ASEAN Expects Slower Economic Growth in 2016

ASEAN countries expect their economic growth to dip to 4.5% in 2016 from 4.7% last year due to China's slowdown and uncertainties related to Britain's vote to leave the European Union, the member states said in a statement Thursday. 
Economic ministers meeting in Laos, which holds the ASEAN chairmanship this year, said jointly that growth in the 10-nation group's $2.4 trillion economy should recover to 4.7% next year due to "strong private and public consumption and improved efficiency in infrastructure". 
"The region is exposed to continued moderation in the Chinese economy, to uncertainties over the new relationship between the UK and the EU after Brexit," the statement said, adding that ASEAN remained committed to further integration. 
About a quarter of the group's total trade of $2.3 trillion is intra-ASEAN. China is ASEAN's top external partner, with 15% of the total, followed by Japan, the European Union and the United States. 
The countries also said they aim to harmonize economic strategies, recognize each other's professional qualifications, improve custom clearance and intellectual property rules, and close the development gap between the poorer members - Cambodia, Laos, Vietnam and Myanmar - and the rest of the region. 
They also agreed to enhance the connectivity of their transportation infrastructure and communications, better facilitate electronic transactions, integrate industries to promote regional sourcing, and enhance private-sector involvement in the economy.