwhile, inflows of foreign direct investments to ASEAN reached USD 174.1 billion in 2021, 12.0% of which was among ASEAN Member States, he said.
ASEAN were optimistic that macroeconomic fundamentals remain robust and committed t continue working together to ensure the region’s recovery from the COVID-19 pandemic and as well as strengthening its region’s collective resilience and competitiveness in the long run, he said.
The ASEAN were pleased to note the significant recovery in the region’s economy, which expanded by 3.0% in 2021 compared to a 3.2% contraction in 2020. Replying to a question on ASEAN and Pakistan Relations, he said that Pakistan was accorded the status of sectoral dialogue partner of ASEAN at the 26th ASEAN Ministerial Meeting on 23 July 1993.
He said the inaugural meeting of ASEAN-Pakistan Joint Sectoral Dialogue Relations was convened on 5-7 November 1997 in Islamabad to launch the partnership. The inaugural meeting agreed that ASEAN-Pakistan Sectoral Dialogue Partnership would initially cover cooperation in trade, industry, investment, environment, science and technology, drugs and narcotics, tourism and human resources development.-NNI