KUALA LUMPUR: Southeast Asian economies have expressed a shared desire to unlock the region’s economic potential by leaving no stone left unturned in tapping to the fullest the opportunities in both intra and external trade.
Prime Minister Datuk Seri Anwar Ibrahim said that the benefits from increased trade must accrue to all ASEAN citizens.
Declaring that ASEAN means business, Anwar said efforts will be galvanised by its 10-member economies to form linkages with themselves and the world at large – including regions like the European Union and oil-rich Middle East countries.
“Whether it’s through Free Trade Agreements (FTAs) with the Gulf Cooperation Council (GCC) countries and the European Union (EU), or in strengthening economic and intra-ASEAN trade, everyone (ASEAN leaders) agrees that more needs to be done and in more concrete terms.”
Anwar, who is also Finance Minister, said this at a press conference at the end of the ASEAN-GCC Summit and the ASEAN-GCC-China Summit, held at the Kuala Lumpur Convention Centre (KLCC) here, today.
The region’s joint economic potential was relatively large as ASEAN’s total trade improved significantly to US$3.8 trillion in 2024 from US$2.3 trillion in 2015, but intra-ASEAN trade only increased to US$0.8 trillion from US$0.5 trillion during the period.
Earlier today at discussions during the summit, Anwar said ASEAN plans to launch FTA talks with GCC countries comprising Saudi Arabia, Qatar, United Arab Emirates, Bahrain, Kuwait and Oman.
Anwar added that ASEAN is also moving forward with regional frameworks like Brunei Darussalam–Indonesia–Malaysia–Philippines East ASEAN Growth Area (BIMP-EAGA) and Indonesia Malaysia-Thailand Growth Triangle (IMT-GT), and these discussions are no longer just about making broad pronouncements but definitive projects.
“They are about implementing meaningful changes that will directly benefit the ordinary ASEAN citizen. What I’m sensing now is a dramatic shift in mindset; there is a genuine urgency and a commitment to action. We want these outcomes achieved (but) everything must be done in the name of ASEAN.”
