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Singapore Summit 2019

23

Statement by H.E. U Thaung Tun, Union Minister for the Ministry of Investment and Foreign Economic Relations, National Security Adviser and Chairman of the Myanmar Investment Commission at
Singapore Summit 2019.

Today Myanmar rank among ASEAN’s fastest-growing economies with GDP rising from just US$8.9 billion in 2000 to over US$71 billion in 2018.

Myanmar 53 million people are spread across a landmass twice the size of Malaysia or Vietnam, with an economy expanding between six and seven per cent over much of the past decade. According to Asian Development Bank, Myanmar’s economy is expected to grow by 6.6 % this year and 6.8 % in the coming year.

The 3rd Industrial Revolution made possible the disruptive technologies that now enable our transition into its 4th iteration. As we make this transition, all countries will be subject to disruption – social, economic, political, environmental, digital and technological.

Myanmar fully supports the free flow of ideas, talent, technology and trade within Asia and between Asia and the rest of the world and believes that those who will prosper during this transition will be those that are able to swim with the tide, not against it.

As a member of ASEAN, Myanmar participates in all intra-ASEAN agreements as well as multilateral free trade agreements with Australia, New Zealand, China, India, Japan and South Korea. In accordance with the ASEAN Free Trade Agreement, Myanmar is reducing its tariff rate to 0.5 per cent. In the areas of non-tariff measures, Myanmar is lowest in ASEAN countries.

The AEC Blueprint 2025, the master plan that guides ASEAN’s further economic integration agenda after the formal establishment of the AEC, explicitly recognizes “a Global ASEAN” as one of its characteristics. The new Blueprint outlines a more pronounced external economic relations strategy going beyond just free trade agreements to also look at strengthening strategic engagement with regional and global partners, adopting common positions in regional and global fora, enhancing engagement with non- FTA partners, supporting multilateral trading system and promoting engagement with global and regional institutions.

ASEAN has also taken on a more proactive role in shifting the geo-political economy which has led to a change in the proponents of the markets and multilateral trading system. In this, ASEAN reinforces its centrality in the emerging regional economic architecture through the Regional Comprehensive Economic Partnership (RCEP) with its six FTA partners (16 countries). Upon successful conclusion of the RCEP, we will see the creation of the world’s largest trade bloc, covering almost half of the world’s population, almost a third of global trade and output and a fifth of global FDI flows…

For full speech, please click here : Singapore Summit 2019

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