Jakarta: The UK’s International Trade Minister Nigel Huddleston MP is in Semarang, Indonesia for the annual ASEAN Economic Ministers-UK Consultation to boost ties with the dynamic and fast-growing trading group.
UK-ASEAN trade is now worth £47.5 billion, a huge increase of nearly 20% since 2021. The UK is committed to maintaining and growing that strong trajectory.
Against that backdrop, the Minister will meet his counterparts from ASEAN Member States for a formal consultation, which will recognise the deepening partnership between the UK and ASEAN spanning a range of sectors and themes, including digital innovation, economic resilience, financial services, sustainable infrastructure, and regulatory excellence.
During the visit, the Minister will meet ASEAN Secretary General Dr. Kao Kim Hourn to highlight UK support on ASEAN’s economic integration journey post-2025. He will meet Indonesia’s Minister for Trade Zulkifli Hasan and ASEAN Business Advisory Council Chair Arsjad Rasjid to discuss the UK’s support for Indonesia’s Chairmanship year. And he will meet his counterparts from other Dialogue Partners.
“The UK shares a special relationship with Southeast Asia as ASEAN’s first new Dialogue Partner in 25 years. It is a privilege to join my fellow Trade Ministers from across the region and beyond to drive forward action on mutual economic growth and development,” said Huddleston, from U.K Embassy statement.
“The UK is committed to deepening our £47.5bn trade relationship with this fast-growing and dynamic bloc and is proud to have supported Indonesia’s chairmanship this year,” he added.
Minister Huddleston will discuss with his ASEAN counterparts the UK’s new £25 million ASEAN Economic Integration Programme which will commence next year. It draws on British expertise to support ASEAN economic integration and drive stronger, more equitable growth in each member state through better regulations and standards, improved systems for trade, and wider access to financial services.
It will also support ASEAN initiatives that focus on addressing challenges faced by women and small businesses; and it will look to harness the benefits of digitalisation.
This year the UK is proud to have supported Indonesia’s Priority Economic Deliverables. Through the British Standards Institute, the UK is working with Indonesia on ASEAN’s Roadmap for Harmonised Standards. This will directly support the progress of Sustainable Development Goals in the region.
The UK has also provided Indonesia with in-depth research and recommendations to promote more investment into ASEAN as a region, delivered through Boston Consulting Group. This includes advice on aligning regulations, and consultations with the private sector.
The UK will present the findings of this research at a forum on the sidelines of the Consultation to spark discussions on opportunities to increase ASEAN’s supply chain resilience. This highlights the UK’s commitment to supporting ASEAN's efforts to promote regional and industrial integration among Member States, while unlocking mutual trade benefits.
While UK Ambassador to ASEAN, Sarah Tiffin, said that, “2023 is the second year of the UK’s Dialogue Partnership with ASEAN: one year on from agreeing our ASEAN-UK Plan of Action, we are focused on delivery. I am proud of what we have achieved this year –from promoting digital innovation, to supporting ASEAN’s financial integration, to sharing best practice on regulatory excellence”.
“We are also working up with ASEAN an ambitious package on financial services, in partnership with UK businesses who have a strong track record in the region. And with the launch of our new ASEAN Economic Integration Programme next year, we will increase further our support for ASEAN’s priorities and ambition to become a more integrated economic community,” she said.
Majesty’s Trade Commissioner for Asia Pacific, Natalie Black CBE, also said that, “ASEAN is an important trading partner to the UK and our increased engagement with the region is a key pillar of the UK’s long-term foreign and trade policy. The region’s potential is huge, with Southeast Asia’s economy expected to become the fourth largest in the world by 2027”.
“The UK and ASEAN have already made significant progress together, in areas including financial services, digital innovation and sustainable infrastructure. I look forward to greater collaboration and strengthening our record-high £47.5bn trade relationship,” she said.
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