Kuala Lumpur: Southeast Asian economies have expressed a shared desire to unlock the region's economic potential by leaving no stone unturned in fully tapping into opportunities in both intra and external trade. Prime Minister Datuk Seri Anwar Ibrahim emphasized that the benefits from increased trade must reach all ASEAN citizens.
According to BERNAMA News Agency, Anwar declared that ASEAN is committed to business, with efforts being galvanized by its 10-member economies to form strategic linkages both within the region and globally. This includes forging connections with regions like the European Union and oil-rich Middle Eastern countries.
Anwar highlighted the importance of Free Trade Agreements (FTAs) with the Gulf Cooperation Council (GCC) countries and the European Union (EU). Additionally, he stressed the need to strengthen economic and intra-ASEAN trade, noting a consensus among ASEAN leaders to take more concrete actions.
Anwar, who also serves as the Finance Minister, made these remarks at a press conference concluding the ASEAN-GCC Summit and the ASEAN-GCC-China Summit, held at the Kuala Lumpur Convention Centre (KLCC).
The region's joint economic potential is significant, as ASEAN's total trade improved to US$3.8 trillion in 2024 from US$2.3 trillion in 2015. However, intra-ASEAN trade only saw a modest increase to US$0.8 trillion from US$0.5 trillion during the same period.
Earlier discussions at the summit revealed ASEAN's plans to initiate FTA talks with GCC countries, which include Saudi Arabia, Qatar, United Arab Emirates, Bahrain, Kuwait, and Oman. Anwar also mentioned ASEAN's progress with regional frameworks such as the Brunei Darussalam-Indonesia-Malaysia-Philippines East ASEAN Growth Area (BIMP-EAGA) and the Indonesia Malaysia-Thailand Growth Triangle (IMT-GT). These discussions are moving beyond broad pronouncements to focus on definitive projects.
Anwar noted that the focus is on implementing meaningful changes that directly benefit the ordinary ASEAN citizen. He observed a dramatic shift in mindset, with a genuine urgency and commitment to action. "We want these outcomes achieved, but everything must be done in the name of ASEAN," he stated.