While the northern hemisphere has been struggling to solve internal crunches, new trade, investment and cooperation axes were being formed globally. In this scenario, ASEAN and Latin America are moving closer.
The 22nd ASEAN Summit in Brunei has made a very clear statement with regards to the formation of the ASEAN Economic Community. It turned out that ten-member bloc will most likely not be able to meet its target.
Brunei, with its oil-centered economy, is currently looking for ways to diversify away from hydrocarbon revenues and does so through promoting other industries. Renewable energy could be a sector with high potential.