KUALA LUMPUR, Sept 23 — 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 Tengku Abdul Aziz.
Member states must collectively safeguard free, fair, and non-discriminatory trade, while cushioning the risks of being at the mercy of larger economies, stressing that Asean's central role in global trade has become increasingly vital.
He noted that the Regional Comprehensive Economic Partnership (RCEP) has effectively established the world’s largest free trade area, covering about 30 per cent of global gross domestic product, with Asean at its core.
“We are also actively deepening strategic trade relations with new economies, with the latest example being our readiness for a free trade agreement (FTA) between Asean and the Gulf Co-operation Council (GCC).
“This builds on the new Asean-GCC Joint Declaration on Economic Cooperation that Malaysia helped spearhead and announced during the recent 46th Asean Summit, focusing on key sectors like finance, food security and energy,” Tengku Zafrul said in his opening remarks at the 57th Asean Economics Ministers (AEM) Meeting today.
He added that Asean is also strengthening economic ties with its 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 Asean-Korea FTA upgrade soon.
Moreover, the bloc is also exploring meaningful engagements with new trading blocs, one of them being a dialogue between Asean and the member economies of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), to discuss areas of mutual interest.
These initiatives reinforce a diversified, 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,” said Tengku Zafrul.
He noted that the 57th AEM meeting was not only about addressing present tasks, but also about charting the longer-term vision of the Asean Economic Community (AEC).
The end of 2025 will mark the completion of the AEC 2025 Blueprint and the rolling out of the AEC Strategic Plan 2026-2030. This plan is part one of a series of four AEC Strategic Plans under the “ASEAN 2045: Our Shared Vision” initiative.
