In terms of regional economic integration, ASEAN is a significant market of 580 million consumers, which will benefit from the remarkable economic momentum and progress of China and India. The target for ASEANs economic integration is 2015.
It hoped to organize the event here again this year, but the political situation continued to be unfavorable. As a result, Vietnam was chosen to host this years WEF on East Asia in Ho Chi Minh City from June 6-7.
Prime Minister Abhisit Vejjajiva will leave Sunday for Vietnam to attend the event, during which he is expected to use this international venue to reassure the world that Thailand has returned to normal following the latest round of protests and the riots on May 19.
Leaders of the 10 ASEAN countries as well as China, South Korea and other East Asian nations will attend the event along with about 1,000 CEOs of multinational and Asian companies. Their agenda is “Rethinking Asias Leadership”, as the region is the leader in the global economic recovery following the “Hamburger crisis” of 2008.
Of the total, exports accounted for $10.52 billion, up 67.3 per cent while imports amounted to $7.11 billion, a 33.88 per cent increase, yielding a trade surplus of $3.4 billion.
Thailand’s exports within ASEAN in the first quarter of 2010 have increased by 67.3% year-on-year, owing to the ASEAN Free Trade Agreement (AFTA) enforced at the beginning of the year.
East Asias fast-expanding role on the world stage has also been underscored by increasing regional economic cooperation, robust domestic consumption and coordinated government stimulus measures.In terms of regional economic integration, ASEAN is a significant market of 580 million consumers, which will benefit from the remarkable economic momentum and progress of China and India. The target for ASEANs economic integration is 2015.
In addition, East Asia of which ASEAN is an integral part has emerged as a new global economic powerhouse in the wake of the 2009 global economic crisis, which resulted in a sharp downturn in consumer demand in the West.In what appears to be a new growth model, East Asia has focused on domestic consumption and intra-regional trade as new solutions.
Deputy Commerce Minister Alongkorn Ponlaboot said that Asean is the biggest export market for Thailand, accounting for 23.7 per cent of total exports. Exports to Asean have already exceeded the traditional top three markets -European Union (11.7 per cent), Japan (10.3 per cent) and the US (10 per cent).
But due to the protracted color-coded political conflict, Thailand has once again lost its opportunity to host the World Economic Forum WEF on East Asia. The WEFs main event takes place in Davos, Switzerland – a premier gathering of world leaders and CEOs – while East Asia is the venue for its related forum.Bangkok was approached to be the host two years ago but the April 2009 unrest prevented the WEF from holding its East Asian event in the Thai capital.
Thailand has the opportunity to gain a 20 per cent of market shares in the Association of South-East Asian Nations (ASEAN) in the next few years provided that politics is stable and the governmnet has a clear plan to promote exporters, according to a local analysis.
Dr Aat Pisanwanich, director of the University of the Thai Chamber of Commerce (UTCC) Center for International Trade Studies, said such the percentage would help increase the country's exports to the regional bloc to 23-24 per cent, making it possibly replace Singapore now ASEAN's second largest exporter.
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The government is expected to draw on S$53.7 billion (US$40 billion) from its reserves for this year and an additional S24 billion (US$17.8 billion) over the next three years to assist local companies transition into a post-pandemic business environment.
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