Kuala lumpur: ASEAN will continue to build bridges, not walls, with key trading partners, by remaining committed to a rules-based multilateral trading system under the World Trade Organisation (WTO), said Investment, Trade and Industry Minister Tengku Datuk Seri Zafrul Abdul Aziz. He emphasized that member states must collectively safeguard free, fair, and non-discriminatory trade, while cushioning the risks of being at the mercy of larger economies, noting that ASEAN’s central role in global trade has become increasingly vital.
According to BERNAMA News Agency, Tengku Zafrul highlighted that the Regional Comprehensive Economic Partnership (RCEP) has effectively established the world’s largest free trade area, covering about 30 percent of global gross domestic product, with ASEAN at its core. He stated that ASEAN is actively deepening strategic trade relations with new economies, exemplified by the readiness for a free trade agreement (FTA) between ASEAN and the Gulf Cooperation Council (GCC). This initiativ
e builds on the new ASEAN-GCC Joint Declaration on Economic Cooperation, spearheaded by Malaysia and announced during the recent 46th ASEAN Summit, focusing on key sectors such as finance, food security, and energy.
Tengku Zafrul also mentioned ASEAN’s efforts to strengthen economic ties with existing dialogue partners through the upgrading of several ASEAN Plus 1 FTAs, including the ASEAN-China FTA 3.0, the ASEAN-India Trade in Goods Agreement (AITIGA) Review, and the soon-to-be-upgraded ASEAN-Korea FTA. Additionally, ASEAN is exploring engagements with new trading blocs, such as a dialogue between ASEAN and member economies of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), to discuss areas of mutual interest.
He asserted that these initiatives reinforce a diversified and robust network of trade relations for ASEAN. “Our message to the world is clear: we are open for business and investment, and will remain so. We will work with all partners – old and new, East and West
– to secure diverse markets for our goods and services, and also reinforce our standing as a cornerstone of global trade,” Tengku Zafrul said.
At the 57th ASEAN Economics Ministers (AEM) Meeting, Tengku Zafrul stated that the gathering was about addressing present tasks and charting a longer-term vision for the ASEAN Economic Community (AEC). He noted that the end of 2025 will mark the completion of the AEC 2025 Blueprint and the rollout of the AEC Strategic Plan 2026-2030, which is part of a series of four AEC Strategic Plans under the ‘ASEAN 2045: Our Shared Vision’ initiative.