- The Third ASEAN Economic Ministers (AEM) – United Kingdom of Great Britain and Northern Ireland (UK) Meeting was held on the 20th August 2023. The Consultation was co-chaired by H.E. Zulkifli Hasan, Minister of Trade of the Republic of Indonesia and the Rt Hon Nigel Huddleston MP, Minister of State for the Department for Business and Trade of the UK. The Meeting also welcomed H.E. Filipus Nino Pereira, Minister for Tourism, Commerce, and Industry of the Democratic Republic of Timor-Leste who joined the Meeting as an observer.
- The Meeting was pleased to note that in 2022 the trade flows between ASEAN and the UK had risen by over 20% since 2021 in nominal terms, demonstrating that our trade is recovering post COVID-19. According to statistics, total UK trade with ASEAN increased by 21.4 per cent from £38.3 billion in 2021 to £46.5 billion in 2022. The Meeting also noted that the UK was the 7th largest investor into ASEAN according to Foreign Direct Investment (FDI) flows in 2022. In 2021, the stock of outward FDI from the UK to the ASEAN region was at least £25.1 billion.
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