A more integrated approach in this sector has facilitated great strides in economic prosperity, with an increase in the region’s GDP.
Household purchasing power has risen significantly over the past decade, transforming Southeast Asia into a thriving region driven by consumerism.
Another development component, the lifestyle quarter, was recently reported to be facing funding issues by a leading Malaysian financial daily, mainly due to a weak Malaysian property market, prior links to 1MDB and the recent change of government.
With a projected growth output of 300 percent from 2016 to 2021, the Philippines has emerged as one of the fastest growing automotive hubs in the region.
Considering the fact that many countries in the region are still finding their feet with the use of non-tangible bitcoins, it is perhaps safe to say that widespread physical cryptocurrency uptake for ASEAN as a whole is still some time away.
According to Brunei’s Ministry of Foreign Affairs, the country has benefitted from the assistance and training provided by the Commonwealth in the areas of trade, industries, and human resources development.
Among the topics discussed at the forum were “Strengthening Connectivity Cooperation Initiative: Why It Matters and How It Supports Growth” and “South-south and Triangular Cooperation: An Innovative Partnership for Mutual Progress.”
The ASW will help expediate electronic exchanges of customs data that can be used by traders to obtain customs clearances, permits and other documentation for trade among ASEAN countries.