Malaysia aims to increase intra-ASEAN trade from 22% using QR payments and cross-border systems, says PM Anwar during Parliament session.
KUALA LUMPUR: Malaysia will continue strengthening intra-ASEAN trade by promoting QR payment usage and cash transfer systems while expanding regional payment connectivity.
Prime Minister Datuk Seri Anwar Ibrahim identified low trade and investment among member countries as a current main weakness of ASEAN.
He stated that increasing intra-ASEAN trade from its current level of about 22% will be a key priority for Malaysia during its chairmanship.
One implemented measure involves QR code payment and cross-border cash transfer systems between Malaysia, Indonesia, Thailand, Singapore and Cambodia.
Anwar confirmed that Malaysia’s role in ASEAN meetings was recognised through the Asia-Pacific Economic Cooperation Summit.
These five countries have already implemented the payment system according to the Prime Minister.
He provided this information during the Prime Minister’s question time session in the Dewan Rakyat today.
Anwar was responding to an additional question from Ku Abd Rahman Ku Ismail regarding measures to raise investment and intra-ASEAN trade value.
This initiative has shown significant progress particularly in Malaysia, Thailand and Indonesia.
Efforts are currently underway to expand the payment system to other ASEAN countries.
Anwar also emphasised the importance of the ASEAN Power Grid project for regional cooperation.
This project will connect electricity supply from Vietnam to Kelantan with extensions planned to Johor and Singapore.
He described the power grid as a key catalyst for boosting regional trade and energy cooperation.
Tourism, investment and trade aspects were emphasised in ASEAN meetings to facilitate cross-border activities.
Malaysia plays an important role in shaping the APEC artificial intelligence initiative according to the Prime Minister.
This APEC AI initiative emphasises human values, ethics and national identity rather than foreign-imposed frameworks.
Anwar also revealed Malaysia discussed rare earth sector cooperation with South Korea to strengthen strategic economic relations. – Bernama
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