ASEAN, CHINA
China pledges to upgrade relations with ASEAN from strategic partnership to comprehensive strategic partnership
(22 November 2021) During the recent China-ASEAN Special Summit to Commemorate the 30th Anniversary of ASEAN-China Dialogue Relations held on 22 November 2021, Chinese President Xi Jinping announced that ties between China and ASEAN would be raised from strategic partnership to comprehensive strategic partnership, with more focus to be made on security cooperation and development funding. Among the commitments made during the summit included a pledge by China to provide US$1.5 billion in development assistance to help ASEAN nations with pandemic control and economic recovery for the next three years, as well as a pledge to deliver 150 million COVID-19 vaccine doses to the region as well as give US$5 million to an ASEAN pandemic fund. The free trade zone between China and ASEAN would also be upgraded, and more advanced technologies transferred to ASEAN from China.

SINGAPORE
Singaporean government projects growth of 3% to 5% for 2022 as borders reopen and restrictions are loosened
(24 November 2021) On 24 November 2021, Singapore’s Ministry of Trade and Industry projected in its quarterly economic update that the Singaporean economy would grow by 3% to 5% in 2022, as borders reopen and domestic restrictions are loosened. It also predicts that the economy will expand by around 7% in 2021. The ministry stated that the recovery of the various sectors in 2022 is expected to be uneven, with the aviation and tourism sectors expected to recover gradually. The economy also expanded by 7.1% year-on-year in the three months to September 2021, supported by manufacturing and a rebound in the services sector. Authorities warned however of downside risks, such as the uncertain COVID-19 situation, China’s economic slowdown and protracted global supply chain disruptions.

INDONESIA
Indonesia to consider banning tin exports in 2024 to attract investments into domestic resource processing industries
(24 November 2021) The Indonesian government is considering banning tin exports in 2024 in order to attract investments into the domestic resource processing industry, and to improve the country’s external balance. The government is also considering banning the export of bauxite in 2022 and copper ore in 2023. The Indonesian President, Joko Widodo, had made previous public remarks stating that the country is too dependent on the export of raw commodities, depriving it of revenue and jobs in the manufacturing industry. He stated that stopping the export of raw commodities and attracting investment in downstream industries will improve Indonesia’s trade and current account balances. Indonesia has already banned the export of nickel in order to attract investments in the manufacture of electric car batteries.

MALAYSIA  
Malaysian state of Sarawak to hold state election on 18 December 2021
(24 November 2021) Malaysia’s largest state of Sarawak will hold state elections on 18 December 2021, with votes to be cast for 82 state assembly seats. Nomination day will be held on 6 December, while early voting will start on 14 December. The Sarawak poll result could influence the timing and outcome of Malaysia’s next general election that’s due before July 2023. This comes as the ruling coalition won 21 out of 28 seats in the recent state elections in Malacca. While there are concerns that the local elections may put Malaysia at risk of a renewed surge in COVID-19, Malaysia’s rapid vaccination progress may prevent a repeat of a nationwide lockdown. As of 24 November 2021, some 77% of the population have been fully vaccinated.

MALAYSIA, SINGAPORE  
Malaysia and Singapore to reopen causeway linking both countries starting on 29 November 2021
(24 November 2021) Malaysia and Singapore have agreed to reopen the causeway linking both countries starting on 29 November 2021, allowing cross-border land travel for the first time since March 2020. Vaccinated passengers will be allowed on designated buses between Singapore and Malaysia’s southernmost city of Johor Bahru. As many as 2,880 people a day will be allowed to travel between the countries in the initial phase of the causeway reopening, with the quota to be reviewed weekly. Initial priority will go to people who have been working in either country to visit their families, while eligibility to be expanded over time to general travellers. Singapore was Malaysia’s largest source of tourists in 2019 at 10 million arrivals, while some 1.2 million Malaysian tourists visited Singapore in the same year.

THE PHILIPPINES
IKEA opens largest branch in the world in Manila, hopes to pull in 7 million shoppers in first year of operation
(25 November 2021) Swedish home furnishings multinational IKEA opened its first outlet in the Philippines, and its largest branch in the world, in Manila on 25 December 2021. IKEA plans to pull in 7 million shoppers in its first full year of operation, and plans to open other branches in the country. The new outlet can accommodate up to 8,000 people, but for now capacity will be held to half that to maintain physical distancing. Sales of home furnishings in the Philippines are expected to reach US$4.6 billion by 2023, up from US$3.5 billion in 2020, a year that saw sales decline by 16.4% due to COVID-19-related restrictions. IKEA stated they intend to keep prices low despite ongoing global supply chain challenges and high electricity costs in the Philippines.

THAILAND
Government to hand out US$4.7 billion in handouts to Thai farmers impacted by COVID-19 and floods
(24 November 2021) Thailand’s government plans to hand out US$4.7 billion in cash handouts to Thai farmers impacted by COVID-19, floods, droughts, and poor crop prices. The Thai Cabinet will consider a program to allocate US$4.7 billion to growers of rice, rubber, palm oil and other crops at a meeting on 30 November 2021. The money will be transferred to the accounts of eligible farmers through the Bank for Agriculture and Agricultural Cooperatives. The payments will be used as price-support measures for rice, rubber and palm oil as well as to prevent distress sales of agricultural produce. Flooding in October and November 2021 caused extensive damage to the Thai rice industry, and it is believed the money for farmers will help Thailand’s nascent economic recovery.

RCEP Monitor

ASEAN, CANADA

ASEAN launches free trade negotiations with Canada
(16 November 2021) ASEAN and Canada issued a joint statement at the conclusion of the 10th ASEAN Economic Ministers (AEM) – Canada Consultations announcing the commencement of talks for a free trade agreement (FTA), a deal that could result in a US$7.8 billion increase in bilateral trade according to the FTA’s joint feasibility study. ASEAN is currently Canada’s sixth-largest trading partner, and public consultations held in 2018 found Canadians to be highly favourable to an FTA. Trade in goods between Canada and ASEAN reached US$21.2 billion (CA$26.7 billion) in 2020, while trade in services reached US$4.6 billion (CA$5.8 billion) during the same.
 

ASEAN, EU
ASEAN and the EU launch sustainable development initiative
(18 November 2021) The 3rd ASEAN-EU Dialogue on Sustainable Development concluded with the announcement of a “Green Team Europe” initiative to seek synergies between the European Green Deal and the ASEAN Community Vision 2025. The European Union (EU) — represented by Austria, Denmark, France, Germany, Romania, and the European Investment Bank — will allocate an initial US$34 million grant for the initiative which will be implemented both at national and regional levels in ASEAN. Focus areas include climate action, environmental and biodiversity protection, clean energy transition, disaster resilience, prevention of illegal logging, wildlife trafficking, and air pollution.
 

ASEAN
FinTech funding in ASEAN tripled between 2020 and 2021
(17 November 2021) A report by UOB, PwC Singapore and the Singapore FinTech Association found that financial technology (FinTech) companies in ASEAN received three times more funding in the first nine months of 2021 alone compared to all of 2020. FinTech firms in the region inked 167 deals worth US$3.5 billion in the first three quarters of the year, primarily driven by 13 mega-rounds which accounted for US$2 billion of the sum. 49% of the 167 deals or US$1.6 billion in funding went to Singapore-based FinTech firms, while Indonesia came in second with US$904 million, followed by Vietnam’s US$375 million.
 

ASEAN  
Southeast Asia begins reopening phase after months of lockdowns
(17 November 2021) More ASEAN countries have announced plans to reopen their borders and roll back pandemic restrictions. Malaysia plans to fully reopen its borders to visitors at the start of 2022, while fully vaccinated travellers can now visit Langkawi island without undergoing quarantine. Indonesia’s Bali and Riau islands opened their doors to visitors from 19 countries in mid-October, while travellers from Indonesia can travel to and from India, Qatar, Saudi Arabia and the UAE without quarantine. Vietnam’s Phu Quoc island will resume flights in January 2022 to fully vaccinated international visitors with no quarantine required.
 

SINGAPORE, MALAYSIA  
Six airlines to provide VTL flights between Singapore and Malaysia
(18 November 2021) The Civil Aviation Authority of Singapore has designated six airlines to operate flights between the two countries under Singapore’s Vaccinated Travel Lane (VTL) scheme starting 29 November 2021. They are AirAsia, Jetstar Asia, Malaysia Airlines, Malindo Air, Scoot, and Singapore Airlines. Travellers from Malaysia can apply for the Vaccinated Travel Pass beginning 22 November 2021. Singapore says that “good progress” has been made on the reopening of the land link between the countries, while Malaysia’s Johor state government told local media that the land and air VTLs will open on the same day.
 

VIETNAM, US
Vietnam cuts tariffs on US corn, wheat, and pork
(16 November 2021) Vietnam announced that it will lower tariffs on corn, wheat and pork exports from the United States following discussions held during Vice President Kamala Harris’ visit to Hanoi in August. Tariffs on all classes of wheat exports have been removed, tariffs on corn reduced from 5% to 2%, and tariffs on frozen pork reduced from 15% to 10%. The changes to wheat and corn tariffs will go into effect on 30 December 2021, while changes to pork tariffs will go into effect on 1 July 2022. US exports of corn, wheat, and pork to Vietnam were valued at US$228 million in 2020 according to the US Department of Agriculture.
 

ASEAN, CHINA
ASEAN states object as China lobbies for Myanmar junta to join summit
(18 November 2021) Reuters sources say that four ASEAN countries — Malaysia, Indonesia, Singapore and Brunei — have reiterated their position on the barring of Myanmar’s military leader from the upcoming China-ASEAN Summit on 22 November 2021 hosted by the Chinese premier. Indonesia’s foreign ministry confirmed the country’s stance. China’s special envoy is said to have informed Myanmar’s military leader that China will accept ASEAN’s stand on the matter. Nevertheless, the military leader could still make an appearance at the summit since Myanmar is China’s coordinating country for ASEAN this year, a role that facilitates its interactions with the bloc.
 

RCEP Monitor

ASEAN
Investments into Southeast Asia’s Digital Economy reaches US$11.5 billion in first half of 2021
(10 November 2021) According to a recently released report by Google, Temasek and Bain & Company, total investments into Southeast Asia’s tech companies reached US$11.5 billion in the first half of 2021, in comparison to the US$11.6 billion invested for the full year of 2020. The total number of deals made in the first six months of 2021 rose by 65% compared to the same period in 2020. The report covers the six digital economies of Vietnam, Thailand, the Philippines, Malaysia, Singapore and Indonesia. The report also found that in 2021 there were 11 freshly-minted consumer tech unicorns in the region, bringing the total number to 23. Southeast Asia’s internet economy is also expected to hit US$360 billion in gross merchandise value by 2025, as well as surpass US$1 trillion in 2030. While all nations covered in the report saw double-digit growth in their digital economies year-on-year in H1 2021, the Philippines saw the largest, at 93% growth.

THE PHILIPPINES
Philippines’ GDP expansion slows down to 7.1% on annual basis in third quarter of 2021
(09 November 2021) The Philippines’ GDP growth slowed down to 7.1% on an annual basis in the third quarter of 2021, compared to a 11.6% contraction in the same period of 2020 and 12.0% growth in the quarter ending in June. Growth in the third quarter was driven by an expansion in major services and industry sectors. Household consumption also grew by 7.1% during the same period, contributing 5.2% to the overall GDP increase. Year-to-date growth now stands at 4.9%. In the first nine months of 2021, the Philippines’ GDP in real terms was still down by 5.7% compared to pre-pandemic levels in 2019. The slowdown in growth in the third quarter was attributed to lockdown measures such as the stay-at-home order for minors and seniors reimposed in the third quarter.

SINGAPORE, MALAYSIA
Malaysia and Singapore to resume quarantine-free air travel starting on 29 November 2021
(08 November 2021) Malaysia and Singapore have agreed to resume quarantine-free air travel between them starting on 29 November. The arrangement at this point only covers air travel between Singapore’s Changi Airport and Malaysia’s Kuala Lumpur International Airport. The one-hour link was one of the world’s busiest international air routes before the pandemic struck in 2020. According to Singapore’s Transport Minister, under the new scheme only six flights a day would be allowed to enter Changi Airport, and that applications for a vaccinated travel pass to enter Singapore (required only for foreign nationals) would begin on 22 November 2021. Both parties also stated that they were discussing a similar setup for travel between the southern Malaysian state of Johor and Singapore. Prior to COVID-19, around 300,000 residents of southern Malaysia commuted to work in Singapore each day.

INDONESIA, MALAYSIA  
Indonesia and Malaysia agree to launch vaccinated travel lane between both countries
(10 November 2021) On 10 November 2021, it was announced that Indonesia and Malaysia had agreed to launch a vaccinated travel lane between both countries in stages. This had been announced following a meeting between Indonesian President Joko Widodo and Malaysian Prime Minister Ismail Sabri Yaakob in Indonesia. The scheme may first start with travel lanes between Jakarta and Kuala Lumpur, as well as Bali and Kuala Lumpur. Ismail Sabri stated that the relevant ministries would study the proposed travel lane in detail, and would eventually make a joint statement to announce the reopening of the borders. Both leaders also witnessed the signing of two memoranda of understanding (MOU) on education and Customs by their relevant ministers.

THAILAND  
US$34 million hydro-floating solar hybrid system begins operations in Thailand
(12 November 2021) The world’s largest hydro-floating solar hybrid system began operations in Thailand on 31 October 2021. The solar farm costs US$34 million in total, and is located in Sirindhorn reservoir, about 660 kilometers east of Bangkok. The solar farm is the first of 16 projects planned in key Thai reservoirs, which will have a combined capacity of 2.7 gigawatts. The facility is part of a push by the Thai government to achieve carbon-neutral status by 2050. Currently, natural gas accounts for two thirds of Thailand’s power generation in 2020, while wind, solar and hydropower combined for less than 10%.

INDONESIA
Indonesian tech giant GoTo Group raises US$1.3 billion from investors in first close of ongoing funding round
(11 November 2021) Indonesian tech giant GoTo Group raised US$1.3 billion from investors in the first close of ongoing funding rounds, ahead of a planned initial public offering (IPO). Backers in the pre-IPO funding round included tech giants such Google and Tencent, Singapore state investor Temasek, Malaysian sovereign wealth fund Permodalan Nasional Berhad, and a subsidiary of the Abu Dhabi Investment Authority. The company was formed in May 2021 from the merger of Indonesian tech companies Gojek and Tokopedia, and its businesses span from ride-hailing, financial services and e-commerce. The final close in its ongoing funding rounds is expected in the coming weeks, and the newly injected funds will be invested into growing the customer base and extending payments and financial services. The company is expected to list in early 2022.

VIET NAM
Viet Nam considering raising debt ceiling above 60% of GDP to spur growth
(12 November 2021) The Vietnamese government is considering raising its public debt ceiling above its current level of 60% of GDP to help spur growth following the COVID-19 pandemic. Viet Nam’s GDP contracted by 6.17% year-on-year in the third quarter of 2021, the sharpest contraction on record. As the Vietnamese economy is expected to see upward pressure on inflation in 2022, the country’s central bank may not rely on further easing of monetary policy to help spur more growth. Inflation in 2021 was below the targeted 4%. The Vietnamese government has set a growth target of 6.5% for 2021.

RCEP Monitor

ASEAN
Indonesia and Vietnam pledge to halt deforestation at COP26
(3 November 2021) Over 100 countries representing 85% of the world’s forests signed the Glasgow Leaders’ Declaration on Forest and Land Use at the United Nations Climate Change Conference or COP26 pledging to “halt and reverse forest loss and land degradation by 2030”. Indonesia and Vietnam were the only Southeast Asian countries to sign the pledge. However, Indonesia’s environment minister said shortly after the announcement that it was “inappropriate and unfair” to describe the pledge as an agreement to reach zero deforestation by 2030 since the country’s development “must not stop in the name of carbon emissions or deforestation.” The country’s vice foreign minister echoed this view, stating that Indonesia interpreted the pledge to mean “sustainable forest management” and not an end to deforestation.
 

INDONESIA, THE PHILIPPINES
Indonesia and the Philippines commit to phasing out coal at COP26
(4 November 2021) Indonesia and the Philippines will receive support to accelerate their transition from coal energy to clean energy under two new initiatives announced at COP26: the Climate Investment Funds’ low-cost financing Accelerating Coal Transition programme and a new US$25 million Japan-backed Energy Transition Mechanism partnership with ADB. Indonesia, who previously said that it planned to phase out coal by 2056 by investing up to US$200 billion per year over the next nine years, now says that it could do so by 2040 if it receives more funding from the international community to replace its coal power plants with renewable energy sources.
 

ASEAN
ADB announces US$665 million programme for ASEAN’s green recovery
(2 November 2021) Four institutions pledged a combined US$665 million toward a platform managed by the Asian Development Bank (ADB) that aims to mobilize an additional US$7 billion for green infrastructure projects in Southeast Asia to help accelerate the region’s pandemic recovery. US$151 million came from the United Kingdom, US$166 from Italian investment bank Cassa Depositi e Prestiti, US$59 million from the European Union, and US$300 million from the Green Climate Fund. The programme will be part of the new ASEAN Green Recovery Platform under the ASEAN Catalytic Green Finance Facility, an entity created by the ASEAN Infrastructure Fund in 2019 and managed by the ADB.
 

ASEAN, AUSTRALIA  
Australia announces US$114 million for ASEAN, seeks an upgrade in ties
(27 October 2021) Australia announced a new US$114 million package for the region at the inaugural ASEAN-Australia Leaders’ Summit on 27 October 2021. The bulk of the investment will go to the new Australia for ASEAN Futures Initiative which focuses on developing and implementing projects in areas such as health security, terrorism and transnational crime, energy security, and the ASEAN Outlook on the Indo-Pacific. Both sides agreed to elevate ASEAN-Australia ties to a Comprehensive Strategic Partnership. Australia also pledged to provide ASEAN countries with around four million doses of COVID-19 vaccines from late 2021 to mid-2022.
 

ASEAN, CHINA  
China seeks to elevate ASEAN ties, calls for RCEP’s early entry into force  
(2 November 2021) ASEAN and China agreed to elevate ties to a Comprehensive Strategic Partnership at the recent ASEAN Summit, during which the Chinese also proposed six areas for greater cooperation: (i) supplies to combat COVID-19 and the establishment of a China-ASEAN Public Health R&D Collaborating Centre, (ii) ratifying the Regional Comprehensive Economic Partnership (RCEP) and upgrading the China-ASEAN free trade agreement, (iii) partnerships in the blue economy, (iv) implementing the China-ASEAN Digital Economy Partnership, (v) implementing the China-ASEAN Environmental Cooperation Strategy and Action Plan, and (vi) facilitating the safe return of ASEAN students to China.
 

ASEAN
BIMP-EAGA GDP contracted by 3.5% in 2020, totalling US$322.8 billion
(28 October 2021) The Brunei Darussalam—Indonesia—Malaysia—Philippines East ASEAN Growth Area (BIMP-EAGA) subregion recorded a 3.5% contraction in 2020, down from the 6.9% growth recorded in 2019 before the pandemic. Total trade in goods also fell by 11.4% from US$107.6 billion in 2019 to US$95.3 billion in 2020. Nevertheless, foreign direct investments rose by 32.0% from US$9.7 billion in 2019 to US$12.8 billion in 2020, while domestic investments also rose by 33.3% from US$6.9 billion in 2019 to US$9.2 billion in 2020. The growth area has also completed 27 of its 88 priority infrastructure projects as of October 2021.
 

ASEAN
Cambodia takes over ASEAN chairmanship from Brunei
(29 October 2021) Brunei handed over the bloc’s chairmanship to Cambodia at the closing ceremony of the 38th and 39th ASEAN Summits and announced the theme ‘ASEAN A.C.T.: Addressing Challenges Together’ for ASEAN in 2022. Aside from advancing the bloc’s core interests, Cambodia will also appoint a new special envoy to Myanmar for its term as chair and push Myanmar’s military rulers to start a dialogue with its political opponents. The COVID-19 recovery, South China Sea, US-China trade war, and climate change are also expected to be high on Cambodia’s 2022 agenda.
 

RCEP Monitor

SINGAPORE
Singapore currently occupies lowest spot ever in Bloomberg Covid Resilience Ranking for a former No. 1 occupant
(27 October 2021) Singapore now occupies the lowest spot ever in Bloomberg’s Covid Resilience Ranking for a former No.1 occupant. The city-state had occupied the number one spot in April 2021, and had never dropped below the 19th spot since then, but in the latest iteration of the index released on 27 October, Singapore had dropped 20 spots to the 39th position. Despite 87.8% of its population being vaccinated (one of the highest rates in the world), the city-state still maintains strict COVID-19-related restrictions that have curbed mobility, and has been slow in reopening its borders (scoring low in terms of travel routes and flight capacity recovery). Singapore’s status as an international travel and business hub has made its government committed to reopening its borders soon, having recently announced vaccinated travel lanes to parts of Europe, Australia and the U.S., as well as allowing international conferences to take place with social distancing rules in place.

ASEAN-UNITED STATES
President Biden becomes first US President to attend ASEAN Summit in four years
(26 October 2021) President Biden became the first US President to attend the ASEAN Summit in four years. Biden informed the other ASEAN leaders that they should expect the United States to be more present in Southeast Asia going forward, and that the United States would provide US$100 million to strengthen ties with ASEAN and bolster the United States’ Strategic Partnership with ASEAN. Among the areas where the United States have committed to helping ASEAN include in handling the ongoing COVID-19 pandemic, and at least US$40 million of the new spending is reportedly to help address the pandemic. Biden also emphasized that the United States would focus on climate change in the region, with Southeast Asia being one of the regions most affected by global warming. The junta leaders of Myanmar were excluded from the summit due to the ongoing crisis in the country.

INDONESIA
Indonesia and Taiwanese company Foxconn held talks over electric vehicle investments in Indonesia
(25 October 2021) The Indonesian government and Taiwanese iPhone assembler Foxconn held talks over electric vehicle investments in Indonesia. The talks were held late last week, and the Indonesian government stated that Foxconn plans to build electric vehicles and electric batteries for two-wheel and four-wheel vehicles in Indonesia, although the company for their part said only talks had been held. The Taiwanese company joins a long list of companies that have shown interest in investing in Indonesia’s nascent electric vehicle industry, including the likes of Germany-based BASF, Tesla of the U.S. and China’s CATL. South Korea’s Hyundai Motor Group is already constructing an electric vehicle battery and automobile factory in the country. Indonesia plans to become a key cog in the global electric vehicle supply chain owing to its large nickel deposits, a key component of electric vehicle batteries.

THE PHILIPPINES, SOUTH KOREA  
The Philippines and South Korea conclude talks for free trade agreement, to be signed in early 2022
(27 October 2021) The Philippines and South Korea have concluded talks for a free trade agreement, with the pact expected to be signed in early 2022. Top trade officials from the two parties issued a joint statement on 26 October highlighting that the agreement would help the Philippines and South Korea recover from the economic impact of the COVID-19 pandemic. Among the issues which were resolved during the negotiations include trade in goods, trade remedies, rules of origin, competition, and legal and institutional issues. Negotiations for the free trade agreement had started in June 2019. The Philippines’ Department of Trade and Industry (DTI) said the final talks focused on market access for Filipino banana exports and for Korean automotive units and parts. The Philippines’ top exports to South Korea include bananas, pineapple, and copper, while it mostly imports industrial products in return.

THAILAND  
Finance Ministry lowers growth forecast for 2021 to 1% from 1.3% predicted in July 2021
(28 October 2021) Thailand’s Finance Ministry lowered its growth projection for 2021 to 1%, from 1.3% in July 2021. This is the Finance Ministry’s fourth revision this year after its deadliest COVID-19 wave which started in April and which caused restrictions on businesses and travel. It expects the economy to grow 4% in 2022, supported by exports and tourism. The ministry earlier had forecast growth as fast as 5% for 2022. Growth is seen rebounding to 3% in the final quarter of 2021, from a 3.5% contraction in the previous quarter. In September the Bank of Thailand cut its GDP forecast to 0.7%, while the National Economic & Social Development Council followed with a downward revision to 0.7% – 1.2%. The Finance Ministry forecast that the average baht will weaken to 31.93 to the US Dollar in 2021, compared to 31.30 in 2020.

SINGAPORE, MALAYSIA
Malaysia and Singapore to discuss reopening of borders through a dedicated air travel lane
(28 October 2021) On 29 October 2021, Malaysia’s Tourism, Arts and Culture Minister will meet Singapore’s Tourism, Arts and Culture Minister to discuss the reopening of borders through a dedicated air travel lane for vaccinated people. Malaysia is seeking to reopen its borders to foreign travellers as soon as December 2021, with all the standard operating procedures currently being prepared. As of now, international tourists are only allowed to visit Langkawi in Malaysia under a pilot travel bubble programme which is slated to begin on 15 November. An official announcement on an air travel bubble between Singapore and Malaysia will only be made after the matter is approved by the National Security Council.

CAMBODIA
Cambodia to partially reopen to international tourists starting on 30 November
(27 October 2021) Cambodia will partially reopen to international tourists starting on 30 November. The Cambodian Tourism Ministry on Tuesday announced a reopening for popular beach spots Sihanoukville and the island of Koh Rong, as well as the Dara Sakor resort zone. The northern city of Siem Reap will be added to the quarantine free list starting in January 2022. Revenue from Cambodia’s tourism industry plummeted from US$5 billion in 2019 to US$1 billion in 2020, due to the travel restrictions put in place due to the COVID-19 pandemic. Under Cambodia’s planned reopening, tourists must remain for a minimum of five days at the pilot locations and undergo a further swab test before being allowed to explore other parts of Cambodia.

RCEP Monitor

ASEAN
ASEAN excludes Myanmar junta leader from summit in rare move
(17 October 2021) The Association of Southeast Asian Nations (ASEAN) announced this week that it will exclude Myanmar’s military leader Min Aung Hlaing from its upcoming regional summit, citing the lack of progress made by the military to restore peace in the country following its February coup. The announcement was made following an Emergency Foreign Ministers’ Meeting on 16 October 2021. Brunei, the bloc’s current chair, says that a non-political figure from Myanmar will be invited instead. The 38th and 39th ASEAN Summits and Related Summits will be held from 26 to 28 October 2021.

ASEAN
ASEAN ministers endorse regional Fourth Industrial Revolution strategy
(19 October 2021) The ASEAN Economic Community (AEC) Council Ministers have endorsed the Consolidated Strategy on the Fourth Industrial Revolution (4IR) for ASEAN at the 20th AEC Council Meeting held on 18 October 2021. The strategy provides the bloc with a “whole-of-ASEAN” approach in taking advantage of the 4IR through three areas: technological governance and cybersecurity, digital economy, and digital transformation for society. The initiative also aligns with the region’s COVID-19 recovery strategy, the ASEAN Comprehensive Recovery Framework (ACRF), which was adopted in 2020. The strategy is expected to be adopted at the upcoming ASEAN Summit.

INDONESIA
Indonesian minister shares plan to accelerate digital transformation
(20 October 2021) Indonesian communications and informatics minister Johnny Gerard Plate shared the country’s four-pronged digital transformation strategy to contribute to the establishment of an ASEAN digital community during a meeting between the AEC Council and ASEAN Digital Ministers on 18 October 2021. The four approaches involve (i) implementing the 2021-2024 Indonesia Digital Roadmap, (ii) ensuring equal access to quality telecommunications services to reduce the digital divide, (iii) encouraging the establishment of cross-border data regulation, and (iv) promoting the use of digital technology in the COVID-19 pandemic recovery process through Indonesia’s 2022 G20 Summit presidency.

VIETNAM  
Vietnam ratifies the ASEAN Trade in Services Agreement (ATISA)
(18 October 2021) Vietnam ratified the ASEAN Trade in Services Agreement (ATISA) on 18 October 2021, making it the second ASEAN Member State to do so following Singapore’s ratification of the same on 5 April 2021. The agreement, which was first signed by ASEAN Economic Ministers on 7 October 2020, will replace the existing ASEAN Framework Agreement on Services (AFAS) when it comes into force. ATISA is expected to provide a more stable and predictable environment for service suppliers in the region as it uses a negative listing approach which would, by default, apply the same set of rules to all service suppliers unless otherwise specified.

CAMBODIA  
Cambodia reopens e-visa applications for international visitors
(20 October 2021) Cambodia’s e-Visa scheme “Visa T” reopened applications on 19 October 2021. Once approved, these single-entry visas will be valid for a period of three months, during which visitors can stay for up to 30 days upon arrival. Visitors will need to make a US$1,000 deposit to cover their stay in one of four designated quarantine hotels before arrival. Fully vaccinated visitors will be quarantined for seven days, while those not fully vaccinated or unvaccinated will be quarantined for 14 days. Visitors will also need to produce a negative PCR test result and vaccination certificate upon arrival.

SINGAPORE
Singapore’s Vaccinated Travel Lane scheme takes flight this week
(18 October 2021) The first flights under Singapore’s Vaccinated Travel Lane (VTL) scheme arrived from Amsterdam and New York on Wednesday and Thursday respectively following the VTL’s coming into force on Tuesday, 19 October 2021. Visitors under the VTL will only need two COVID-19 swab tests to enter Singapore, down from the current four, and they need not be quarantined upon entering. The first swab test will be done 48 hours pre-departure and the second on arrival. Eight countries have been authorized under the VTL: Canada, Denmark, France, Italy, the Netherlands, Spain, Britain and the United States.

ASEAN
Three ASEAN markets rise in EY’s global renewable energy index
(19 October 2021) The Philippines, Vietnam, and Indonesia have moved up EY’s latest bi-annual index which ranks the top 40 most attractive markets for renewable energy investment and deployment opportunities. The Philippines came in 27th place thanks to the government’s target to reach 35% in renewable energy by 2040 and its National Renewable Energy Board’s new offshore wind plan. Vietnam rose to 29th place backed by its rising use of hydro, wind, and solar power. While Indonesia rose to 39th place due to its “more ambitious renewables targets and positive policy developments to retire diesel and coal power plants”.

RCEP Monitor

ASEAN
ASEAN tech giants competing with large conventional banks over digital banking services market
(15 October 2021) Southeast Asia’s tech giants such as ‘superapp’ providers GoTo and Grab are competing with established conventional banks for the burgeoning digital banking services market in Southeast Asia. This is expected to benefit the long-neglected rural populations of Southeast Asia, who generally lack access to financial services. According to research conducted by Google and Temasek Holdings, about half of Southeast Asia's nearly 400 million adults do not have a bank account, while over 90 million more are 'underbanked', meaning they hold a bank account but lack sufficient access to investment products, insurance or credit. In Indonesia, Goto plans to offer fully integrated banking services in partnership with Bank Jago. In Singapore, Singaporean tech giants Sea and Grab plan to roll out digital banking services in the city-state in early 2022. Meanwhile, large incumbent banks such as UOB and DBS have also had a head start in providing digital banking services within the region, with UOB launching digital bank TMRW in Thailand in 2019, and in Indonesia in 2020.
 

SINGAPORE
Singapore’s central bank tightens its monetary policy for the first time in three years
(14 October 2021) Singapore’s central bank tightened its monetary policy for the first time in three years on 14 October 2021, as the country seeks to reopen its economy and manage inflationary pressure. The city-state also recorded a 6.5% increase in GDP for the July-September quarter. The last round of monetary tightening for Singapore was in October 2018. Recent inflation was a major factor in the decision to implement monetary tightening this time, according to the Monetary Authority of Singapore (MAS). While some industries continue to suffer from COVID-19's effects, Singapore's overall consumer price index rose 2.4% on the year in August 2021, due to a confluence of factors including normalizing demand, supply chain problems, rising energy prices, a foreign manpower crunch due to border closures, and domestic policy-driven cost pressures such as the government’s plans to increase wages in lower-paid sectors. Singapore authorities are concerned that the city state’s planned reopening could be hindered if consumers are hit by rising costs.
 

MALAYSIA
Malaysia ranks among top ten largest furniture exporters in the world
(15 October 2021) Malaysia now ranks among the top 10 largest exporters of furniture in the world, with about 80% of its production delivered abroad, according to the Malaysia External Trade Development Corporation (Matrade). Matrade stated this was because the local furniture industry had kept abreast of technological advances and global changes in consumer tastes, and had shifted from being original equipment manufacturers (OEM) to original design manufacturing (ODM) or original brand manufacturing (OBM). In 2020, the industry saw exports valued at MYR 12.86 billion, or a double-digit increase of 15.5% compared with the previous year. Malaysian furniture are exported to over 160 countries and comprise mainly bedroom, living room and kitchen furniture made from wood as well as seats and furniture components made from other materials.
 

THAILAND  
Thailand approves plan to end quarantine for vaccinated travellers from certain countries
(15 October 2021) The main Thai COVID-19 task force approved a plan to end quarantine requirements for vaccinated travellers from certain countries starting in November 2021 in bid to rescue the struggling tourism sector ahead of the year-end holiday season. Under the new rule, air travellers from the US, UK, China, Germany and Singapore will be exempted from quarantine on arrival starting 01 November 2021. More countries may be added to the list after due diligence. The task force also shortened a night curfew by two hours to between 11 PM and 3 AM starting on 16 October, while also reducing the number of provinces deemed at the highest risk of COVID-19 to 23 from 29. But the task force retained Bangkok, a gateway for tourists, in the highest-risk category because of the high number of new cases.
 

VIET NAM  
Manufacturers in Ho Chi Minh City struggling with workers shortage following easing of lockdown measures  
(14 October 2021) Manufacturers in Ho Chi Minh City are currently struggling with a shortage of workers following the easing of COVID-19-related lockdown measures. Suppliers of garments, textiles, footwear, furniture and other products to global brands ranging from Ikea and Walmart to Nike and Adidas, were having trouble resuming normal work because so many workers had left for their home provinces after the city had lifted its lockdown at the end of September 2021. Companies are now struggling to lure workers back because many do not have the money, the means of transport or the COVID-19 vaccination papers needed to return. This comes as overseas demand has spiked at the moment. Viet Nam, one of Asia’s few economies to grow in 2020, reported a 6% drop in GDP, the sharpest on record, in the third quarter of 2021, which coincided with the lockdown. The Vietnamese government is now focused on ensuring migrant workers are able to return to work.
 

THE PHILIPPINES, UNITED STATES
United States provides an additional 1.84 million Pfizer vaccines to the Philippines through COVAX facility
(14 October 2021) The United States provided an additional 1,842,750 doses of the Pfizer-BioNTech COVID-19 vaccine to the Philippines through the COVID-19 Vaccines Global Access (COVAX) facility. The vaccines were delivered in two separate shipments to Manila on 10 and 11 October 2021, and followed another 5.57 million doses of Pfizer vaccine doses delivered the previous week. The United States has facilitated the delivery of more than 24.3 million COVID-19 vaccine doses to the Philippines via the COVAX facility, including more than 16.4 million doses directly provided by the American public. COVAX is a global initiative to support equitable access to COVID-19 vaccines.
 

INDONESIA
Indonesia plans to eventually stop all crude palm oil exports in favor of refined products instead
(13 October 2021) Indonesia plans to eventually stop the export of all crude palm oil in favor of shipping refined products instead, the latter of which would include cosmetics, margarine, biodiesel and other processed products. This was stated by Indonesian President Joko Widodo in an official video. Indonesia plans to rise up the commodities value chain, and had already banned the export of unrefined copper and later nickel ores while requiring miners to invest in local smelters instead. The European Union has sought to challenge the export restrictions of unrefined copper and nickel ores at the World Trade Organization, and President Widodo stated that Indonesia should prepare for any legal repercussions should it ban crude palm oil. Indonesia is currently the largest producer of crude palm oil in the world.
 

RCEP Monitor

ASEAN
Southeast Asian countries begin reopening process
(2 October 2021) More ASEAN countries have started reopening tourism hotspots to foreign tourists following Thailand’s successful reopening of Phuket island to vaccinated foreign arrivals in July. The “Phuket Sandbox” generated US$48.1 million in revenue and attracted 38,289 international arrivals as of September 29, out of which only 0.3% tested positive for COVID-19. Vietnam hopes to emulate this success in Phu Quoc island, where foreign arrivals from lower-risk countries will be allowed to return in phases during a trial period beginning November 20. Meanwhile, Indonesia announced that it will begin receiving international tourists from a handful of countries from October 14, though a minimum eight-day hotel quarantine will be mandatory for such visitors.

ASEAN
Indonesian Minister calls for standardized ASEAN travel and health protocols
(6 October 2021) Indonesian health minister Gunadi Sadikin called for ASEAN to establish a common health passport or digital platform—such as Singapore’s TraceTogether app—to standardize health and travel protocols in the region. The minister also highlighted the need to reform the global health ecosystem and shared the country’s aim to have 300 million citizens vaccinated by the end of 2021. Panellists at the Special Ministerial Conference for ASEAN Digital Public Health also discussed the need to reduce over-concentration by leveraging neighbouring economies in the wider region and ramp up digitalization throughout the supply chain to enhance the region’s capacity to deal with and mitigate future shocks.

ASEAN
Southeast Asian countries lead the global Islamic fintech sector
(4 October 2021) Malaysia (1st), Indonesia (4th), Singapore (12th) are among the top 20 Islamic fintech hubs in the world according to the 2021 Global Islamic Fintech Report which measured a hub’s maturity model based on its market and ecosystem, talent, regulations, infrastructure, and capital. Malaysia has identified the digital economy and Islamic finance as key thrusts in its Shared Prosperity Vision, while Indonesia has been developing its Shariah economy under its National Shariah (Islamic law) Economy Plan. Both countries are Muslim-majority nations, making them ideal springboards for Islamic fintech companies looking to tap into the underserved 1.8 billion global Muslim market.

ASEAN
Over 1,000 startups founded by alumni of ASEAN tech giants
(4 October 2021) A new report by Bain & Co and Grab’s new think tank the Tech for Good Institute found that the first generation of Southeast Asia’s homegrown technology platforms has employed over 120,000 employees since their inception, many of whom have gone on to create and lead over 1,000 startups in the region. Eight platforms were covered in the study, which found that 480 Lazada alumni were now founders or chief executives of startups, followed by Sea with 346, Grab with 307, Zalora with 235, Gojek with 225, Tokopedia with 126, Bukalapak with 74, and Ovo with 51.

ASEAN  
Southeast Asia sees a sharp decline in education satisfaction
(4 October 2021) Satisfaction with the local educational system and schools in Southeast Asia fell from 85% in 2019 to 63% in 2020, according to the latest Gallup World Poll results, representing the largest decline by region when compared globally. Indonesia and the Philippines led the way with the former seeing a drop from 89% to 56% and the latter going from 82% to 55%, attributable to the limited access to devices and infrastructure for remote learning particularly among those from lower socioeconomic backgrounds.

ASEAN, EU
ASEAN, EU to resume free trade agreement negotiations
(1 October 2021) ASEAN and the European Union (EU) have agreed to prepare to resume negotiations for a free trade agreement between the two blocs, according to Thai commerce vice-minister Sansern Samalapa who acted as chief negotiator at the ASEAN Economic Ministers (AEM) meeting with the EU, United Kingdom (UK), Switzerland and Russia held in early September. The meeting also saw the approval of a joint ministerial declaration on future economic cooperation between ASEAN and the UK in 11 areas and agreements to proceed with discussions for further plans for cooperation.

ASEAN, QATAR
ASEAN, Qatar trade volume reached US$9 billion in 2020
(5 October 2021) Trade between ASEAN countries and Qatar totalled US$9 billion last year, primarily with Singapore (US$4.3 billion), Thailand (US$2.32 billion), Indonesia (US$895 million), Vietnam (US$500 million), Malaysia (US$480 million), the Philippines (US$233 million), and Brunei (US$48 million). According to the ASEAN Committee in Doha, Qatar is a “key investor in ASEAN”, with investments in Singapore estimated at around US$1.5 billion, major investments in Vietnam such as a US$300 million seaport project in Quang Ninh province, and eminent Qatari companies such as Ooredoo establishing a presence in Indonesia. Around 300,000 ASEAN citizens have also made Qatar their second home.

RCEP Monitor

ASEAN
Southeast Asian tech startup deals hit record numbers in first half of 2021
(27 September 2021) The number of investments by venture backers in Southeast Asian tech startups hit a record number in the first half of 2021, although the value of those deals declined as investors focused on early stage deals in the region’s burgeoning digital market. There were 393 investments across the region in the first half of 2021, topping the previous record of 375 in the first half of 2019. Total capital raised however reached US$4.4 billion, down from US$5.8 billion a year earlier. The fall is mainly attributable to less outsized fundraising by unicorns such as Grab Holdings Inc. that dominated the region’s capital raising in the past but are now seeking to go public. The average deal size fell to US$11.2 million from US$17.7 million a year earlier, as investors focused on early-stage investments. Indonesia was the top destination for investment in Southeast Asia.

MALAYSIA
Malaysian government to consider allowing fully vaccinated Malaysians to travel abroad
(28 September 2021) The Malaysian government is to consider allowing fully vaccinated Malaysians to travel abroad, as well as to allow tourists to enter the country. The National Recovery Council chairman stated that the matter would be brought to the prime minister and an announcement would be made soon. This comes as the Council was informed that 90% of the adult population would be fully inoculated by early October, paving the way for the resumption of inter-state travel by mid-October. The Council was also informed that the rate of ICU bed utilization was also showing a reduction.

THE PHILIPPINES  
Filipino economy expected to take more than a decade to recover from COVID-19
(30 September 2021) The Philippines economy is expected to take more than a decade to recover from COVID-19, according to the Economic Planning Secretary. The Secretary stated that the ‘long run total cost of Covid and the quarantine both to the present and future society’ will reach an estimated US$810 billion. This figure is more than twice the Philippines’ GDP in 2020, which was estimated to be around US$361.5 billion. The economy is expected to take 10 years before it reaches its pre-pandemic growth, which averaged 6.4% in the 10 years before COVID-19 hit. Nearly 70% of the economy, including some 23.3 million workers, remain under “heightened quarantine” restrictions. Social distancing rules means that consumption, investment and tax revenues would struggle to recover.

VIET NAM
Viet Nam’s GDP dropped by 6.17% year-on-year in the July-September period due to lockdown measures
(29 September 2021) Viet Nam’s GDP fell by 6.17% year-on-year in the July-September period due to ongoing lockdown measures in key economic regions including Ho Chi Minh City. This is the country’s first decline on a quarterly basis since 2000. The economy contracted during the third quarter after recording 6.57% growth in the previous three months. Viet Nam’s economy had grown by 2.69% in the third quarter of 2020. Viet Nam’s GDP grew by only 1.42% in 2021 though September. Final consumption, which accounts for about 70% of Vietnam’s GDP, fell 2.83% in the third quarter due to severe travel restrictions. However, exports grew by 5.2% in the third quarter. The Vietnamese government slashed its growth forecasts for 2021 to a range of 3.5% to 4% on 14 September. The Asian Development Bank likewise in September lowered its 2021 growth forecast for Vietnam to 3.8% from 6.7% in April.

INDONESIA  
Indonesia’s parliament approves US$190 billion state budget for 2022
(30 September 2021) Indonesia’s parliament approved a US$190 billion state budget for 2022 on 30 September 2021. The 2022 budget also set an economic growth forecast of 5.2% for 2022, while reducing its budget deficit to 4.85% of GDP from a projected 5.8% in 2021. Earlier in the same day, a parliamentary commission approved a tax reform proposal that will introduce a carbon tax policy, overhaul the VAT system, expand income tax brackets, and offer another round of tax amnesty program. The tax reform bill will next be deliberated at the plenary level so it can be passed into law. This bill is expected to help Indonesia fund its spending and cut its reliance on debt markets. The Indonesian government has pledged to bring its budget deficit back to 3% of GDP by 2023 by streamlining spending and expanding revenue sources.

SINGAPORE  
Singapore’s central bank expected to leave monetary policy on hold at its October review
(30 September 2021) Singapore’s central bank is expected to leave its exchange-rate based policy settings unchanged at its October review. The review will be held on or before 14 October. The central bank is expected to leave monetary policy on hold as the city-state is currently dealing with a deteriorating COVID-19 situation. Singapore’s economy is expected to grow by 6% to 7% in 2021. The city-state had recently implemented restrictions which are expected to hit recovery in consumer-facing sectors such as aviation, food and beverage, hospitality, and retail. Singapore’s core inflation rate hit a two-year high in April 2021, but economists expect inflation to remain benign in the short term and then rise gradually.

THAILAND, INDIA
Thailand looking to attract tourists from India during Diwali holiday season in November
(28 September 2021) Thailand will seek to attract Indian tourists during the Diwali holiday season in November 2021. This is expected to coincide with the planned waiver of quarantine for vaccinated visitors from 01 November onwards. Tourists from India are expected to make up for the expected absence of Chinese tourists, and Indian nationals composed the third largest group of visitors to Thailand before the global pandemic, behind the Chinese and Malaysians. Almost 2 million Indian tourists visited Thailand in 2019, when the country welcomed some 40 million tourists and generated more than US$60 billion in revenue. Thailand saw foreign tourist arrivals plunge to 73,932 in the first eight months of 2021.

RCEP Monitor

ASEAN
Low vaccination rates are hurting Southeast Asia’s economy
(22 September 2021) The Asian Development Bank (ADB) downgraded its growth projections for Southeast Asia (including Timor-Leste) from 4.4% to 3.1% for 2021 and 5.1% to 5.0% for 2022 as it expects the region to “recover at a much slower pace than projected” due to lockdowns and restrictions caused by recurring COVID-19 outbreaks and uneven vaccination rollouts. Thailand, Indonesia, Malaysia and Vietnam are expected to be the hardest hit due to the pandemic, while Myanmar’s outlook was downgraded from a 9% contraction to an 18.4% contraction due to its political climate. Singapore is the only country to receive an upgrade as it has fully vaccinated 75% of its population.

ASEAN
Privatized vaccination schemes gain traction in Southeast Asia
(20 September 2021) ASEAN governments have been turning to the private sector to supplement national vaccine supply and distribution efforts following the COVAX program’s failure to secure adequate vaccines for developing countries. Indonesia’s private vaccination scheme, which was launched in February 2021, received over 10 million employee registrations from over 22,000 companies within three months. Most of these private schemes, which focuses on on-site employees and their immediate families, are utilizing Sinopharm vaccines since—according to the Philippines’ vaccine czar—Pfizer, Sinovac, and Sputnik V prioritize government orders while Moderna, Johnson & Johnson, and AstraZeneca do not accept private vaccine orders.

ASEAN 
Southeast Asia-focused private equity funds raise US$1 billion in H1 2021
(17 September 2021) ASEAN-focused private equity funds raised US$1 billion in dry powder in the first half of the year, up from US$1 billion raised in all of 2020 and US$1.3 billion in 2019, according to a recent DealStreetAsia report. Asia Partner’s debut US$384 million fund and Mekong Capital’s US$246 million fifth fund accounted for the bulk of the sum. Another 28 ASEAN-focused private equity funds are currently in the market to raise US$6.8 billion, with Navis Capital Partners leading the way in the second half of the year with its US$900 million eighth fund and US$450 million continuation fund.

INDONESIA
Inclusivity and sustainability among Indonesia’s G20 presidency priorities
(23 September 2021) Indonesia’s priorities when it assumes the G20 presidency in 2022 will include inclusiveness, a sustainable green economy, climate resilience, and “vulnerable groups that must be prioritized”, according to Indonesian President Joko Widodo’s recorded statement to the UN General Assembly. The premier called for countries to work together to reorganize global health security resources to better facilitate funding and vaccines, and establish a standardized global health protocol for travel. He also stressed that “concerns on the marginalization of women and violence in Afghanistan, Palestine’s elusive independence, and the political crisis in Myanmar must be our common agenda.”

INDONESIA  
Ooredoo and CK Hutchison join forces in US$6 billion telco merger
(20 September 2021) Qatar’s Ooredoo and Hong Kong’s CK Hutchison have agreed to merge their respective Indonesian telecommunications businesses—Indosat and Hutchison 3 Indonesia—in a US$6 billion deal to form Indosat Ooredoo Hutchison. The deal, which is expected to close by year-end, would make the new entity the second-largest telecommunications operator in the country with annual revenue of around US$3 billion and cost savings of approximately US$300 to US$400 million to be realized over three to five years. Ooredoo Hutchison Asia will retain a controlling 65.6% stake in the merged entity and will remain listed on the Indonesian Stock Exchange.

THAILAND  
PTT and Foxconn to begin manufacturing electric vehicles by 2024
(20 September 2021) Taiwanese electronics contract manufacturer Foxconn and Thai state-owned oil company PTT have formed a joint venture to produce electric cars in Thailand as part of the country’s hopes to become an electric vehicle hub. According to Foxconn, production is expected to commence in two to three years with initial output of 50,000 vehicles per year and 150,000 vehicles per year later on. The Eastern Economic Corridor (EEC) is said to be a potential location for the planned production plant, which will house “the entire electric vehicle value chain” from research to battery production and vehicle assembly.

MALAYSIA
Domestic capital market totalled US$813 billion in 2020
(21 September 2021) Malaysia’s domestic capital market grew from approximately US$574 billion (RM2 trillion) in 2011 to US$813 billion (RM3.4 trillion) in 2020 with over 900 listed companies and the third-largest bond market in Asia, according to the Securities Commission Malaysia’s Capital Market Masterplan 3 (CMP3) launched this week. The CMP3 outlined six key pillars for the 2021 to 2025 period which include Sustainable and Responsible Investment, Islamic Capital Market, as well as greater use of regulatory technology and supervisory technology. The country’s domestic economy expanded at an average rate of 5.1% annually from 2011 to 2019 before contracting by 5.6% in 2020.

RCEP Monitor