ASEAN Economic Community Poised to Surpass EU in the Next Decade

In a planned economic community that will link 10 nations across Southeast Asia and account for the seventh-largest economy in the world, regional leaders told participants at the 24th World Economic Forum on East Asia that the ASEAN Economic Community (AEC) will rival the European Union (EU) in the years to come.

“To the extent that ASEAN grows at 5% per annum and Europe by less than 2%, of course we will catch up with Europe; one day we will be there,” said Mustapa Mohamed, Minister of International Trade and Industry of Malaysia. “What we need to do in ASEAN is to grow much faster so we get there much faster, we overtake faster, and probably that will happen in the next 10 to 15 years.”

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Source: Manila Bulletin

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