ASEAN requires collaboration between public and private sectors to streamline its supply chain and maximize its potential as the fastest-growing trade bloc globally, said Malaysia's International Trade and Industry Minister, Tengku Zafrul Aziz, at the World Economic Forum 2023. Intra-ASEAN trade is a key component of regional trade, accounting for 21.2% of total merchandise trade in 2020. He emphasized the need for joint efforts across ports, freight, and truck services to resolve supply chain issues, especially with China's reopening creating new opportunities. Despite global economic challenges in 2023, ASEAN remains optimistic, with a forecasted GDP growth of 5.2% and a strong sense of regional cooperation. Leaders like Indonesia’s Luhut Pandjaitan and Thailand’s Anutin Charnvirakul highlighted ASEAN’s role as a central hub between the West and East. Zafrul also stressed the importance of recognizing the different growth stages of emerging markets and adapting policies accordingly.
Also available in 'The Borneo Post Sarawak'.ZAFRUL TOUTS STURDY ASEAN SUPPLY CHAIN
ASEAN requires collaboration between public and private sectors to streamline its supply chain and maximize its potential as the fastest-growing trade bloc globally, said Malaysia's International Trade and Industry Minister, Tengku Zafrul Aziz, at the World Economic Forum 2023. Intra-ASEAN trade is a key component of regional trade, accounting for 21.2% of total merchandise trade in 2020. He emphasized the need for joint efforts across ports, freight, and truck services to resolve supply chain issues, especially with China's reopening creating new opportunities. Despite global economic challenges in 2023, ASEAN remains optimistic, with a forecasted GDP growth of 5.2% and a strong sense of regional cooperation. Leaders like Indonesia’s Luhut Pandjaitan and Thailand’s Anutin Charnvirakul highlighted ASEAN’s role as a central hub between the West and East. Zafrul also stressed the importance of recognizing the different growth stages of emerging markets and adapting policies accordingly.
Also available in 'The Borneo Post Sarawak'.
