ASEAN is on track to become the world's fourth-largest economy by 2030.

Mr. Singh argued that this assessment is further reinforced by the increase in regional trade to $3.5 trillion in 2023 from $2.3 trillion in 2015, which will significantly boost per capita income.

"This reflects ASEAN's enduring commitment to being an open economic region for global trade and investment, which has improved significantly," Singh affirmed.

The Association's GDP has surged 51%, reaching $3.8 trillion in 2023 compared to $2.5 trillion in 2015.

According to the Deputy Secretary-General of the AEC, it is important that ASEAN is among the very few regions in the world where trade volume is close to GDP, and the largest share of trade is not trade between the Association and China or the US, but intra-ASEAN trade.

Mr. Satvinder stated that, currently, in the Southern Hemisphere, ASEAN is also the largest recipient of foreign direct investment, with a total value of approximately $230 billion.

Forecasts indicate that in the coming years, the global supply chains of companies with low carbon emissions and high value-added operations are likely to be located in ASEAN countries. Several sectors will see significant growth, including semiconductors, agriculture , data equipment, as well as minerals and metal industries.

In addition, an attractive aspect for ASEAN is technological transformation, and advanced technologies such as 5G, artificial intelligence, and the Internet of Things are expected to generate an additional $8 trillion.

However, the bloc should strive to reduce technology costs across its economy and ensure that member economies have access to technological equipment and solutions.