ASEAN emerges as the fifth largest economic community in world: Ambassador

ISLAMABAD: Chairman of ASEAN Committee in Islamabad and Ambassador of Viet Nam Nguyen Tien Phong here on Tuesday said that the association had become the fifth largest economic community in the world, a reliable and vital partner of many countries.
Talking to the Ambassadors of members states of Association of Southeast Asian Nations (ASEAN), he said that the advancement of regional integration, connectivity and economic linkage had been a central aspect of the association’s integration process over the past 55 years.
He said ASEAN played a central role in the region’s important dialogue, cooperation, and integration processes.
ASEAN has enjoyed Dialogue Partnerships with 11 countries and international organizations (including China, the US, Russia, Japan, the ROK, India, and the EU, among others); Sectoral Dialogue Partnerships with 6 Countries, including Pakistan, Türkiye, UAE, and Development Partnerships with four countries, including Germany, Italya.
To date, intra-ASEAN trade accounts for 25% of ASEAN’s total trade turnover.
Its GDP in 2021 was US$3.36 trillion, an increase of 30% since the establishment of the ASEAN Community in 2015. In addition, ASEAN is also the heart of a broadening economic space through a network of 8 FTA, including the ASEAN Free Trade Area and seven FTAs with key partners.
Notably, the Regional Comprehensive Economic Partnership (RCEP) had formed a free trade area encompassing 30% of the global population and 32% of the world GDP, he added.
“We also truly appreciate the representatives from Pakistan’s Ministries, Provinces, Business circles, Academies, Medias who have been continuously dedicating their great efforts to ASEAN-Pakistan tie in all fields,” he informed.
Ambassador Nguyen Tien Phong further stated that the ASEAN had a long-standing cooperation with Pakistan, adding Pakistan’s trade with ASEAN had reached almost USD 11 billion in the fiscal year 2022.-NNI