News Flash

UK announces up to £25 mn in funding to back economic growth in ASEAN

17 Jul '23

1 min read

UK announces up to £25 mn in funding to back economic growth in ASEAN

Insights

UK foreign secretary James Spencer Cleverly recently announced up to £25 million in funding to support economic growth of ASEAN members and reduce their poverty, by assisting in trade, regulation and financial services over the next five years.
Later this month, the UK will begin its formal accession to the CPTPP, further strengthening links in the region.

UK foreign secretary James Spencer Cleverly recently announced up to £25 million in funding to support economic growth of members of the Association of Southeast Asian Nations (ASEAN) and reduce their poverty, by bringing UK expertise in trade, regulation and financial services to the region over the next five years.

He was visiting Jakarta to meet ASEAN partners to advance cooperation on the shared priorities of security, stability and prosperity.

Total UK-ASEAN trade in goods and services was worth £46.5 billion at the end of 2022.

Later this month, the United Kingdom will begin its formal accession to the Comprehensive and Progressive Agreement on Trans-Pacific Partnership (CPTPP), further strengthening British trade and investment links in the region, an official release said.

“The UK and ASEAN are working together to deliver the Plan of Action 2022 to 2026 to improve lives across the region, such as ensuring girls across southeast Asia can access quality education. This is in addition to UK work in the wider Indo-Pacific, such as the Climate Action for a Resilient Asia programme, which is upgrading homes and infrastructure to withstand the impacts of climate change,” Cleverly said ahead of the visit.

Fibre2Fashion News Desk (DS)

More Association of Southeast Asian Nations News... More Textiles News - United Kingdom...