The ASEAN story: A model of regionalism

LAPU-LAPU, CEBU – Ten years since the Philippines last hosted the Association of Southeast Asian Nations (ASEAN) Summit, finance ministers and central bankers of the 10-member trade bloc are now in the country for an annual gathering to tackle commitments to financial integration and cooperation.

The 10-member ASEAN has since evolved into a model of regionalism tackling the progress of the ASEAN Economic Community (AEC), on the heels of the 2015 integration, to create a single market of nearly 609 million people and production base with a combined nominal gross domestic product (GDP) of $2.323 trillion.

Finance and central bank officials will also discuss issues on regional connectivity, as well as current events and others matters relevant to member states, such as infrastructure investment, e-commerce, trade facilitation and the region’s growing consumer market.

“In the meantime, intra-ASEAN trade has been increasing. In the case of the Philippines, ASEAN as a group has moved to become our number one overall trading partner,” Bangko Sentral ng Pilipinas (BSP) Governor Amando M. Tetangco Jr. said.

Hosting the bloc

the Department of Foreign Affairs (DFA) Spokesperson Charles C. Jose noted there is a lot to be gained from hosting the 2017 ASEAN Summit, which coincides with the 50th Anniversary Celebration of the bloc.

“It is very important for us to be the chair of ASEAN on its 50th Anniversary for several reasons, including political, economic, social and cultural,” Jose told GMA News Online.

In launching the chairmanship of ASEAN 2017, President Rodrigo Duterte said the Philippines will note enduring ties that bind member states, affirm the shared cooperation and secure the future.

The association was established on August 8, 1967, with Indonesia, Malaysia, Philippines, Singapore and Thailand signing the Declaration by the Founding Fathers.

Brunei Darussalam then joined on January 7, 1984, Vietnam on July 28, 1995 and Lao PDR and Myanmar on July 23, 1997.

The Cebu leg of the ministers meeting will cater to finance and central bank officials. Also in the works are the 50th ASEAN Ministerial Meeting in August and the 31st ASEAN Summit in November.

This year, the Philippines has set six thematic priorities to be discussed by ASEAN leaders throughout the year:

• Peace and stability in the region

• Maritime security and cooperation

• Inclusive, innovation-led growth

• ASEAN's resiliency

• A people-oriented and people-centered ASEAN

• ASEAN: A model of regionalism, a global player

In accepting the ASEAN Summit chairmanship in September last year, Duterte noted the point of highlighting the association as a model of regionalism.

The ASEAN Summit 2017 is set on a theme of "Partnering for Change, Engaging the World." — VDS, GMA News