Malaysia boosts intra-ASEAN trade to reduce global dependence

The Sun

4 days ago

KUALA LUMPUR: Malaysia is focusing on strengthening the ASEAN economic framework by boosting intra-ASEAN trade to ensure the continuity of the region's agenda, said Foreign Minister Datuk Seri Mohamad Hasan.
He said that amid growing global uncertainty, emphasis is now being placed on reinforcing regional economic ties to reduce dependence on traditional external trading partners.
'We can't rely too heavily on our traditional trading partners. Within ASEAN itself, trade among member states is very low, not even reaching 25 per cent.
'Therefore, we've introduced a framework to ensure that trade among ASEAN countries is enhanced,' he said during Minister's Question Time in the Dewan Rakyat today.
He was responding to a supplementary question from Manndzri Nasib (BN-Tenggara) on the key initiatives implemented and planned to ensure the continuity of ASEAN's agenda after Malaysia's chairmanship.
Mohamad said key initiatives being pursued include the implementation of ASEAN Vision 2045, a 20-year plan themed 'Our Shared Future', aimed at raising ASEAN's economic standing to be on par with its existing political influence.
'We need to enhance economic activities among ourselves ... even if we increase (intra-ASEAN trade) to 30 or 40 per cent, that would be a significant achievement to reduce the dependence of ASEAN countries, especially Malaysia,' he said.
To that end, Mohamad said Malaysia is also diversifying its markets through participation in the BRICS bloc, which represents over 40 per cent of the world's population and 25 per cent of global GDP, while also promoting a strategic trilateral partnership between ASEAN, the Gulf Cooperation Council (GCC) and China.
'If we can integrate these three major blocs effectively, we have a very promising future. The Gulf countries have strong purchasing power and abundant resources; ASEAN has a large workforce and rich natural resources; and China has a vast market.
'If we can strengthen this trilateral relationship, the economic benefits will be immense for ASEAN countries, particularly Malaysia. Insya-Allah,' he said.
Responding to Manndzri's original question on Malaysia's satisfaction with its foreign policy achievements during its ASEAN chairmanship, particularly in strengthening unity, Mohamad said the Myanmar issue remains a key challenge for ASEAN in maintaining regional stability and peace.
He described Myanmar's internal conflict as a 'thorn in the flesh' that undermines ASEAN's credibility in championing peace and human rights, especially since the crisis is unfolding within a member state.
However, he said Malaysia, as ASEAN Chair, has made various efforts to identify viable peaceful approaches that can be collectively adopted.
Mohamad also stressed that ASEAN's current priority is the implementation of the Five-Point Consensus agreed upon by all member states, not recognising the unilateral elections planned by the Myanmar junta. - Bernama