OPENING REMARKS BY MR LIM HNG KIANG, MINISTER FOR TRADE AND INDUSTRY (TRADE), AT THE 67TH ASEAN BUSINESS ADVISORY COUNCIL WELCOME NETWORKING DINNER, THURSDAY, 28 APRIL 2016, 1920HRS, MAX ATRIA, SINGAPORE EXPO

Mr Oudet Souvannavong, Chairman, ASEAN Business Advisory Council,

Dr Robert Yap, Mr Douglas Foo, Mr Robert Yap Min Choy, ASEAN Business Advisory Council Singapore Members,

Members of ASEAN-BAC and the ASEAN+1 Business Councils,

Distinguished Guests,

Ladies and Gentlemen

1.         Good evening. It is my pleasure to join you at this ASEAN Business Advisory Council welcome networking dinner. Singapore is very happy to host the ASEAN-BAC meeting again this year.


ASEAN Economic Community 2015

2.         2015, as we all know, was a significant year for ASEAN. We announced the realisation of the ASEAN Economic Community, or AEC. This is a significant milestone in our regional economic integration journey among the 10 ASEAN Member States, and especially so for Singapore and our businesses. The AEC could potentially raise Singapore’s GDP by 3% or more by 2035, above what it could otherwise be, through boosting Singapore’s merchandise exports by S$110 billion and services exports by S$170 billion on a cumulative basis. Singapore is not alone in reaping the benefits. ASEAN’s GDP has almost doubled from US$1.33 trillion in 2007, when we first adopted the AEC Blueprint, to US$2.57 trillion in 2014.[1] In the last decade, ASEAN has also grown at an average of 6% compared to the global average of 4%.[2] These are testaments to the transformative impact of the AEC and our economic integration agenda.


Vision for ASEAN Economic Community 2025

3.         2016 marks the beginning of an equally important journey for ASEAN. ASEAN Leaders announced our vision for AEC 2025 at the 27th ASEAN Summit in November last year. We are now actively charting the way forward towards even deeper economic integration. In our AEC 2025 journey, we aim to place greater emphasis on tackling non-tariff barriers. Such barriers are often more protectionist, more discriminatory, yet less visible, than the tariff barriers that we have largely removed. ASEAN is also looking to address emerging trade-related issues relevant to the needs of modern business realities, such as Global Value Chains and e-Commerce. We are also looking into improving our collective regulatory landscape through strengthening our general governance practices, and also in specific areas that businesses are concerned with, such as competition policy, consumer protection and intellectual property rights.


Collaboration between ASEAN Governments and Businesses

4.         These areas of focus should come as no surprise to the private sector. It has become even more imperative for businesses and governments in the ASEAN region to continue working together to drive regional growth and prosperity. Being at the forefront of commerce, the private sector is well-placed and often faster at identifying chokepoints and future trends that could impact businesses. Recognising this, the AEC Blueprint 2025 calls for ASEAN to strengthen the role of the private sector. The Blueprint acknowledges ASEAN-BAC as the apex private sector body in ASEAN. The governments of ASEAN have therefore asked for ASEAN-BACs’ assistance in co-ordinating input from the private sector, both within ASEAN and globally. Our officials are working in tandem on more inclusive and consultative processes involving the ASEAN+1 business councils. Our foreign business partners also play an important role in the future of the AEC, by providing the bridge between businesses in ASEAN and overseas markets. It is critical for ASEAN to continue to look outward and further entrench itself in the global economy, so as to ensure Southeast Asia’s continued relevance to the rest of the world. I strongly encourage ASEAN-BAC and the ASEAN+1 business councils to continue sharing your perspectives on the potential for greater synergies between ASEAN and the global economy.

5.         As ASEAN embarks on the next phase of its economic integration journey towards realising an even more cohesive regional economy, ASEAN will continue to count on the private sector for constructive feedback. I would like to thank ASEAN-BAC, the ASEAN+1 business councils, and the various business entities for your continued engagement with ASEAN and Singapore. I hope that you will continue to share concrete, practical and frank ideas that will contribute to a successful AEC 2025 and an even stronger ASEAN. Strong partnerships between governments and the private sector will better position ASEAN to tackle emerging economic challenges, and drive further integration and growth in the region.

6.         I wish you all a fruitful meeting over the next few days, and a pleasant stay in Singapore. Thank you.