Kuala lumpur: ASEAN will intensify efforts to deepen regional economic integration and revive intra-regional trade, which has remained stagnant at about 20 to 22 percent amid an increasingly volatile and uncertain global trading landscape. Announcing this, Investment, Trade and Industry Minister Tengku Datuk Seri Zafrul Abdul Aziz said that with nearly 700 million people, ASEAN is one of the world’s largest and most dynamic consumer bases and holds immense potential.

According to BERNAMA News Agency, intra-ASEAN trade currently makes up just 21.2 percent of the region’s total trade in 2024, falling far behind other blocs such as the European Union, which has an intra-trade level of 60 percent. The Minister also emphasised the need for ASEAN to heighten its efforts to overcome persistent implementation challenges. He said ASEAN needs to accelerate trade facilitation and enhance physical, digital, and regulatory connectivity across the region.

‘On ASEAN’s economic integration and resilience, I am especially pleased that ASEAN embarked on the ATIGA (ASEAN Trade in Goods Agreement) Upgrade in 2022, successfully concluded negotiations, and is now on track to sign the agreement at the upcoming Summit,’ he added.