ASEAN Must Focus On Building More Integrated, Resilient Economy

Barnama

5 days ago

BUSINESS
JAKARTA, July 29 (Bernama) -- It is imperative that ASEAN focus its energies inward, towards building a more integrated and resilient economy in facing today's global economic headwinds, said Prime Minister Datuk Seri Anwar Ibrahim.
In his policy speech on ASEAN delivered at the ASEAN Secretariat here on Tuesday, Anwar, who is also the current chair of the grouping, said the region is home to a vast and vibrant market of 660 million people.
'The potential is undeniable, but to realise it fully, we must narrow the existing development gaps and forge stronger, more equitable economic linkages across member states,' he said.
According to Anwar, at the 47th ASEAN Summit in Kuala Lumpur, ASEAN will once again demonstrate its collective commitment towards improving the unimpeded flow of goods within the region.
Through renewed efforts to reduce tariff and non-tariff barriers, we are taking meaningful steps towards creating a more seamless and dynamic ASEAN economic community that works for all, not just for some, he said.
The prime minister said the Regional Comprehensive Economic Partnership (RCEP) is central to this vision. As the world's largest trade agreement, it reinforces ASEAN's role as the linchpin of regional economic architecture.
'We expect the 5th RCEP Leaders' Meeting to also take place on the sidelines of the 47th ASEAN Summit, thus presenting an opportunity for us to ensure that RCEP delivers tangible benefits for our businesses, workers, and communities,' said Anwar.
According to the prime minister, as the bloc looks to strengthen ASEAN's position in an increasingly competitive global economy, 'we must also do more to ensure that businesses can operate with confidence and clarity across our borders'.
He said the success of the ASEAN-GCC-China Summit is a clear signal that ASEAN is ready to build new bridges and unlock new partnerships. It also reaffirms ASEAN's shared determination to shape a future based on mutual respect, shared growth, and strategic cooperation.