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SMEs can benefit from higher level of integration under AEC Blueprint 2025: Singapore's minister

Xinhua, May 31, 2016 Adjust font size:

There will be greater focus on improving trade facilitation and delivering the benefits of ASEAN integration for Small and Medium Enterprises (SMEs) under the AEC 2025 agenda, Singapore's Minister for Trade and Industry (Trade) Lim Hng Kiang said here at ASEAN Conference 2016 on Tuesday.

Themed "New Mindsets, Right Strategies, Effective Collaborations", ASEAN Conference 2016 looked at opportunities and challenges arising from the realization of the ASEAN Economic Community (AEC) in late 2015.

Moving further forwards a highly integrated, cohesive, competitive, innovative and dynamic market base, ASEAN leaders adopted the AEC Blueprint 2025, which provides broad directions through strategic measures for the AEC from 2016 to 2025.

Minister Lim felt confident that ASEAN will continue to be a region of promise for companies looking to internationalize and grow, and upcoming initiatives like the ASEAN Single Window and Self Certification Scheme will help SMEs reap the benefits of regional integration.

"Companies will be able to enjoy smoother and faster clearance of goods within ASEAN, which will translate into lower business costs and definitely help our SMEs." said Lim.

The minister added that ASEAN will place a greater emphasis on tackling non-tariff barriers, and the AEC 2025 Blueprint will also address new areas relevant to the needs of modern businesses.

He also mentioned ASEAN members are not only working on ways to facilitate e-Commerce and other emerging trends in manufacturing, they are also committed to promoting principles of good governance, transparency, and responsive regulatory regimes through more active engagement with the private sector.

AEC brings together a market worth over 2.6 trillion U.S. dollars, and the region has a population of more than 622 million people. Against a backdrop of strong growth potential in ASEAN, ASEAN Conference 2016 provided insights on effective business strategies, discussed the impact of disruptive technologies on regional business landscape and explored different models for collaboration in the region.

"As the ASEAN 2025 blueprint is being developed, companies should start preparing early to capture any opportunity that may arise." said Teo Siong Seng, Chairman of Singapore Business Federation (SBF).

ASEAN Conference 2016 is jointly organized by SBF and founding partners United Overseas Bank (UOB), Rajah and Tann LLP and RSM Chio Lim LLP. Endit