Closer economic integration key to Asean's stability and transformation: PM Wong, Singapore News
In a video released on his YouTube channel on Saturday (July 5), PM Wong emphasised the importance of strength, unity and cooperation among the bloc's 10 members, adding how stability and growth can be achieved through closer economic integration.
Recognising the rising geopolitical tensions and profound changes happening around the world, he noted that it is not the first time the region has met with uncertainty.
"Our founding leaders knew we were better off facing challenges together, rather than alone," he said, adding that Asean was formed in 1967 during the Cold War, another period of turmoil.
"So we came together, respecting each other's sovereignty and focusing on mutually-beneficial co-operation.
"That unity helped lay the foundations for peace and stability in our region," he stressed.
He noted that Asean will have to work together to ensure peace and stability and to keep the region — one "not dominated by any single power, but where all the major powers are engaged and invested" — open and inclusive.
And while each Asean country may be limited in scale individually, he stated that together, they have "considerable weight". Next 10 years 'critical'
PM Wong also noted that the next decade will be critical in Asean's transformation, and that the key to achieving this lies in closer integration among its economies.
He gave the example of how cotton from the Philippines could be spun in Thai factories, dyed and sewn in Vietnam, before being exported to the world.
"This is the kind of co-operation we must strengthen. We must make Asean a more seamless and competitive single market, one that attracts businesses and investments looking for alternatives in a more fragmented global economy," he added.
The Prime Minister also called for bolder reforms, such as reducing trade and investment barriers, making it easier for companies to operate across borders, and negotiating Digital Economy Agreements, linking up payment systems and enhancing physical infrastructures.
But beyond internal integration, he noted that Asean must also deepen its partnerships with the rest of the world, to make it more connected to global markets.
PM Wong also stated that the push for reform has been made by Malaysia, the Asean chair this year, and will be continued by Philippines next year, and Singapore in 2027, when it takes over on the 60th anniversary of the bloc.
He also promised that Singapore will work closely with its Asean partners and global partners to keep the association "strong, effective and relevant for the future", and called for Singaporeans to be part of the journey.
"Understand our neighbours, build connections, because Asean's future is our future, and every one has a role to play," he added.
[embed]https://www.youtube.com/watch?v=du0UiWqgrrI[/embed]
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