ASEAN’s Diversity Key To Trade Resilience -- Economist

By Abdul Hamid A Rahman

KUALA LUMPUR, Sept 6 (Bernama) -- ASEAN is on the right track in terms of trade, growth and investment, with intra-bloc diversity underpinning resilience, said Prof Dr Peter Mayer, adjunct professor of International Economics at University Polytech Malaysia and Osnabrück University of Applied Sciences.

He said ASEAN’s diversity in labour, land and capital endowment supports a productive division of work across the region.

“Diversity is a source of wealth. Take Malaysia as an example, the country’s export structure is well diversified by markets and products, helping to buffer disruptions from pandemics, politics or supply-chain delays.

“Singapore, the Philippines, Indonesia and Thailand have also managed diversification well,” he said on Bernama TV’s The Nation programme on Friday.

Mayer also said that ASEAN’s move to strengthen its digital economy framework is timely, at the same time emphasising that the region must regulate three key pillars of digital trade.

“The first pillar is digitally ordered goods, such as online purchases from platforms like Shein and Temu, which in some markets enter duty-free due to tariff loopholes. This kind of trade needs proper regulation.

“The second pillar is digitally delivered services, such as Netflix streaming. These pay-to-access services need clear rules on what type of content and services are allowed,” he said.

The third pillar is digital intermediation platforms, including Booking.com for hotel bookings and global marketplaces like Amazon.

“Given their increasing influence, these platforms need to be guided by clear regulatory frameworks,” added Mayer.

-- BERNAMA