mseap

NEWS

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SUBJECT “Resilience” and “Innovation” under Singapore’s ASEAN chairmanship 2018
DATE 2018-02-05
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Singapore’s chairmanship of the Association of Southeast Asian Nations (ASEAN) will start when the regional bloc’s foreign ministers gather for a retreat from 4 to 6 February, hosted by Foreign Affairs Minister Vivian Balakrishnan, at the JW Marriott Hotel Singapore South Beach.

 

 

During the three-day retreat, 10 state-ministers are expected to discuss ASEAN’s priorities in line with Singapore’s chosen theme of “resilience” and “innovation.”

 

 

The retreat will be a useful and timely opportunity for the foreign ministers to discuss the way forward for the ASEAN Community, and also exchange views on regional and international developments.

 

 

Singapore Prime Minister Lee Hsien Loong (Photo: Asean Twitter)

 

 

For its chairmanship, Singapore laid out five economic priorities: digital economy; trade facilitation; services integration and ease of investment; energy security; and ties between ASEAN and external partners.

 

 

Among them, the digital economy will be one of five key areas that Singapore will focus on. Singapore aims to develop a network of ASEAN smart cities that would connect people and economies seamlessly.

 

 

ASEAN was Singapore’s largest trading partner, and accounted for 27% of Singapore’s total trade with the world in 2016. Singapore’s investment in ASEAN also accounted for 18% of its total investments abroad. Among the 10 member states, Malaysia and Indonesia were the two main partners with whom Singapore’s total trade volumes were at $67.9 billion and $40.5 billion, respectively.

 

 

Total trade in goods with Singapore (Graphic: Department of Statistics Singapore)

 

 

To promote regional economic development, connectivity is a key determinant. Besides, physical connectivity through land, water and air, Singapore will focus more on digital connectivity and innovation, using technology to make ASEAN a more dynamic and connected community.

 

 

According to a report titled “Cybersecurity in ASEAN: An Urgent Call to Action” by Cisco and A.T Kearney, the digital economy in the ASEAN may add up to $1 trillion to GDP in the next 10 years.

 

 

However, cyberattack risks could impede trust and resilience in the digital economy and prevent the region from realizing its full digital potential.

 

 

It is recommended that ASEAN countries work together, particularly in the area of sharing threat intelligence, and introduce policies on a regional level to encourage every country to play its part. This includes putting cybersecurity as the top agenda in economic dialogue.

 

 

By MSEAP Cyber Secretariat (mseap@assembly.go.kr)