EU-UK Endgame: Far From Homing in on ASEAN Impact

The EU, with UK in it, is a boon to that other side of the globe that is the ASEAN due to the usual Big Brother mentality which expects the more blessed region to be a blessing to the lesser fortunate one.

These are the figures. I assume they’re not disfigured considering these came from a conference paper produced by the London School of Economics zeroing in on the existing financial cycle of EU.

· 170 million euros (Php 9.2 trillion) allotted for Asean integration and the Secretariat from 2014-2020 (way above the 70 million euros poured in from the past cycle)

· 3 billion euros (Php 175 trillion) promised for poverty alleviation (especially to plug in those growth holes concerning ‘low-income ASEAN member states’)

Citing initial numbers in line with the “dialogue trading partnership” between EU and ASEAN in 2017, overall “two-way trade” registered $257.4 billion (Php 13.2 trillion) [second biggest amount coming from a transaction ally] with EU also serving as ASEAN’s highest foreign direct investor pumping in an aggregate inflow of $25.4 billion (Php 1.3 trillion).

Now, according to those outsiders looking in, here’s the (approximate) price that UK has to pay in pursuing that earth-shattering event called Brexit in exchange for what Brexiters call a sense of regaining (lost) power—a whopping 2 billion pounds (Php 130 billion) plus a debilitated UK influence.

Setting its sights away from its ASEAN neighbour, UK aims to salvage total control of its economic fate thinking of building a much formidable Great Britain that looks to step up to another level in a world of its own at the expense of its 46 long and theoretically strong years of EU membership (since January 1, 1973) and its enduring force in assisting EU towards its drive to lend a helping hand to its ailing little brothers (and sisters) in ASEAN. UK is jeopardising all of these and more as it attempts to push the rewind button and (re) start (channelling its efforts) from the very beginning—back to zero.

With the odds stack high up against the Brits (or their government officials), maybe…just maybe…they are believers of the saying, “Risk is the grandfather of success.”

Attention: Please be alerted that I’ve simply rolled out the carpet for someone special who will provide a more in-depth and highly intense sequel to this article that is longing for a significant follow-up.

Reference

Pedrosa, V. (2019, June 29). Brexit and the Philippines. The Philippine Star, p. 11.