SEPTEMBERASIA BUSINESS OUTLOOK8According to the Third ASEAN Economic Ministers (AEM)-UK Meeting, the United Kingdom and the Association of Southeast Asian Nations (ASEAN) are co-designing the new ASEAN-UK Economic Integration Programme, in which the UK government plans to spend up to £25 million to support ASEAN economic integration over the next five years.Following its adoption last year, the meeting welcomed progress in delivering the work plan to implement the joint ministerial declaration for future economic cooperation (Work Plan). According to the meeting, a total of 26 activities across 11 priority areas involving 26 ASEAN sectoral bodies have been carried out since last year, with an additional 60 activities planned for the coming years.UK-ASEAN trade flows in 2022 had risen by over 20 per cent since 2021 in nominal terms, demonstrating post-pandemic recovery. While the global industry shrank by 1.5 Percentage in 2022 to $172.89 billion, India's direct selling sector grew by 5.4 Percentage over 2021 retail sales. According to a World Federation of Direct Selling Association (WFDSA) report, India has risen to 11th place in the ranking of top direct selling markets, with retail sales of $3.23 billion (approximately Rs 26,852 crore) in 2022.The Indian market achieved the highest Compounded Annual Growth Rate of more than 13.3 Percentage in the last three years, it added.The top market on the list was the United States, with $40.52 billion, a 5 Percentage decrease from 2021. Korea was followed by Germany, China, Japan, and Malaysia.According to Rajat Banerji, chairman of the Indian Direct Selling Association (IDSA), "India's direct selling market is steadily growing and has the potential to place itself in the top five global markets over the next decade."With the publication of the Consumer Protection (Direct Selling) Rules 2021 and subsequent amendments, the Indian direct selling industry should see stability, which may inspire investor confidence as well as interest from large global direct selling companies, he added."Only three of the top ten (sellers) are currently in India, and we would like to see them all start their businesses in India," Rajat added. NEWSROOMUK TO ASSIST ASEAN ECONOMY INTEGRATION BY FUNNELING GBP 25MINDIA'S DIRECT SELLING INDUSTRY WITNESSES 5.4 PERCENTAGE GROWTH, RANKED 11TH GLOBALLY
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