ASEAN now “darling of the world” with rapid economic growth

MANILA-- The establishment of the Association of South East Asian Nations (ASEAN) has helped its 10 member nations to partner with big economies and its current economic growth has become the "darling of the world."

ASEAN's growth has fully benefited from its partnership with the big economies of China, Japan, India, South Korea, Australia, and New Zealand, Department of Trade and Industry Export Marketing Bureau (DTI-EMB) Director Senen Perlada said Wednesday.

"The role of ASEAN is to become a very big economy, a force to reckon with here in Asia," Perlada said during the ASEAN and Philippines-EU Briefing in Quezon City.

"Can you imagine these 10 countries without ASEAN and you are looking at China which is very dominant," the trade official said.

Perlada mentioned that ASEAN is now the "darling of the world" with its member states' fast paced economic growth.

Recent projection of IHS Global Insight noted that the region's gross domestic product (GDP) for 2017 is seen to reach USD2.6 trillion, higher than the GDP of major economies such as India, United Kingdom, France, Brazil, Russia, and Australia.

The country's export marketing chief also highlighted that ASEAN is pushing for the establishment of Regional Comprehensive Economic Partnership (RCEP), a mega trade bloc, among 10 ASEAN member countries with its six free trade agreements (FTAs) partners -- China, Japan, India, South Korea, Australia, and New Zealand.

The RCEP will be home to some three billion consumers, with combined GDP of USD21 trillion, and accounting for about 30 percent of world trade.

The 10 member states and its FTA partners target to complete the text of the agreement for RCEP during this year's summit which will be hosted by the Philippines. (PNA)

Source: Philippines News Agency