Asean facing a perfect storm of global challenges, says Mat Hasan
"Today, we are once again being tested. The region is facing what might be called the perfect storm," he said in remarks at an Asean Plus Three (APT) gathering here on Thursday (July 10).
"The challenges are multi-fold, ranging from intensifying great power rivalry, economic fragmentation, technological disruptions and trans-boundary threats."
Despite the difficulties, Mohamad expressed confidence in the region's ability to overcome them through "collective steadfastness and strong commitment to dialogue and cooperation."
He pointed to recent developments that signal progress within the APT framework, including the endorsement of the Rapid Financing Facility (RFF) under the Chiang Mai Initiative Multilateralisation (CMIM) and the momentum generated from leaders' statements on the Electric Vehicle Ecosystem (2023) and Regional Supply Chain Connectivity (2024).
"These are not isolated achievements. They illustrate the APT's capacity to generate value, respond with agility and lead with foresight," he said.
Looking ahead, Mohamad emphasised the need for APT to remain "agile, well-coordinated, and forward-looking," particularly in embracing frontier technologies.
He said Asean's digital transformation is projected to contribute approximately US$2 trillion to regional gross domestic product (GDP), with China, Japan and South Korea playing a key role in technological expertise.
"These initiatives align with Malaysia's objectives as Asean Chair to narrow development gaps, promote sustainable growth and foster peace through mutual trust and cooperation," he said.
Mohamad also highlighted the strategic weight of the APT bloc, which collectively represents a population of 2.28 billion and a combined nominal GDP of around US$29.33 trillion, or 25.77% of global GDP.
"This scale underscores the global relevance of our partnership and the responsibility we bear in ensuring regional stability and inclusive development," he said.
Established in 1997 to address the Asian financial crisis, the APT framework has since evolved into one of the region's most resilient models of cooperation.
"It is a hallmark of teamwork that is dependable and dynamic.
"It enables us to consult, coordinate and cooperate not only in times of crisis, but also in our collective pursuit of sustained peace, inclusive growth and shared resilience in East Asia," he said.
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