Bolder Asean reforms needed to compete in fragmented global economy, says Singapore PM (VIDEO)

Malay Mail

12 hours ago

SINGAPORE, July 6 — Asean needs bolder reforms to transform the region into a more seamless and competitive single market to attract businesses and investments seeking alternatives in an increasingly fragmented global economy, said Singapore Prime Minister Lawrence Wong.
In a video uploaded on his YouTube page, Wong said that to achieve this, trade and investment barriers must be reduced.
'Making it easier for companies to operate across borders, negotiating an Asean Digital Economy Agreement, linking up our real-time payment systems like we have already done between Singapore, Malaysia and Thailand, and enhancing our physical infrastructure, including rail and power grid connectivity,' he said.
He said that closer integration among Asean economies is key to unlocking the region's full potential.
'In particular, the next decade will be critical. Continued peace, stability and growth in Asean will transform our entire region, and this will translate to better jobs, opportunities and living standards for all our peoples,' he said.
Wong, who is also Finance Minister, said that beyond internal integration, Asean must deepen its partnerships with the rest of the world.
He pointed out that the regional bloc already has seven free trade agreements (FTAs) with external partners and is exploring agreements with the Gulf Cooperation Council and the European Union.
'These agreements open doors for our businesses and make Asean more connected to global markets,' he noted.
Wong said Malaysia, as Asean Chair this year, has been pushing for these reforms, and Singapore fully supports these efforts.
He added that the momentum would continue with the Philippines as Chair next year, and when Singapore assumes the Chair in 2027, a milestone year marking Asean's 60th anniversary.
'Singapore will work closely with our Asean partners and friends around the world to keep Asean strong, effective and relevant for the future,' he said, encouraging all Singaporeans to be part of this journey.
In addition, Wong said Asean must work together to preserve peace and stability, and to keep the region open and inclusive — not dominated by any single power.
'Asean has seen conflict before. We were once an arena for proxy wars by the major powers. We do not want that to happen again. Neither can we afford to have disputes divide us,' he added.
Wong, who took office in May 2024, said he had just completed his introductory visits to Asean capitals, except Myanmar, which he hopes to visit when the situation is more conducive. — Bernama