Last year, ASEAN attracted the most FDI in the world, reaching 230 billion USD, surpassing China. To continue to do this, we need to facilitate trade, in which customs plays an important role.
During this chairmanship, Vietnam also played a leading role in the joint customs campaign among ASEAN member countries. I think that Vietnam will show leadership to successfully implement and overcome the challenges ahead.
How does the effectiveness of customs cooperation among ASEAN countries impact the trade activities of this region, sir?
ASEAN Customs has an important responsibility in enhancing the region’s economic competitiveness, through its ability to ensure cross-border trade of goods.
The ASEAN region depends heavily on trade activities, with a value of 3,800 billion USD, making it one of the largest trade regions in the world. Regional trade growth is predicted to reach 5% of GDP from now until 2030.
The potential is huge, not only for regional trade but also with the whole world. One of the important factors is the free circulation of goods within the region and with trading partners.
Clearly, the trade facilitation role of Customs is very important. ASEAN has a Trade in Goods Agreement (ATIGA) that is being negotiated to upgrade, expected to be completed in 2025.
Along with that is a new generation of goods, such as e-commerce and low-value goods, along with commitments on digital transformation such as in the ASEAN Digital Economy Framework Agreement (DEFA), which is being negotiated. including the E-commerce Chapter.
Much depends on the role of Customs in facilitating trade, through creating an effective mechanism that countries can agree on, even though we cannot harmonize procedures today. tomorrow, but can bring about change in a transparent way.
We are becoming the world’s largest trading region, with many countries shifting their supply chains to our region. They need goods to flow smoothly across borders. That is the role and impact that customs can bring to regional economic growth.
Thank you Sir!