ASEAN stands for Association of Southeast Asian Nations, It is a regional grouping that promotes economic, political and security cooperation among its ten members.
The 10 members which are Indonesia, Malaysia, Philippines, Singapore, Brunei, Cambodia, Laos, Myanmar, Thailand and Vietnam with one observer which is the Papua New Guinea.
ASEAN started with only 5 members: Which are the Indonesia, Malaysia, Philippines, Singapore and Thailand.- the father of ASEAN
The ASEAN purposes are:
ASEAN has many purposes, but let me mention a few of them:
(1) accelerate the economic growth, social progress and cultural development in the region
(2) To promote regional peace and stability
(3) To promote active collaboration and mutual assistance
(4) To provide assistance to each other in the form of training and research facilities in the educational, professional, technical and administrative spheres;
(5) To promote Southeast Asian studies
(6) To maintain close and beneficial cooperation with existing international and regional organisations with similar aims and purposes, and explore all avenues for even closer cooperation among themselves.
Since the start of the ASEAN free trade area in 1993, intra-ASEAN trade has grown more than 90 percent of goods are traded with no tariffs, The grouping has also prioritized eleven sectors in goods and services for integration, including electronics, automotives, rubber-based products, textiles and apparels, agro-based products, and tourism. ASEAN members have made strong efforts to facilitate trade, but challenges remain.
it has grown to more than 90% and goods are traded with no tariffs! Hong Kong signed a free trade and investment pact to strengthen economic cooperation to ASEAN.
The agreements cover all aspects of trade in goods, such as tariffs; rules of origin; non-tariff measures; customs procedures and trade facilitation; trade remedies; technical barriers to trade; and sanitary and phytosanitary measures. They also include elements related to trade in services; investment; economic and technical co-operation; dispute settlement mechanism; and other areas of interests to be mutually agreed upon by the two parties.
There is a strong trade links between Hong Kong and ASEAN. Hong Kong holds a distinct advantage across the Asia-pacific region in terms of its unique location and strong links to the international markets as well as Mainland China. While Hong Kong is part of China, it conducts its economic and trade relations separately from the mainland and serves as a bridge connecting the Chinese mainland and Southeast Asia. maybe this is why a lot of businessman all over the world choosing HK to build there businesses.
With regards to trade restrictions, both Hong Kong and ASEAN countries will remove barriers on foreign capital participation and the number of foreign workers employed. Foreign businesses can benefit significantly as the agreement will extend Hong Kong’s network to cover all major economies in South East Asia. As all ASEAN member states are also economies along China’s Belt and Road Initiative (BRI), the closer ties established between Hong Kong and ASEAN will help foreign enterprises tap business opportunities offered by the BRI
What a great information you have there, I hope everyone listening could open their open and start opening business in Hong Kong as there are many advantages awaits their company.
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As the e-commerce is going wider, everyone should also consider that.