As ASEAN navigates the complexities of the Asia-Pacific's geoeconomic landscape, discussions around its potential membership in the G20 have gained momentum. For over a decade, ASEAN has participated as a guest at G20 summits, and with the African Union's recent admission as the first new G20 member in 2023, ASEAN is now looking to solidify its position within this influential group [61f4e1e9].
The region, with a population of approximately 676.6 million and a combined economy of US$3.8 trillion, plays a significant role in global economic dynamics. Currently, Indonesia is the only ASEAN nation that holds G20 membership, highlighting the need for greater representation from the bloc [61f4e1e9].
ASEAN's economic significance is underscored by its status as a global manufacturing hub and the strategic importance of waterways like the Strait of Malacca. Furthermore, the digital economy within ASEAN is projected to contribute an additional US$1 trillion to the region's GDP by 2030, showcasing its potential for growth and innovation [61f4e1e9].
In 2024, ASEAN's economic growth rate is projected at 4.6%, with Indonesia expected to grow by 5% in both 2024 and 2025, reflecting the region's resilience despite ongoing challenges [20a6c223]. Cambodia, in particular, has shown robust performance, with exports reaching $23.93 billion in the first 11 months of 2024, marking a 16.8% year-on-year increase [20a6c223].
However, internal coordination among ASEAN member states remains a challenge, which could hinder its bid for G20 membership. To successfully navigate this process, ASEAN must leverage its current presence in the G20 and demonstrate its capacity to address global challenges through collaborative solutions [61f4e1e9].
The strategic partnership with China is crucial for ASEAN's economic trajectory, especially as the region faces geopolitical conflicts, political leadership changes, and rising protectionism, particularly from the United States [20a6c223]. Infrastructure projects, such as the Jakarta-Bandung railway, are also enhancing connectivity and supporting economic growth across the region [20a6c223].
In conjunction with the recent APEC Economic Leaders’ Week, where leaders discussed the importance of ASEAN's unity in the face of rising protectionism and geopolitical tensions, the bloc's potential G20 membership could further enhance its diplomatic standing and economic resilience [27acfb89][9b92468f]. As ASEAN continues to engage with major economies and strengthen its internal cohesion, the outcomes of these efforts will be crucial in shaping its future role on the global stage [566b4e2a].