Kuala lumpur: ASEAN needs to undergo significant reforms to emerge as a more seamless and competitive single market, which would attract businesses and investments in a fragmented global economy, stated Singapore Prime Minister Lawrence Wong.
According to BERNAMA News Agency, Wong emphasized the necessity of reducing trade and investment barriers in a video uploaded on his YouTube page. He highlighted steps such as simplifying cross-border operations for companies, negotiating an ASEAN Digital Economy Agreement, and enhancing connectivity through real-time payment systems and infrastructure improvements, including rail and power grid links, as critical measures for integration.
Wong underscored the importance of closer economic integration among ASEAN members to maximize the region’s potential. He warned that the coming decade would be crucial, as continued peace and stability in ASEAN could lead to transformative growth, yielding better employment opportunities and living standards across the region.
In his role as Finance Minister, Wong advocated for ASEAN to deepen its global partnerships. He noted that the bloc’s seven existing free trade agreements (FTAs) with external partners are pivotal, and ASEAN is exploring further agreements with the Gulf Cooperation Council and the European Union.
Wong acknowledged Malaysia’s leadership as ASEAN Chair this year in pushing for these reforms, which Singapore fully supports. He anticipates continued momentum with the Philippines as Chair next year and looks forward to Singapore’s chairmanship in 2027, marking ASEAN’s 60th anniversary.
The Prime Minister called for collective efforts to maintain peace and stability in the region, emphasizing the importance of keeping ASEAN open and inclusive, free from domination by any single power. Reflecting on ASEAN’s past conflicts, he stressed the need to prevent future divisions.
Wong, who assumed office in May 2024, mentioned that he had completed introductory visits to ASEAN capitals, excluding Myanmar, which he plans to visit when conditions improve.