ASEAN meeting to highlight inequality

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The ASEAN meeting will be held in Siem Reap’s Apsara
Angkor Resort and Conference hotel

Cambodia’s picturesque temple town of Siem Reap will host the 44th ASEAN Economic Ministers Meeting on August 27, where trade liberalization, economic cooperation and inequality in the region will be given the greatest attention.

Finance ministers from the 10 ASEAN member states will be in attendance representing a bloc with a combined population of over 600 million people and a combined GDP of $2.3 trillion, expected to grow to $4 trillion by 2025 and to $10 trillion by 2030, according  to analysts Rajiv Biswas, Asia-Pacific chief economist at research group IHS Global Insight, and Pauline Ng, ASEAN specialist with JP Morgan Asset Management, both in Singapore.

Given this incredibly dynamic growth projections, Cambodia is expected to point at the rising inequality among ASEAN members, where countries in the Greater Mekong Subregion lag behind wealthier ASEAN member states such as Malaysia and Singapore. According to Cambodia’s Minister of Trade and Commerce, Cham Prasidh, the country – which is currently holding the ASEAN chairmanship –  is expected to moot plans for inclusive growth as a model to alleviate the effects of this rising inequality.

“During our chairmanship, we want to decrease the gap, so it becomes smaller and smaller; not only by growing ourselves but for all members”, Cham Prasidh told the Phnom Phen Post.

“We do believe that we will achieve this goal,” he added.

Prime Minister Hun Sen of Cambodia will give the opening speech at the meeting, which runs until September 1. ASEAN Secretary General Surin Pitsuwan will also be present.

The meeting will further discuss trade and cooperation topics with dialogue countries such as China, South Korea, Japan, Australia, New Zealand, India, the US, Canada and Russia.

The ASEAN economic ministers will also have joint meetings with the 26th ASEAN Free Trade Area (AFTA) Council and the 15th ASEAN Investment Area (AIA) Council, according to a press release issued by Cambodia’s Ministry of Commerce last week.

There will also be a consultation meeting between ASEAN economic ministers and head of the World Intellectual Property Organisation, the release said. Besides, there will be another ASEAN-US Business Summit in Siem Reap and Cambodia’s Garment and Textile Expo (Camboexpo) being held in Phnom Penh.

 

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Reading Time: 2 minutes

The ASEAN meeting will be held in Siem Reap’s Apsara
Angkor Resort and Conference hotel

Cambodia’s picturesque temple town of Siem Reap will host the 44th ASEAN Economic Ministers Meeting on August 27, where trade liberalization, economic cooperation and inequality in the region will be given the greatest attention.

Reading Time: 2 minutes

The ASEAN meeting will be held in Siem Reap’s Apsara
Angkor Resort and Conference hotel

Cambodia’s picturesque temple town of Siem Reap will host the 44th ASEAN Economic Ministers Meeting on August 27, where trade liberalization, economic cooperation and inequality in the region will be given the greatest attention.

Finance ministers from the 10 ASEAN member states will be in attendance representing a bloc with a combined population of over 600 million people and a combined GDP of $2.3 trillion, expected to grow to $4 trillion by 2025 and to $10 trillion by 2030, according  to analysts Rajiv Biswas, Asia-Pacific chief economist at research group IHS Global Insight, and Pauline Ng, ASEAN specialist with JP Morgan Asset Management, both in Singapore.

Given this incredibly dynamic growth projections, Cambodia is expected to point at the rising inequality among ASEAN members, where countries in the Greater Mekong Subregion lag behind wealthier ASEAN member states such as Malaysia and Singapore. According to Cambodia’s Minister of Trade and Commerce, Cham Prasidh, the country – which is currently holding the ASEAN chairmanship –  is expected to moot plans for inclusive growth as a model to alleviate the effects of this rising inequality.

“During our chairmanship, we want to decrease the gap, so it becomes smaller and smaller; not only by growing ourselves but for all members”, Cham Prasidh told the Phnom Phen Post.

“We do believe that we will achieve this goal,” he added.

Prime Minister Hun Sen of Cambodia will give the opening speech at the meeting, which runs until September 1. ASEAN Secretary General Surin Pitsuwan will also be present.

The meeting will further discuss trade and cooperation topics with dialogue countries such as China, South Korea, Japan, Australia, New Zealand, India, the US, Canada and Russia.

The ASEAN economic ministers will also have joint meetings with the 26th ASEAN Free Trade Area (AFTA) Council and the 15th ASEAN Investment Area (AIA) Council, according to a press release issued by Cambodia’s Ministry of Commerce last week.

There will also be a consultation meeting between ASEAN economic ministers and head of the World Intellectual Property Organisation, the release said. Besides, there will be another ASEAN-US Business Summit in Siem Reap and Cambodia’s Garment and Textile Expo (Camboexpo) being held in Phnom Penh.

 

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