Asean has to shoot for open borders to grow

VIETNAM'S decision to make "cohesive and responsive" its focus when it takes the chair of the Association of South-east Asian Nations (Asean) for 2020 comes at a crucial time for the trade bloc.

Asean has enjoyed strong economic growth over the past few decades owing to the many reforms its member countries have initiated. GDP growth in Asean nations, for example, averaged 5.5 per cent a year between 2010 and 2018.

However, with many of the lower-hanging fruit of reform and economic development already picked, growth across South-east Asia is at risk of beginning to slow. In fact, the International Monetary Fund (IMF) expects the region's GDP to drop below 5 per cent this year.