The Association of Southeast Asian Nations (ASEAN) is debating methods to incorporate its member nations into a global economy. Discussions included reliance on China, diversification of economies, and details on the ASEAN Economic Council (AEC).
The committee session began with debate about the merits of their relationship with China. The committee was in general agreement that they should not rely singly upon China, and look to make relationships with other countries in North America and the European Union.
The delegate of Indonesia reinstated the merit and strength of a relationship with China, but understood the need to connect with other countries.
Vietnam emphasized that the countries should develop their own economies first, before focussing too far on external relations.
Debate then turned toward improving their current system. Indonesia noted the strong success of Singapore and the merits of their global trade model.
Malaysia emphasized the importance of diversifying each country’s economies. The delegate of Indonesia concurred with Malaysia that countries cannot too singularly rely on exports as their value could vary.
Thailand wanted ASEAN to be more prepared for events that could damage their economies, such as crop failures. This issue may be addressed with diversification of local industry, as suggested by Malaysia.
Indonesia encouraged the nations to build autonomous economies that are not too dependent upon other countries.
The delegates then proceeded to discuss steps toward integration into the global economy and improving the AEC.
Indonesia was frustrated that while most ASEAN countries had benefited, their deficit had increased and seen little success.
Thailand looked highly upon lower tariffs, and Cambodia concurred, seeking less restrictions on trade to improve their economies. Vietnam also suggested duty-free trade to gain trade attention, reduce deficits, lower ASEAN’s reliance upon China.
Vietnam asked the committee to address the issue of competition, saying that there is not enough capital for start-up companies to compete against large multinational corporations. The delegate recommended the idea of microfunding, and seemed to have support from within the committee.
A possibility of an ASEAN bank was suggested by the delegation of Laos, but was not discussed further.
Countries seeked to improve ties throughout the world, with Singapore looking to trade with the European Union, and Thailand desired to trade with North America. Thailand focused on improving the attention and status of ASEAN in order to gain trade opportunities.
The committee session began with debate about the merits of their relationship with China. The committee was in general agreement that they should not rely singly upon China, and look to make relationships with other countries in North America and the European Union.
The delegate of Indonesia reinstated the merit and strength of a relationship with China, but understood the need to connect with other countries.
Vietnam emphasized that the countries should develop their own economies first, before focussing too far on external relations.
Debate then turned toward improving their current system. Indonesia noted the strong success of Singapore and the merits of their global trade model.
Malaysia emphasized the importance of diversifying each country’s economies. The delegate of Indonesia concurred with Malaysia that countries cannot too singularly rely on exports as their value could vary.
Thailand wanted ASEAN to be more prepared for events that could damage their economies, such as crop failures. This issue may be addressed with diversification of local industry, as suggested by Malaysia.
Indonesia encouraged the nations to build autonomous economies that are not too dependent upon other countries.
The delegates then proceeded to discuss steps toward integration into the global economy and improving the AEC.
Indonesia was frustrated that while most ASEAN countries had benefited, their deficit had increased and seen little success.
Thailand looked highly upon lower tariffs, and Cambodia concurred, seeking less restrictions on trade to improve their economies. Vietnam also suggested duty-free trade to gain trade attention, reduce deficits, lower ASEAN’s reliance upon China.
Vietnam asked the committee to address the issue of competition, saying that there is not enough capital for start-up companies to compete against large multinational corporations. The delegate recommended the idea of microfunding, and seemed to have support from within the committee.
A possibility of an ASEAN bank was suggested by the delegation of Laos, but was not discussed further.
Countries seeked to improve ties throughout the world, with Singapore looking to trade with the European Union, and Thailand desired to trade with North America. Thailand focused on improving the attention and status of ASEAN in order to gain trade opportunities.