UK to spend up to £25 mn on ASEAN economic integration over 5 years

The meeting welcomed the progress in delivering the work plan to implement the joint ministerial declaration for future economic cooperation (Work Plan) following its adoption last year. In this regard, a total of 26 activities across 11 priority areas involving 26 ASEAN sectoral bodies were carried out since last year, with an additional 60 activities planned for the succeeding years, the meeting was told.

UK-ASEAN trade flows in 2022 had risen by over 20 per cent since 2021 in nominal terms, demonstrating post-pandemic recovery.

Total UK trade with ASEAN rose by 21.4 per cent from £38.3 billion in 2021 to £46.5 billion in 2022.

The United Kingdom was the seventh largest foreign investor in the ASEAN in 2022. In 2021, the stock of outward FDI from the United Kingdom to the ASEAN region was at least £25.1 billion, a joint statement released after the meeting said.

The meeting exchanged views on regional and global challenges, such as the multidimensional impact of the pandemic, climate change, heightened volatility in the global financial market, inflationary pressures and geopolitical tensions that affect global food and energy security, all of which could potentially affect economic and trade relations between ASEAN and the United Kingdom.

It reaffirmed its commitment to a rules-based, non-discriminatory, open, free, inclusive, equitable, and transparent multilateral trading system, with the World Trade Organisation (WTO) at its core.

It also highlighted its support to strengthen the WTO and ensure that it remains fit-for-purpose and forward looking by pursuing reforms to improve all its functions, including to have a fully functioning dispute settlement system.

Fibre2Fashion News Desk (DS)