ASEAN is intensifying efforts to reduce non-tariff barriers (NTBs) to boost intra-bloc trade, which currently lags at just 21.2% of total trade—far below the EU’s 60%. At the upcoming 47th ASEAN Summit, member states are expected to upgrade the ASEAN Trade in Goods Agreement to promote transparency and streamline NTB-related procedures. NTBs such as technical standards, licensing, and local content rules significantly increase trade costs, estimated at 2–4% of goods' value. Vietnam, ASEAN’s third-largest trading partner, reported a $6.5 billion trade deficit with ASEAN in the first five months of 2025. The country is taking proactive steps, including promoting sustainable farming and aligning with international standards, to mitigate NTBs. Experts call for harmonised standards, improved logistics, and stronger institutional cooperation to enhance regional trade. With shared regulatory systems, ASEAN could unlock tens of billions in additional trade and better counter external protectionist policies. (ICE HO CHI MINH CITY)

Fonte notizia: Vietnam Investment Review