Malaysia proposes three strategies to boost ASEAN’s economic resilience
Malaysia has proposed three key strategies to strengthen the economic resilience of the Association of Southeast Asian Nations (ASEAN) amid slowing global growth, rising geopolitical tensions, and increasing economic fragmentation.
Penang Port in Butterworth city of Malaysia (Photo: AFP/VNA)
Kuala Lumpur (VNA) – Malaysia has proposed three key strategies to strengthen the economic resilience of the Association of Southeast Asian Nations (ASEAN) amid slowing global growth, rising geopolitical tensions, and increasing economic fragmentation.
Speaking at the 24th ASEAN Economic Community Council meeting in Laos on October 7, Malaysia's Minister of Investment, Trade and Industry Zafrul Abdul Aziz said the first strategy is that ASEAN must fully leverage its trade potential with strategic and emerging economies, which will mitigate the impact of growth deceleration, stagnation and imbalances in traditional economies. By diversifying markets, ASEAN can reduce the impact of global demand fragility on ASEAN's growth potential.
The second strategy emphasises the need to boost intra-ASEAN trade to its fullest potential to develop regional economic strength and shield ASEAN from global shocks.
Minister Aziz urged ASEAN’s 10 member states to eliminate trade barriers and avoid inward-looking policies, which could harm economic growth as well as people in the long term. He also called for completing negotiations on the updated ASEAN Trade in Goods Agreement (ATIGA) by 2025 to enhance regional integration.
The third strategy focuses on enhancing the bloc's resilience and agility by developing robust mechanisms to manage economic volatility, investing in future-oriented industries, and strengthening regional cooperation.
Post-2025, he said, ASEAN should strengthen its position in embracing sustainability and climate response, building a digitally resilient ASEAN, and ensuring the centrality of inclusivity in its initiatives, particularly for micro, small, and medium-sized enterprises (MSMEs), to ensure that no one is left behind and to narrow the development gap.
ܫ Minister Aziz concluded by thanking Laos, ASEAN’s 2024 Chair, and expressed his hope for steering the region towards the post-2025 agenda in promoting regional economic integration and in the collective pursuit of turning ASEAN into the world’s fourth-largest economy by 2030./.
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Vietnam plays an important role in Southeast Asia’s economic growth and is a key partner of her country in realising the shared vision of a peaceful, stable, and prosperous region, said Robyn Mudie, First Assistant Secretary of Office of Southeast Asia (OSA) – Southeast Asia Regional and Mainland Division at Australia’s Department of Foreign Affairs and Trade (DFAT).
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Finance Minister Pichai Chunhavajira has outlined a six-point strategy to promote innovation, support small and medium-sized enterprises (SMEs), and push for Thailand's removal from the US Trade Representative (USTR)’s special 301 Watch List regarding intellectual property rights protection among trading partners.
Vietnamese Ambassador to Israel Ly Duc Trung emphasised ASEAN’s central role in regional mechanisms such as the ASEAN Regional Forum (ARF) and the East Asia Summit (EAS), highlighting its significant contribution to promoting peace, stability, and prosperity in Southeast Asia.
The consumer index of the University of the Thai Chamber of Commerce (UTCC), fell to 51.7 in July from 52.7 in the previous month. The sluggish economy and the trade war, as well as high living costs, continue to undermine confidence, the university said.
Deputy Speaker of the Hungarian National Assembly Istvan Jakab expressed his hope for further deepening Hungary’s ties with ASEAN countries and called for their support for Hungary’s accession to the Treaty of Amity and Cooperation in Southeast Asia.
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Indonesia is accelerating plans to increase lithium imports, particularly from Australia, in a bid to fill gaps in the electric vehicle (EV) battery supply chain and realise its ambition of becoming a global EV manufacturing hub.
