ASEAN Must Deepen Intra-regional Trade To Stay Competitive - Singapore Foreign Minister

From Hasnah Jusid

SINGAPORE, Nov 29 (Bernama) -- ASEAN must strengthen intra-regional trade and enhance economic connectivity to adapt to a rapidly changing global landscape, said Singapore’s Foreign Affairs Minister Dr Vivian Balakrishnan.

He said the ongoing debate in Malaysia over reciprocal trade policies should not distract from the broader need for Malaysia and Singapore to review their economic strategies in light of emerging global trends.

“The more important question is: what are Malaysia and Singapore doing to conduct a fundamental review of our economies? Where are the new opportunities? Who are the existing partners we should be doing more with? And are there new partnerships available?” he said.

He said this at a fireside chat session with participants of the 17th Malaysian Journalist Visit Programme organised by the Ministry of Digital Development and Information here recently. 

He stressed that ASEAN must do more to boost internal trade flows, saying regional integration does not depend on major powers.

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“We need to lower tariff and non-tariff barriers, invest in infrastructure such as the ASEAN Power Grid, and improve connectivity between our people and economies,” he said, adding that the region must also prepare for climate change and the green transition.

The minister noted that both countries are part of major trade frameworks including the Regional Comprehensive Economic Partnership (RCEP), the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) and Asia-Pacific Economic Cooperation (APEC). 

He said there is potential for expanded cooperation with fellow CPTPP members as well as partners in Europe, Africa and South America.

“There are many opportunities in a world undergoing a fundamental reset and rebalancing of resources, technology and infrastructure,” he said.

Despite challenges, he said, both nations must maintain confidence and work closely to seize emerging opportunities.

“Singapore is already a major investor in Malaysia, and we want to do even more,” he said, citing the Johor-Singapore Special Economic Zone (JS-SEZ) as the most immediate opportunity, with potentially billions of dollars in investments that could create jobs and infrastructure.

-- BERNAMA