Journey to Sustainability: The ASEAN TaxonomySustainable development is a strategic priority for ASEAN, with Southeast Asia being one of the regions most vulnerable to the impact of climate change. The ASEAN Economic Community Blueprint 2025 highlights the importance of sustainable economic development as an integral part of the region’s growth strategy.
Spotlight on ESGInvestors are starting to dig deeper into companies’ performance relating to environmental and social responsibility.
Amplification of Regional Economic Co-operation by RCEPThe RCEP facilitation measures are set to boost regional trade and economic co‑operation among the 15 members, who are already the major traders in Asia and Oceania. Their total exports and imports in 2020 amounted to some US$5.5 trillion and US$4.7 trillion respectively, constituting about 70% of the combined trading activities of the two regions . Coupled with a few regional traders outside the RCEP, such as the major re‑export hub in the region, Hong Kong, as well as India and Taiwan, they together accounted for over 85% of the total trade of the two regions. When the RCEP agreement is implemented by January 2022 at the earliest, the trading activities of these major players are expected to grow further.
RCEP: Free Trade Opportunities in the Post-pandemic EraThe signing of the RCEP agreement, witnessed by the leaders of participating countries China, 10 ASEAN member states, South Korea, Japan, Australia and New Zealand via video link on 15 November 2020, marked the creation of the largest free trade bloc in the world in terms of economic power and population. Its huge market potential has attracted the immediate interest of global business. The signatories to the RCEP agreement represent 2.2 billion people, almost 30% of world population. Their combined GDPs total US$ 26.2 trillion or some 30% of the global economy, and they account for nearly 28% of global trade . The enhanced market access to the 15 signatory states made possible by the agreement will create vast market opportunities for businesses in the region and beyond.