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The Summit Makes ASEAN a Center for the World Economy

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By: Stephen Son Immanuel )*

The 2023 ASEAN Summit will be held in Indonesia. This forum has many important benefits. In addition to mutually beneficial bilateral cooperation, this Summit will realize ASEAN as the center of the world economy. With the collaboration of all ASEAN countries, the economy will rise and even become a world business center.

So far, there are several known superpowers and they are located on the continents of Europe and America. While ASEAN countries are considered as mediocre countries, especially from an economic point of view. Even though there are various potentials in ASEAN, ranging from tourism to natural resources.

When the 2023 ASEAN Summit was held in Indonesia, precisely in Labuan Bajo, NTT, one of its missions was to make ASEAN the center of the world economy. Eddy Cahyono Sugiarto Head of the Public Relations Bureau of the Ministry of State Secretary, stated that Indonesia is determined to direct ASEAN cooperation in 2023 to continue and strengthen ASEAN’s relevance in responding to regional and global challenges, as well as strengthening ASEAN’s position as a center for regional economic growth, for the prosperity of the people in Southeast Asia.

As one of the founding countries and the largest country in ASEAN, many parties hope that Indonesia will be able to facilitate various breakthroughs and innovations as a solution to overcoming world challenges and problems that are also faced by the region.

The 2023 ASEAN Summit was held in the midst of a situation that has quite complex international challenges and problems, both from a geopolitical and economic perspective. First, the challenge comes from big country competition.

Challenges also come from the economic situation which is still in a state of recovery after the Covid-19 pandemic which then gave rise to various crises – economic, food, energy, to war.

These challenges have the potential to threaten regional stability, weaken centrality, and threaten ASEAN’s relevance as an actor playing a role in shaping the order in the Southeast Asia and Indo-Pacific regions.

For this reason, Indonesia’s chairmanship in 2023 with the theme ASEAN Matters: Epicentrum of Growth is becoming increasingly relevant in becoming the anchor of regional stability and prosperity in the Indo-Pacific, by becoming a facilitator making ASEAN relevant and important, not only for the Indonesian people, but also for the people of ASEAN and people outside ASEAN.

Eddy continued, there are important efforts to encourage strong and sustainable inclusive, just economic growth that lead to efforts to develop the ASEAN region as a center of growth, with a focus on strengthening food security, energy security by supporting the transition from fossil energy to clean and renewable energy (EBT) and strengthening stability. finance to ensure economic resilience.

This is intended to show the aim of the 2023 ASEAN Summit which is to make ASEAN a center of growth, bearing in mind that economic growth in the ASEAN region always grows higher than other countries outside ASEAN.

With the theme raised, Indonesia is determined to direct ASEAN cooperation this year in order to continue and strengthen ASEAN’s relevance in responding to regional and global challenges, as well as strengthen ASEAN’s position as a center for regional economic growth for the prosperity of all ASEAN people.

Meanwhile, Foreign Minister Retno Marsudi stated that Indonesia was determined to make ASEAN remain important and relevant for the future of the ASEAN people. The future of ASEAN must begin to be prepared to welcome ASEAN 2045. ASEAN’s centrality must be strengthened in order to be able to maintain peace, stability, prosperity in Southeast Asia and the Indo Pacific.

In a sense, Indonesia’s chairmanship at the ASEAN Summit as well as the organizer of the forum will bring prosperity. Not only for Indonesia itself. But also for countries in the ASEAN region.

Indonesia will continue to encourage ASEAN countries to integrate the economic sector. One of them is by using the local currency in trade transactions within the region.

Nella Sri Hendriyetty as Head of the BKF Regional and Bilateral Policy Center (Fiscal Policy Agency) of the Ministry of Finance stated that the Local Currency Transaction ( LCS) policy aims to reduce dependence on foreign currencies as an effort to anticipate the impact of the global crisis.

ASEAN continues to develop various efforts and innovations to encourage economic growth, while simultaneously anticipating the multidimensional impact of the Covid-19 pandemic as well as current dynamic geopolitical and socio-economic developments which are still a challenge. One of the policies is by optimizing the role of the oceans with the Blue Economy concept.

With optimal utilization, the oceans are estimated to have a value of USD 2.5 trillion and are projected to provide many economic opportunities. Meanwhile, the market value of marine and coastal resources is also estimated to reach USD 3 trillion per year, which is around 5% of total global GDP and benefits various industries such as biotechnology, energy production, fisheries, tourism and transportation.

Cooperation between ASEAN countries in the economic field will bring mutual prosperity. In this way, each ASEAN member will be equally safe from the threat of a global recession in 2023. In addition, each ASEAN member country will rise and its economy will recover after the pandemic for 3 years.

The 2023 ASEAN Summit will realize the ASEAN region as a world economic center. ASEAN is not only countries that are considered as second class. But the Asian tigers are moving and their economies are continuing to grow, with the collaboration of all ASEAN members. The 2023 ASEAN Summit in Indonesia will equally prosper all its members.

)* Citaprasada Institute Contributor

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