Kuala Lumpur: Singapore has called for accelerated economic integration within ASEAN, urging the bloc to aim for 100 per cent tariff elimination across the region, boost intra-ASEAN trade, and further reduce non-tariff barriers to enable smoother business operations across the region. Prime Minister Lawrence Wong emphasized the need for the 10-member grouping to also fast-track the development of the ASEAN Power Grid to support the region’s transition to green energy, attract new investments, create better jobs, and enhance collective energy security.
According to BERNAMA News Agency, Wong highlighted the importance of concluding the ASEAN Digital Economic Framework Agreement (DEFA) and upgrading free trade agreements (FTAs) with key partners like China, India, and South Korea. Speaking at the S. Rajaratnam Lecture, Wong also addressed the growing global challenges, stating that Singapore would actively contribute to the stewardship of the global commons and strengthen international partnerships. This includes pursuing deeper collaboration between the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) and the European Union (EU).
Wong noted that the combined economic clout of the CPTPP and the EU, representing around 30 per cent of the world’s GDP, could facilitate trade and investment flows and help uphold the key principles of the rules-based trading system. As both Prime Minister and Minister for Finance, Wong reiterated that ASEAN remains central to Singapore’s foreign policy, pledging to champion deeper regional cohesion and integration amid troubling global developments. He stressed the significance of regional unity in navigating geopolitical tensions and maintaining collective relevance.
Furthermore, Wong stated that Singapore plans to collaborate with Malaysia, the current ASEAN chair, and East Asia Summit (EAS) partners to translate the ASEAN Outlook on the Indo-Pacific’s (AOIP) vision into concrete projects and initiatives. The AOIP complements the EAS by emphasizing openness, inclusivity, and cooperation while explicitly rejecting zero-sum competition or dominance by any single power.
In addition to maintaining its focus on Southeast Asia, Singapore aims to allocate more resources to partners further afield, including Africa, the Middle East, Latin America, the Pacific, and the Caribbean. The nation will also expand efforts in emerging domains such as the digital economy and renewable energy. Wong concluded by expressing hope that through these efforts, Singapore could help shape a more stable, resilient, and inclusive global environment.