Kuala lumpur: ASEAN must strengthen intra-regional trade and enhance economic connectivity to adapt to a rapidly changing global landscape, said Singapore’s Foreign Affairs Minister Dr. Vivian Balakrishnan. He emphasized that the ongoing debate in Malaysia over reciprocal trade policies should not distract from the need for Malaysia and Singapore to review their economic strategies in light of emerging global trends.
According to BERNAMA News Agency, Dr. Balakrishnan posed vital questions regarding the economic future of both countries, urging them to conduct a fundamental review of their economies to identify new opportunities and partnerships. He made these remarks during a fireside chat session with participants of the 17th Malaysian Journalist Visit Programme organized by the Ministry of Digital Development and Information.
Dr. Balakrishnan highlighted the need for ASEAN to boost internal trade flows, insisting that regional integration does not depend on major powers. He suggested lowering tariff and non-tariff barriers, investing in infrastructure like the ASEAN Power Grid, and improving connectivity between people and economies. Additionally, he stressed the importance of preparing for climate change and the green transition.
Both Malaysia and Singapore are part of major trade frameworks, including the Regional Comprehensive Economic Partnership (RCEP), the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), and the Asia-Pacific Economic Cooperation (APEC). Dr. Balakrishnan noted the potential for expanded cooperation with fellow CPTPP members and partners in Europe, Africa, and South America.
Despite the challenges, Dr. Balakrishnan urged both nations to maintain confidence and work closely to seize emerging opportunities. He highlighted that Singapore is already a major investor in Malaysia and expressed a desire to enhance investment further. The Johor-Singapore Special Economic Zone (JS-SEZ) was cited as an immediate opportunity with the potential for billions of dollars in investments, which could create jobs and infrastructure.