KUALA LUMPUR: ASEAN will continue building bridges rather than walls with key trading partners by remaining committed to a rules-based multilateral trading system under the World Trade Organisation.
Investment, Trade and Industry Minister Tengku Datuk Seri Zafrul Abdul Aziz stated that member states must collectively safeguard free, fair and non-discriminatory trade while cushioning risks from larger economies.
He stressed that ASEAN’s central role in global trade has become increasingly vital for regional stability and economic growth.
Tengku Zafrul noted that the Regional Comprehensive Economic Partnership has effectively established the world’s largest free trade area covering about 30% of global GDP with ASEAN at its core.
“We are also actively deepening strategic trade relations with new economies, with the latest example being our readiness for a free trade agreement between ASEAN and the Gulf Co-operation Council,“ he said.
“This builds on the new ASEAN-GCC Joint Declaration on Economic Cooperation that Malaysia helped spearhead and announced during the recent 46th ASEAN Summit, focusing on key sectors like finance, food security and energy,“ he added in his opening remarks at the 57th ASEAN Economics Ministers Meeting.
Tengku Zafrul confirmed that ASEAN is strengthening economic ties with existing dialogue partners through upgrades to several ASEAN Plus One free trade agreements.
These enhancements include the ASEAN-China free trade agreement version 3.0, the ASEAN-India Trade in Goods Agreement review and the upcoming ASEAN-Korea free trade agreement upgrade.
Moreover, ASEAN is exploring meaningful engagements with new trading blocs including dialogue with member economies of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership.
He stated that these initiatives reinforce a diversified and robust network of trade relations for the regional bloc.
“Our message to the world is clear: we are open for business and investment, and will remain so,“ said Tengku Zafrul.
“We will work with all partners – old and new, East and West – to secure diverse markets for our goods and services, and also reinforce our standing as a cornerstone of global trade,“ he emphasised.
He also highlighted that the 57th ASEAN Economics Ministers meeting addressed both present tasks and the longer-term vision of the ASEAN Economic Community.
The end of 2025 will mark completion of the ASEAN Economic Community 2025 Blueprint and the rollout of the ASEAN Economic Community Strategic Plan 2026-2030.
This strategic plan forms part one of a series of four ASEAN Economic Community Strategic Plans under the “ASEAN 2045: Our Shared Vision” initiative. – Bernama