ASEAN’S FOCUS IS ON ECONOMIC FUNDAMENTALS, COLLABORATION - PM ANWAR 

From Anas Abu Hassan

DAVOS (Switzerland) Jan 22 (Bernama) -- ASEAN member countries are focusing on strengthening economic fundamentals, collaboration, and enhancing intra-ASEAN trade, which, as of 2023, represents a population of 677 million and a combined gross domestic product (GDP) of US$3.8 trillion (US$1=RM4.43).

“We have been successful in the past in terms of geopolitical diplomacy. However, we have realised that we need to enhance intra-ASEAN trade and work to complement each other’s competitive advantages,” Prime Minister Datuk Seri Anwar Ibrahim said today.

He emphasised that economic fundamentals, in terms of trade and investment, are important, and the way the 10-member bloc negotiates with other countries in the region. Anwar, who is also the Chair of ASEAN, made these remarks during a special one-on-one exclusive dialogue with forum leadership entitled ''A Conversation with Anwar Ibrahim.”

“But whether we want to become like the European Union (EU; such as having a common currency), is something that we have not explored,” he said when asked if ASEAN wants to be a group similar to the EU, with arrangements like common currency. 

The session was moderated by World Economic Forum (WEF) founder and chairman of the Board of Trustees Prof Klaus Schwab.

Anwar, who is also the Finance Minister, said he is not too concerned about the political setup of the EU. 

“We're more concerned about economic collaboration, from my understanding and conversations with other ASEAN leaders from Indonesia, Thailand, Singapore, and a more senior leader from Brunei, Sultan Hassanal Bolkiah, our main interest is to focus on economic fundamentals.”

According to the ASEAN Statistical Brief, from 2003 to 2023, total ASEAN trade in goods with both internal and external partners experienced significant growth.

In 2003, total ASEAN trade was valued at US$871.8 billion. This figure increased to US$2.53 trillion in 2013 and US$3.56 trillion in 2023.

Intra-ASEAN trade accounted for approximately 22 per cent of the total ASEAN trade during this period. The average annual growth rate was 8.0 per cent for total ASEAN trade, 8.2 per cent for extra-ASEAN, and 7.4 per cent for intra-ASEAN.

Notably, the growth rate of intra-ASEAN trade was lower than that of extra-ASEAN for both exports and imports.

Anwar is currently at the end of his three-day working visit to attend WEF 2025, marking his first attendance since assuming office in 2022.

-- BERNAMA