What keeps EU businesses from fully expanding in ASEAN?
Nearly nine in 10 European businesses will increase supply chain use in the region if trade was made easier.
In a recent survey released by the EU-ASEAN Business Council (EU-ABC), nearly nine in 10 European businesses said that they would increase the use of regional supply chains if trade with ASEAN was made easier.
81% of respondents believed that there are too many barriers to the efficient use of the supply chains in ASEAN. This is higher than 2020's record of 62% of respondents saying the same thing.
This is despite an increase in the percentage of respondents at 63% that view ASEAN as the region with the best economic opportunity, compared to the 2020 record of 53%.
3% of respondents believed that non-tariff barriers to trade in ASEAN are decreasing. This is lower compared to the 2020 record of 14%. Meanwhile, 38% said that they are increasing; a percentage higher than those who said the same in 2020 (27%).
“ASEAN can make the best of ‘the power of 10’ through renewed leadership and concerted efforts to reduce trade barriers and deliver on the vision of the ASEAN Economic Community,” EU-ABC Chairman Donald Kanaksaid.