Lao NEWs on LNTV: ASEAN’s commitment to continue the integration process.5/8/2016

Описание: VO ASEAN economic ministers have reaffirmed ASEAN’s commitment to continue the integration process
INTRO: ASEAN economic ministers have reaffirmed ASEAN’s commitment to continue the integration process and build on the region’s collective strengths and potentials towards a high-growth , sustainable and resilient economic community.
STORY: Meeting in Vientiane Capital this week, ASEAN economic ministers underscored the significance of the year 2016 as the inaugural year of the ASEAN Economic Community (AEC) following its formal establishment in 2015, and highlighted the use this momentum by strengthening its commitment towards deeper integration under the AEC Blueprint 2025.
At the 48th ASEAN Economic Ministers Meeting (AEM48), the ministers exchanged views on the recent global developments and their impact on the economic performance and integration agenda in the region.
They highlighted that ASEAN has achieved important and positive achievement in its regional integration initiatives, and in general, ASEAN member states have remained relatively resilient in the midst of global uncertainties.
In a joint media statement, the ministers expressed concern over the diminished outlook in global growth, which presented inevitable challenges to the region’s economic performance.
Despite the external conditions, ASEAN has continued to evolve to be a significant contributor t the global with a collective GDP of U$ 2.43 trillion in 2015, based on preliminary ASEAN statistics.


The region’s economy is projected to grow by 4.5 per cent in 2016, and while this is 0.2 percentage point lower than the growth rate in 2015, growth is forecasted to accelerate to 4.8 per cent in 2017, supported by strong private and public consumption and improved efficiency in infrastructure.
ASEAN total merchandise trade remained resilient and reached US$ 2.28 trillion in 2015, of which 24 per cent was intra-ASEAN trade, highlighting the continuing development of regional production networks.
Among its external trading partners, China remained the top trading partner of ASEAN with total bilateral trade of 15.2 per cent of ASEAN trade, following by Japan at 10.5 per cent, EU-28 at 10 per cent and the US at 9.3 per cent.
Foreign direct investment (FDI) inflows to ASEAN stood at US$ 120 billion in 2015. While intra-ASEAN FDI remained stable at U$ 22.1 billion in 2015, its share of total FDI has increased to 18.5 per cent in 2015, signaling the positive impact of ASEAN economic integration on promoting the region as a preferred investment destination.
The EU remained the largest external source of FDI flows, accounting for 16.4 per cent of the total inflows to the region, followed by Japan at 14.5 per cent, the US at 10.2 per cent and China at 6.8 per cent.
The services sector remained as the largest recipient of FDI in 2015 with US$ 79.9 billion or 62.5 per cent of total FDI inflows to ASEAN, followed by the manufacturing sector with 24.2 per cent.