They say age is only a number, but as the trading bloc of ASEAN crosses the 50-year mark, numbers speak volumes about the dynamic transformation of this region. Taken as one economy, it’s $2 trillion GDP makes it the seventh largest in the world, heading towards $6 trillion (and the fourth largest) by 2030. It hasn’t been without growing pains. There is dramatic diversity in the 10 countries in the region. In that diversity lies challenges, but also strength.
From cyber attacks to the easy spread of pandemics, the world seems to be aflame with the unintended consequences of globalization. Instead of looking to simple yet destructive solutions like protectionism, isolation and nationalism, leaders should strive to work together and to reform international institutions.
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For small- and medium-sized manufacturing businesses, engaging in global trade is no longer cost prohibitive; it’s at the doorstep. The key to competing successfully—and surviving—will likely depend on the efficient and effective management of a chain of intricately connected activities, from design through distribution and delivery.