With the outbreak of COVID-19, ASEAN member states are now in the middle of dealing with a combination of shocks: the public health crisis, a lagging regional economy, stressed financial sectors, and the climate change threat. As the pandemic is far from over, the ASEAN economy is projected to shrink 3.8 percent in 2020, its first contraction in 22 years.
Singapore looks forward to working closely with India at the bilateral and India-ASEAN levels. "As Singapore commences our term as coordinator of ASEAN-India dialogue relations next year, we look forward to deepening the partnership between ASEAN and India."
From mid-2021, users of Singapore's PayNow and Thailand's equivalent PromptPay will be able to send money instantly and securely across the two countries with their mobile phone numbers at competitive rates, according to Ravi Menon, managing director of the Monetary Authority of Singapore (MAS).
Singapore's economy will grow by 5.5 percent next year, putting an end to the nation's worst recession ever, according to a survey of the Monetary Authority of Singapore (MAS).
Bilateral trade between Cambodia and the U.S. was valued at $5.8 billion in the first ten months of this year, a year-on-year increase of 16 percent.
PHILIPPINE FREE TRADE agreements (FTA) have increased imports from ASEAN, but those from partners like Japan have underperformed, according to a study conducted by the Philippine Institute for Development Studies (PIDS).
Thailand's economy is forecast for clear recovery momentum in 2022 as domestic demand will remain weak in 2021, says CIMB Thai Bank (CIMBT).
Malaysia has launched its MalaysiaBiz portal, which serves as a one stop centre to facilitate online business registrations and licensing applications, aiming to create a trade-friendly environment to encourage competitiveness and spur local economic growth.
<p>Time: November 2025<br /> By: WTO and International Trade Group, Legal Department – VCCI</p>
