We have always been proponents for trade with our neighbours up north, the ASEAN Community, a name which was self-declared at the end of 2015. This help setup the ASEAN Economic Community which offers a framework for simplifying, standardising and facilitating economic trade activity between its member states.
As the world’s third-most populous economy (637 million) in 2016, after China and India, it presents massive opportunities for Australian businesses to engage and embrace this rapidly growing region. While only making up 3.4 percent of the world’s GDP, its average annual growth in GDP in 2016 was 4.6 percent, higher than the world’s average of 3.2 percent for the same period. The ASEAN Community also represents the third largest economy (US$2.5tn, 2016), only following China (US$11.2tn, 2016) and Japan (US$4.9tn, 2016).
ASEAN Now: Insights for Australian Businesses, Commonwealth of Australia 2017
Australia has much to gain from embracing the growth in the ASEAN Community:
- Much closer in proximity than many of our other major trading partners, e.g. China, Japan, U.S.
- Expanding cities
- Rising demand from a rising middle-class
- Increasing integration and interconnectivity through free trade agreements (FTAs)
- Access to digital innovation
Australia’s lifestyle, products and services have a reputation of being high quality and are widely recognised. Businesses should take advantage of this reputation by tailoring an Australian solution to a Southeast Asian problem. We all mutually benefit.
ASEAN Now is a fantastic read for those who are not familiar with the region and a great top-up for those who are already familiar (click for PDF).
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