A Singapore Government Agency Website
Enterprise Singapore Logo
  • Industries
    • Industry Type
      • Agritech
      • Air Transport
      • Built Environment
      • Business Services
      • Digital / ICT
      • Electronics
      • Energy & Chemicals
      • Food Manufacturing
      • Food Services
      • Healthcare and Biomedical
      • Land Transport
      • Logistics
      • Marine & Offshore Engineering
      • Precision Engineering
      • Retail
      • Sea Transport
      • Urban Solutions
      • Wholesale Trade
    • Hub
      • Infrastructure Hub
      • Startup Hub
  • Overseas Markets
    • Africa
      • Ghana
      • Ivory Coast
      • Kenya
      • Morocco
      • Mozambique
      • Nigeria
      • South Africa
    • Asia Pacific
      • ASEAN
      • Australia
      • Cambodia
      • China
      • India
      • Indonesia
      • Japan
      • Malaysia
      • Myanmar
      • Philippines
      • South Korea
      • Thailand
      • Vietnam
    • Europe
      • France
      • Germany
      • Russia
      • Turkey
      • Netherlands
      • United Kingdom
    • Middle East
      • Egypt
      • Israel
      • Jordan
      • Oman
      • Qatar
      • Saudi Arabia
      • United Arab Emirates
    • North & Latin America
      • Brazil
      • Canada
      • Colombia
      • Mexico
      • United States of America
    • Go Global
  • Quality & Standards
    • Standards
      • For Companies
      • For Partners
      • E-Alert for Standards
    • Accreditation
      • For Companies
      • For Conformity Assessment Bodies
      • For Partners
      • Mutual Recognition Arrangements (MRAs)
    • Business Excellence
    • Consumer Protection
      • Consumer Product Safety Office
      • Weights and Measures Office
  • Financial Assistance
    • Grants
      • For Startups
      • For Local companies
      • For Partners
    • Loans & Insurance
      • Enterprise Financing Scheme (EFS)
      • Temporary Bridging Loan Programme
    • Tax Incentives
      • Double Tax Deduction for Internationalisation (DTDi)
      • Global Trader Programme
      • Fund Management Incentive (FMI)
      • Venture Capital Fund Incentive (VCFI)
    • Investments
      • Startup SG Equity
      • SEEDS Capital
      • EDBI
  • Non-Financial Assistance
    • For Singapore Companies
      • Supporting Your Startup Journey
      • Digital Programmes
      • Growth Partnership Programme
      • Sustainability
      • Business Toolkits
      • Talent Attraction and Development
      • Network of Partners
      • Export Guides
      • Free Trade Agreements
    • For Foreign Companies
      • Join Singapore's Startup Hub
      • Living in Singapore
      • Setting Up in Singapore
      • Free Trade Agreements
      • Double Tax Avoidance Agreements
      • International Investment Agreements
    • For Individuals
      • Skills Development for Students
      • Skills Development for Mid-Career Professionals
      • Be Inspired
  • About Us
    • Overview
    • Vision & Mission
    • Board of Directors
    • Subsidiaries
    • Strategic Plan
    • Year-in-Review 2021
    • Careers
    • Media Centre
Search
  • Share
ASEAN Countries
  • Home
  • Overseas Markets
  • Asia Pacific
  • ASEAN
  • ASEAN Regional Initiatives
ASEAN
  • Overview
  • Profiled Industries
  • ASEAN Regional Initiatives
  • Capturing Opportunities in ASEAN
  • Articles
  • Inspiring Stories
  • Events

ASEAN Regional Initiatives

Implementing the ASEAN Economic Community (AEC) 2025 blueprint
 

 2025 Blueprint

Building upon the success of the ASEAN Economic Community (AEC) 2015 blueprint, the region has since embarked on the next phase of regional economic integration under the AEC 2025 Blueprint. It is a broad framework which aims to eventually realise the following outcomes:

  1. A highly integrated and cohesive economy
  2. A competitive, innovative and dynamic ASEAN
  3. Enhanced connectivity and sectoral cooperation
  4. A resilient, inclusive, people-oriented and people-centred ASEAN
  5. A Global ASEAN

The AEC is expected to potentially increase Singapore’s GDP by 3% above what it would otherwise be in 2035. It is projected to boost Singapore’s merchandise exports by S$110 billion and services exports by S$170 billion on a cumulative basis by 203510.

As we move towards the next decade, the AEC will focus on the development and promotion of micro, small and medium enterprises (MSMEs) in its economic integration efforts. Digital technology and environmental sustainability will also feature strongly in efforts to enhance trade and connectivity within the region.

 

9 According to the Economist Intelligence Unit (EIU), the main 50 cities in ASEAN, with populations of over 500,000 people, drive an “overwhelming share” of the region’s economic development.
10 MTI-FEPD’s study. The projected figures cover AEC measures already implemented and ASEAN+1 FTAs that are already in force. They do not include ASEAN-Hong Kong FTA or RCEP which are still undergoing negotiations.

Enhancing support and guidance for SMEs looking to expand into the region
 

To provide a first port of call for ASEAN SMEs and other businesses looking to grow regionally, the ASEAN Coordinating Committee on Micro, Small and Medium Enterprises (ACCMSME) has developed the ASEAN Access portal.

Enhancing_support_and_guidance_for_SMEs_looking_to_expand_into_the_region

This website provides businesses with trade and market-related information, as well as access to support services critical for international growth.

Cooperating closely in key sectors
 

ASEAN countries have also identified key areas where greater cooperation will reap greater benefits for all countries.

In the area of energy, members are pursuing initiatives to enhance energy connectivity and market integration, as well as build capabilities in areas such as energy efficiency, natural gas and renewable energy. These involve regulatory changes to foster more competition and innovation – changes that could make it easier for Singapore firms with the requisite expertise to expand into the region. Examples of initiatives that ASEAN member states are working on include the development of a regional green building code, signing a Memorandum of Understanding with the International Renewable Energy Agency (IRENA), and facilitating greater Liquefied Natural Gas (LNG) cooperation and trade.

Key Sectors

Closer cooperation is also on the cards for cruise tourism, with the ASEAN Declaration on Cruise Tourism officially adopted on 25 January 2018. The initiative will streamline policies and regulations for a more efficient operating environment, as well as boost capacity for the industry. The agreement will leverage the unique selling points of each country to promote ASEAN as a single cruise tourism destination. This will in turn expanding market access opportunities for companies in sectors ranging from port development to hospitality services.

Strengthening economic linkages with the rest of the world
 

Even as ASEAN preserves its centrality, the bloc is committed to both broadening and deepening ties with external partners.

Advanced talks are underway to bring the negotiations for the Regional Comprehensive Economic Partnership (RCEP) to substantial conclusion. The agreement will involve all 10 ASEAN countries, along with China, India, Korea, Japan, Australia and New Zealand, and account for almost half the world’s population. The framework builds on the various existing ASEAN +1 FTAs, and aims to lower trade barriers and improve market access.

An ASEAN-EU Free Trade Agreement (AEUFTA) is also in the works, with countries setting out a framework to guide the parameters of the agreement. Once completed, the AEUFTA will be ASEAN’s first region-to-region FTA.

For more on the full list of ASEAN’s FTAs, click here.

Driving the region forward through a rotational ASEAN Chairmanship
 

The ASEAN Chairmanship rotates among the countries annually, with the Chairman for the year chairing the bloc’s summits, councils and committees. This accords every member country the opportunity to lead the region’s initiatives. Singapore is the ASEAN Chair for 2018, with the themes for this year’s chairmanship of “resilience and innovation”. As Chair, Singapore will advance the following areas:

  1. Promote innovation & e-commerce – building up digital connectivity and facilitating e-commerce flows to benefit businesses, especially MSMEs
  2. Improve trade facilitation – reducing administrative burdens, transaction costs and regulatory trade barriers
  3. Deepen services & investment integration – widening opportunities in the region, enhancing ASEAN’s investment environment, and promoting Southeast Asia as a vibrant cruise destination
  4. Cultivate a conducive regulatory environment – supporting the growth of a competitive, dynamic and innovative ASEAN
  5. Progress ASEAN’s external relations – deepening ASEAN’s ties with external partners while preserving ASEAN centrality

ASEAN Free Trade Area
Benefit from Singapore's extensive free trade agreements that ensure preferential market access and tax savings for your exports.
Read More


TOP

Newsletter Sign Up

Get the latest news on how to grow your business - delivered straight to your inbox. Because growing your business is our business.

SUBSCRIBE
  • About Us
  • Media Centre
  • Careers
  • Events
  • E-Services
  • Resources
  • Inspiring Stories
  • Blog

Connect with us

  •  
  •  
  •  
  •  
Contact | Feedback |
Whistle-blowing
  • Sitemap
  • Terms of Use
  • Privacy Statement
  • Report Vulnerability

© 2018 Enterprise Singapore

(Last updated on 21 April 2022 16:24:33)