Kuala Lumpur: The ASEAN Economic Community (AEC) Strategic Plan 2026-2030 is set to advance regional economic integration and fortify Southeast Asia’s resilience against global economic challenges, an economist stated today.
According to BERNAMA News Agency, Dr. Tan Chee Meng, Assistant Professor of Business Economics at the University of Nottingham Malaysia, highlighted ASEAN’s significant growth potential as a catalyst for supporting less wealthy member states like Cambodia and Laos in their economic development. Dr. Tan underscored ASEAN’s ambition to become the world’s fourth-largest economy by 2045, as articulated in the Kuala Lumpur Declaration 2025, signed at the 46th ASEAN Summit hosted by Malaysia.
The economic blueprint, embraced by ASEAN Leaders, outlines a comprehensive roadmap with six strategic goals, 44 objectives, and 192 strategic measures. Developed through extensive consultations with AEC sectoral bodies and inputs from 315 stakeholders, the plan reflects a people-centred approach. Additionally, a region-wide public survey involving over 7,500 respondents from ASEAN member states and Timor-Leste informed the plan, which is part of the broader ASEAN Community Vision 2045.
Dr. Tan cautioned that addressing obstacles such as economic disparities within ASEAN, particularly in Cambodia, Myanmar, Laos, and Vietnam, is crucial for achieving the bloc’s goals. He suggested that increased intra-regional trade, investment, and workforce upskilling could drive growth across the region.
ASEAN’s total trade surged to US$3.8 trillion in 2024 from US$2.3 trillion in 2015, yet intra-ASEAN trade only saw a modest increase. Dr. Tan emphasized the potential impact of a successful free trade agreement (FTA) between ASEAN and the Gulf Cooperation Council (GCC), citing the GCC’s US$4.9 trillion sovereign wealth funds as a potential source of capital for ASEAN economies. He also noted the significance of Chinese investments through the Belt and Road Initiative (BRI).
While Dr. Tan acknowledged the benefits of deeper integration, he emphasized that achieving it demands time and political commitment from ASEAN’s member nations. He highlighted the AEC’s four pillars: a single market, competitiveness, equitable development, and global economic integration.
The ASEAN Community Vision 2045 aims to establish a prosperous single market with a skilled, inclusive workforce, promoting growth driven by productivity and innovation while ensuring sustainability. Dr. Tan pointed out the challenges of harmonizing diverse economic structures within ASEAN and stressed that equitable development is key to achieving a unified market.
Bank Muamalat Malaysia Bhd’s chief economist, Dr. Mohd Afzanizam Abdul Rashid, echoed the importance of regional collaboration, noting ASEAN’s potential to become a significant player in global trade, investment, climate action, and security. He emphasized the need for ASEAN to proactively foster integration across various sectors amid global tensions.
Dr. Mohd Afzanizam advocated for identifying industry niches and fostering collaboration among member countries as guiding principles for regional cooperation. He suggested formulating a strategic framework for industrial development to enhance supply chain integration and global market engagement. Harmonizing investment promotion agencies, special economic zones, customs procedures, and regulations among member countries is crucial for effective collaboration, he added.