HM Trade Commissioner (HMTC) for Asia Pacific, Martin Kent, has visited Vientiane in Laos to demonstrate the UK’s continued and deepening economic commitment to ASEAN, the Association of Southeast Asian Nations.
This trade bloc, which has as its members Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand and Vietnam, has a total population of 662 million people and a combined gross domestic product (GDP) of $3.2 trillion.
Its trade relationship with the UK is already worth nearly £50 billion. The UK is a top 10 investor in ASEAN, with over £25 billion of foreign direct investment (FDI) in 2021. Businesses in ASEAN, in turn, invested £14.8 billion in the UK in 2021.
Mr Kent said: “ASEAN is an important partner of the UK, and we are proud as a Dialogue Partner to be deepening our economic integration with this vital region. This includes digitising trade, sharing our financial services expertise, and bringing world-class infrastructure companies to the region.”
His visit follows the launch of the UK Government’s £25 million ASEAN-UK Economic Integration Programme in April.
Across four years, the programme will support ASEAN with regard to the design of regulations, standards and intellectual property rights. It will also aim to increase trade between the UK and trade bloc and improve access to financial services across ASEAN by sharing world-leading UK expertise.
UK Ambassador to ASEAN, Sarah Tiffin, said: “Across four years, the programme will partner with ASEAN Member States and Timor Leste to support inclusive economic growth in the region, support women’s economic empowerment, boost the growth of small businesses, and drive digitalisation.”
