The ASEAN identifies tourism as an aid to free trade and protectionism as a barrier.
DESPITE ongoing US-China trade tensions, the Association of South-east Asian Nations (Asean) seems to have developed a certain level of immunity to the current economic concerns facing the world economy. A miniature ecosystem of intra-regional trade between diverse markets, Asean’s trade is somewhat insulated from the larger effects of world superpower tensions. However, work remains to be done to ensure that the region maintains its immunity and continues to work towards a stronger logistics network.
The three East Asian economic giants together with Asean member-states on Thursday reiterated they will fight protectionism while strengthening intra-regional trade through targeted initiatives amid slowing global growth.
The tourism industry is an important component that helps in driving the economic growth of all Association of Southeast Asian Nations (ASEAN) member states, especially for developing countries like the Philippines.
Beforehand, the ASEAN-China joint working group on the implementation of the DOC met on Thursday and Friday to look into the situation on the East Sea, review the implementation of the DOC and continue negotiations on the Code of Conduct on the East Sea (COC).
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