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To those uninitiated in the lingo of global trade, ASEAN might look like a capitalized misspelling of “Asian.”
But in reality, it represents an economically vibrant bloc in that very region that is home to nearly a tenth of the global population, some 625 million people.
And according to a new report, U.S. trade with these 10 countries on the other side of the world resonates significantly back here at home.
For Georgia, goods and services exports to the Association of Southeast Asian Nations total $3.3 billion, making the state a leader in the Southeast U.S., even eclipsing Florida by this metric. That results in 19,500 jobs with the state, according to the US-ASEAN Business Council, which counts among its members influential Atlanta companies like Coca-Cola Co. and United Parcel Service Inc.Both covet access to the region’s fast-growing populations and rising middle class.
August 8 marked a major milestone in ASEAN History. On this date in 1967, five nations (Indonesia, Malaysia, the Philippines, Singapore and Thailand) met in Bangkok to sign the Bangkok Declaration that formally established the Association of Southeast Asian Nations (ASEAN). It was a monumental undertaking which, 50 years later, would lead to a ten-nation regional grouping which together is home to the third largest population on the planet and the world's fifth largest economy. From an American business perspective, ASEAN is our fourth largest export market and the largest destination for U.S. foreign direct investment in Asia. It is also one of the youngest regions in the world with over 380 million people under the age of 35 and one of the fastest growing economies on earth with 5% average growth per year expected well into the next century.
The telecom regulator will once again retreat from the over-the-top regulatory framework it proposed earlier, doing a U-turn on the categorisation of OTT video-on-demand services as a broadcast business.
"Video-on-demand on OTT platforms is not a broadcast business," ACM Thares Punsri, chairman of the National Broadcasting and Telecommunications Commission (NBTC), told the Bangkok Post, marking a radical departure from previous resolutions.
The latest move means the NBTC is again backing down from the OTT regulatory framework it proposed in April.
ACM Thares said that considering video-on-demand services as broadcast business obstructs the working process of the new regulatory framework.
OTT regulations are one of the top items on the agenda of a board meeting to be held today, he said.
The U-turn is to ease the way for a new regulatory framework for OTT.
(Washington, D.C) - On the occasion of the Association of Southeast Asian Nations (ASEAN)’s 50th anniversary on August 8, 2017, the US-ASEAN Business Council recognizes the regional body's achievements over the past half-century, celebrates its present vitality, and looks forward to its continued success.
(Manila) - On July 25-27, the US-ASEAN Business Council led a delegation of 14 U.S. companies on its annual business mission to the Philippines. The mission focused on how U.S. companies could work with the Government of the Philippines to achieve the economic development goals of the Philippine Development Plan (PDP) 2017-2022. The Government of the Philippines intends for the PDP 2017-2022 to underpin economic policy through the entirety of President Rodrigo Duterte’s term and serve as a roadmap for reducing poverty and spurring inclusive economic growth. The delegation received updates on key Government initiatives, including efforts towards comprehensive tax reform and earlier pledges to loosen restrictive economic provisions in the Philippine Constitution, and sought to learn how the U.S.
ASEAN continues to be near the top of the Trump Administration’s agenda in Asia. President Trump had formal bilateral meetings with President Jokowi of Indonesia and Prime Minister Lee of Singapore on the sidelines of the G-20 Meeting in Germany. It was the first time the leaders of Indonesia and Singapore had met the President. Prime Minister Lee is expected to visit Washington, DC later this year in a follow-up to the G-20 meeting. President Jokowi and President Trump hit it off by all reports with President Jokowi inviting the POTUS to Indonesia. This visit will likely happen in 2018. Prime Minister Phuc of Vietnam was also in attendance at the G-20 in Germany and had a chance to follow-up on his May visit to the Oval Office, though not a formal bilateral.
Customs Update | July 20, 2017
Authors: Shay Wester, Ian Saccomanno, Ying Hui Tng, and Melanie Nguyen
LOOKING AHEAD
July 25-27, 2017 - The Philippines Business Mission: For more information, please contact Riley Smith at rsmith@usasean.org