Executive Director Roy Michael said that with over 600 million people and a combined gross domestic product (GDP) of 2.4 trillion ringgit ($600 billion) in 2013, ASEAN is the seventh largest market.
“Should the trend continues, it has the potential to become the fourth largest market globally by 2050,” he added.
He told Bernama ASEAN recorded over $1.2 trillion in total merchandise exports, making it one of the most open economic regions in the world.
“Significant progress had been made in integrating the economies of the 10-member states under the ASEAN Economic Community (AEC) blueprint which is expected to be a reality by year-end,” he said.
Michael was speaking after hosting the ASEAN-US Trade Winds Forum at the Malaysian embassy here on Wednesday. It was attended by American policy and industry leaders.
The half-day forum is a quarterly event hosted on rotation among ASEAN embassies here to increase understanding between American and ASEAN small and medium...Read More