Malaysia urges strengthening intra-ASEAN trade

Malaysia is focusing on strengthening the ASEAN economic framework by boosting intra-bloc trade to ensure the continuity of the region’s agenda, Malaysian Foreign Minister Datuk Seri Mohamad Hasan said last Thursday.

He said that amid growing global uncertainty, emphasis is now being placed on reinforcing regional economic ties to reduce dependence on traditional external trading partners.

Within ASEAN itself, trade among member states still remains low, not even reaching 25%. Therefore, the country has introduced a framework to ensure that trade among ASEAN countries is enhanced, he said.

Mohamad said key initiatives being pursued include the implementation of ASEAN Vision 2045, aimed at raising ASEAN’s economic standing to be on par with its existing political influence.

ASEAN needs to enhance economic activities among its members even if intra-bloc trade rises to 30 or 40%.

To that end, Mohamad said Malaysia is also diversifying its markets through participation in the BRICS bloc, while also promoting a strategic trilateral partnership between ASEAN, the Gulf Cooperation Council (GCC) and China.

The Gulf countries have strong purchasing power and abundant resources; ASEAN has a large workforce and rich natural resources; and China has a vast market. By strengthening this trilateral relationship, the economic benefits will be immense for ASEAN countries, particularly Malaysia, he said.