UK & ASEAN launch $31 mn Economic Integration Programme

26 Apr '24

2 min read

UK & ASEAN launch $31 mn Economic Integration Programme

ASEAN-UK Economic Integration Programme launch event. Pic: @ukmissionasean/X (formerly Twitter)

Insights

The UK Mission to ASEAN and the ASEAN Secretariat have launched the ASEAN-UK Economic Integration Programme, a $31.28 million initiative to spur economic growth in the ASEAN region over four years.
The programme will focus on regulatory reform, promoting open trade, and developing financial services to modernise the sector and boost access to finance.

The UK Mission to Association of Southeast Asian Nations (ASEAN), together with the ASEAN Secretariat, has launched the ASEAN-UK Economic Integration Programme (EIP). This ambitious four-year initiative, valued at up to £25 million ($31.28 million), is designed to accelerate economic growth across the ASEAN region by addressing development barriers within the ASEAN member states and the broader ASEAN Economic Community.

The programme targets three critical areas: supporting regulatory reform to facilitate trade and economic activity, promoting open trade to address trade barriers and enhance global trade connections, including with the UK, and developing financial services to modernise the sector and increase access to finance.

The EIP will adopt a comprehensive, multi-faceted approach that focuses on high-impact activities, including technical assistance, capacity building, and knowledge-sharing partnerships. It will explore the potential of digitalisation as a key driver of economic growth and will aim to enhance support for micro, small, and medium-sized enterprises across the ten ASEAN member states and Timor-Leste, the UK Mission to ASEAN said in a press release.

UK Ambassador to ASEAN, Sarah Tiffin, said, “The UK is proud to launch the Economic Integration Programme, enhancing our Dialogue Partnership even further. Since becoming a Dialogue Partner, the UK has been committed to working alongside ASEAN nations to reduce poverty in the region, and provide the foundation for more inclusive economic development that benefits the poorest. This programme will be the UK’s key tool to address these significant challenges, in partnership with our ASEAN friends.”

His Majesty’s Trade Commissioner for Asia Pacific and the UK’s Senior Economic Official to ASEAN, Martin Kent, said, “The launch of the ASEAN-UK Economic Integration Programme highlights our commitment to work together with ASEAN towards a more cohesive regional economy. The programme will harness opportunities from the digital economy with a strong focus on women’s economic empowerment and small business development. We look forward to bringing the best of UK expertise in regulatory reform, financial services, and trade policy to ASEAN for mutual prosperity.”

Secretary General of ASEAN, Dr. Kao Kim Hourn, said, “Today marks a new milestone in the ASEAN-UK partnership as we launch this Programme. I particularly welcome the Programme’s focused areas of regulatory reform, open trade, and financial services. I look forward to the programme’s support to ASEAN’s existing initiatives on these three key areas and its contribution to ASEAN’s economic integration.”

Fibre2Fashion News Desk (KD)

More Textiles News - Asia...