Focus on Cooperation with China, Japan, and South Korea; Exploring Economic Opportunities with Australia, New Zealand, and Beyond
ASEAN is making strides to deepen economic ties beyond its member countries, focusing on enhanced trade and investment opportunities with China, Japan, and South Korea — collectively known as the “Plus Three.” Laos’ Minister of Industry and Commerce, Malaythong Kommasith, emphasized the importance of these partnerships, as the Plus Three nations collectively accounted for over 32% of ASEAN’s trade in 2023, with exports valued at US$485.8 million and imports at US$647 million.
The 27th ASEAN Economic Ministers (AEM) Plus Three meeting highlighted the strengthening of economic integration, sustainable development, and digital advancements. The Plus Three countries, ASEAN’s second-largest source of foreign direct investment (FDI), contributed US$42.8 billion in 2023, representing 18.6% of total FDI inflows. The meeting also explored collaboration with Australia and New Zealand under the ASEAN-Australia-New Zealand Free Trade Area (AANZFTA).
Despite an 18.6% share in trade with the Plus Three, ASEAN aims to diversify its economic engagements. Indonesia, a key ASEAN economy, is focusing on developing its downstream industries and sees potential for increased trade with China, Japan, and South Korea. However, experts highlight that growth with Western economies like the U.S., European Union, and Australia remains untapped, as the region explores expanding its market reach.
As part of its goal to create a resilient economic environment, ASEAN continues to foster discussions on various platforms. The 24th ASEAN Energy Business Forum is set to take place this week in Vientiane, further enhancing regional economic cooperation.
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