Business Booms As ASEAN Conducts $759B Worth Of Trade, Data Shows
The ASEAN bloc is currently one of the most prosperous networks of nations, noting a rapid surge in their trade metrics with each passing day. The bloc is brimming with new developments, inviting high foreign interest and investment.
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The Bloc’s Intra-Trade Metrics Boom
According to the Jakarta Times, ASEAN is currently one of the most blossoming blocs compared to other alliances. In 2023, ASEAN nations conducted nearly $759 billion worth of intra-trade, one of the highest trade metrics achieved in recent times. This development accounts for 21% of the surge in intra-ASEAN trade, making it an alliance worth keeping an eye on.
The surge was streamlined by Laos’ Minister of Industry and Commerce, Malaythong Kommasith, while chairing the 56th ASEAN economic minister meeting. Malaythong outlined how the bloc is rapidly growing, with its Intra trade balance spiking quickly.
He later shared how the bloc’s decision to retune its Single Window Tax notification system has helped reduce taxes on goods. ASEAN has removed a 98% tariff on all its goods, helping regions better their trade connectivity.
“In the past year, we have fulfilled work plans on the creation of the ASEAN Free Trade Zone and achieved many goals. In particular, we were able to resolve issues arising from the ASEAN Trade Agreement and the use of electronic trade documents through the ASEAN Single Window Tax Notification Service System,” Malaythong said.
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A Threat To The US Dollar?
As ASEAN continues to carve new milestones as a critical economic entity, the bloc’s decision to derail the US dollar in the long haul is also gaining strong momentum. The 10 bloc nations are reportedly going against the US dollar and working on a payment system that may help improve their global positioning.
At the same time, the bloc is also popularizing the local currency agenda, streamlining the usage of regional currencies to conduct global trade. Indonesian PM Joko Widodo also shared a similar narrative, urging ASEAN nations to use regional currencies instead of US dollars and euros.
“Indonesian President Joko Widodo has urged regional administrations to start using credit cards issued by local banks and gradually stop using foreign payment systems. He argued that Indonesia needed to shield itself from geopolitical disruptions, citing the sanctions targeting Russia’s financial sector from the US, EU, and their allies over the conflict in Ukraine,” per an ASEAN Briefing article.
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