ASEAN Getting Back on Track

The COVID-19 crisis has had a significant negative impact on ASEAN economies. It will continue to affect the region for years.

IMF’s World Economic Outlook (October 2020) has estimated a 3.4% contraction in the 10 ASEAN economies in 2020.

COVID-19 has also resulted in increased trade protectionism, particularly with regard to essential medical goods and supplies. On 13 November 2020, ASEAN Economic Ministers agreed to a memorandum of understanding on the implementation of Non-Tariff Measures on Essential Goods. The measure commits ASEAN member states to refrain from imposing non-tariff measures on 152 categories of goods and supplies that are essential for combatting COVID−19, and to rolling back existing non-tariff measures on goods that are not WTO compliant.

On 12 November 2020, regional leaders committed to also establishing an ASEAN Travel Corridor Arrangement framework to facilitate essential business travel and to develop a common set of pre-departure and post-arrival health and safety measures to protect wellbeing.

Key facts and figures of ASEAN:
• Population: 647.7 million (2018)
• Average GDP growth: 4.3% (2019)
• GDP per capita: US$4,755

Original report is here.