ASEAN economy 'resilient' despite Middle East crisis - economic ministers - GMA Network
The economy of Southeast Asia remains "resilient" despite the Middle East crisis and other global uncertainties, the ASEAN economic ministers highlighted following a meeting in Manila on September 19.
In a joint statement, the ASEAN economic leaders welcomed the projected economic growth in the region by 4.5% in 2026, which is still above the forecasted global growth rate of 3.0%
"The Meeting acknowledged that, despite uncertainties arising from the Middle East crisis and global geo-economic uncertainties, ASEAN’s economy continues to demonstrate resilience, supported by sustained manufacturing activity, resilient exports and investment, and steady domestic demand," the statement read.
The ministers also reaffirmed their commitment to a rules-based multilateral trading system.
"The Meeting further reaffirmed ASEAN's commitment to preserving an open, inclusive, transparent, and rules-based multilateral trading system, with the World Trade Organisation at its core," the ASEAN officials said.
"In this regard, the Meeting emphasized the importance of deepening regional economic integration, strengthening supply chain resilience, promoting investment, and advancing cooperation on emerging economic issues to sustain ASEAN's growth momentum and long-term competitiveness amidst an increasingly uncertain global environment," they added.
The meeting also led to the adoption of the AEC Strategic Plan 2026-2030 and the substantial conclusion of several digital and trade framework agreements.
Among the strategic initiatives discussed to enhance economic security in the region include the semiconductor roadmap.
"On trade facilitation and economic security PEDs, the Meeting noted developments on the ASEAN Leaders' Declaration on Strategic Trade Management for Secure Regional Trade and the ASEAN Semiconductor Roadmap, both of which are critical to strengthening ASEAN’s economic security and resilience," the statement read.
The meeting also highlighted advancements in intellectual property and space technology cooperation among ASEAN nations.
"On investment and intellectual property-related priorities, the Meeting noted progress under 'Greener Future,' the implementation programme of the Regional Investment Proposition Action Plan (RIPAP) 2025-2030, as well as the upcoming release of the IP Valuation Manual, to support ASEAN Member States in unlocking the economic value of specific intellectual property assets and expanding avenues for IP-backed financing," the joint statement read.
"The ASEAN Declaration on the Advancement of Space Science, Technology, and Innovation Cooperation will also reflect ASEAN's growing focus on the sectors that will define the region's future competitiveness," it added.
The ASEAN economic ministers also welcomed developments for micro, small, and medium enterprises (MSME) such as the AIM ASEAN initiative, the MSME Digital Trade Outreach Toolkit, and the 9th Inclusive Business Forum.
They also highlighted joint efforts like the EU-ASEAN SCOPE Trade Programme, which helps local enterprises adapt to shifting market demands.
These efforts aim to solidify ASEAN’s position as a competitive and unified global economic hub by the year 2045, the economic ministers said.
"The Meeting looked forward to further leveraging its technical expertise and resources to support the implementation of ASEAN’s economic priorities and advance shared objectives under the ASEAN 2045: Our Shared Future," the statement read. —Vince Angelo Ferreras/RF, GMA News
