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ASEAN economies find ways to differentiate their products
« on: July 14, 2017, 10:29:55 AM »
INTEGRATION MEANS COMPLEMENTATION. ASEAN Economic Ministers chairman and Philippine Trade Secretary Ramon Lopez (3rd from R) believes that ASEAN’s regional integration will eventually lead to regional complementation, as ASEAN economies find ways to differentiate their products from one another. For him, ASEAN economies may not necessarily compete, but they may complement each other through product specialization and market segmentation. Speaking at the Hong Kong-East Asia Summit on 11 July in Hong Kong, the trade chief said that in the midst of calls for protectionism and global economic developments, ASEAN stands ready to respond to issues affecting trade and investment, drawing strength from its integrated economies. He also emphasized the importance of empowering MSMEs to attain ASEAN’s inclusive growth agenda, as well as shared the benefits of concluding the ASEAN-led Regional Comprehensive Economic Partnership (RCEP), unlocking a huge integrated market base of 3.2 billion people.

Joining him in the panel were (from L to R) ASEAN-China Center Secretary General Yang Xiuping, Cambodian Commerce Minister Pan Sorasak, Hong Kong’s Constitutional and Mainland Affairs Secretary Patrick Nip, Indonesian Special Adviser to the Trade Minister Dody Edward and Hong Kong’s Trade Development Council Chairman Vincent Lo (moderator).

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