ASEAN needs to strengthen trade among its own member states, with intra-ASEAN trade still accounting for less than 25% as the regional bloc works towards becoming the world’s fourth-largest economic bloc by 2030, Bernama reported.
Foreign Minister Datuk Seri Mohamad Hasan said ASEAN’s focus has increasingly shifted beyond political cooperation towards building the region into a major economic bloc.
“Given the current situation, ASEAN is highly likely to become the world’s fourth-largest economy by 2030.
“We want to see trade among ASEAN countries grow, as intra-ASEAN trade currently accounts for less than 25 per cent. We still have a lot of trade to build among member nations,” he told a press conference after attending the 59th ASEAN Day celebration here today.
Mohamad said ASEAN already has mechanisms to facilitate greater regional commerce, including the “free movement of goods” among member states.
“We also have mechanisms to enhance trade, including the ‘free movement of goods’ among ASEAN member states. This will further facilitate and boost trade among ASEAN countries,” he said.
He said Malaysia’s chairmanship of ASEAN last year produced several initiatives and resolutions that established the groundwork for continuing the bloc’s economic agenda.
The Philippines, which holds the ASEAN chairmanship this year, is continuing proposals adopted under the Kuala Lumpur Declaration and during Malaysia’s chairmanship, he added.
“With Malaysia entrusted as the Permanent Shepherd or Permanent Auditor of the ASEAN 2045 Vision (ASEAN Community 2045), we want to ensure that our foundation, namely intra-ASEAN trade, can be further strengthened and successfully advanced together,” he added.
