Asean leaders urged to push for greater economic integration

 

Prime Minister Anwar Ibrahim today urged Asean leaders to push for greater economic integration within the group and strive towards a regional economic architecture that is vibrant, inclusive, sustainable, and resilient.

He said intra-Asean trade, which currently stands at only 22.3 percent of Asean’s total trade, must be increased and greater strategic arrangements should be undertaken to enhance market integration.

Asean should also facilitate the movement of goods, capital, skilled workforce, and technology sharing among the member countries and its external partners.

“Partnership with external partners to contribute towards this aim should also be heightened,” he stressed in his intervention at the 43rd Asean Summit Plenary Session in Jakarta, Indonesia.

“Malaysia stands ready to contribute through our Madani Economic Framework which includes steps towards enhancing economic growth, promoting investment, and strengthening industries to become more innovative, competitive, and capable of expanding into the regional and global market."

According to Anwar, who is also the finance minister, Asean has achieved unprecedented socio-economic advancements, from reducing poverty levels to increasing inter-regional trade and advancing technological innovations.

He pointed out that the group has a combined Gross Domestic Product of nearly US$3 trillion despite the global economic uncertainties, making the bloc the fifth-largest economy globally which is projected to become the fourth-largest economy by 2030.

- Bernama