Donald Kanak, chairman of the EU-ASEAN Business Council said, “This year’s survey confirms that ASEAN is still seen as the region of best economic opportunity, but as would be expected during the COVID-19 crisis, the outlook for increased trade and investment shows signs of softening.” This year’s survey asked which regions in the post-COVID-19 era would be the candidates to attract more investment in supply chains. While ASEAN received the most votes, others such as Europe and China also received many. Kanak continued: “Almost half expect supply chains to be reorganised following COVID-19. That makes the unfinished business on the ASEAN economic integration and progress on trade facilitation crucial to ASEAN’s sustainable recovery from the economic downturn.” Executive director of the EU-ASEAN Business Council, Chris Humphrey, added: “The message from the survey is clear: ASEAN economic integration appears to be at a standstill. ASEAN and its constituents need to pick up the pace to meet the AEC Blueprint 2025 goals. European businesses are now adjusting their business strategy to local environments, rather than waiting for substantial progress in regional economic integration. European businesses are also very concerned about the lack of progress on further free trade agreements (FTAs) with the… Read full this story
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