Asean must boost internal trade to realise 2030 economic ambitions, says Mohamad Hasan

PUTRAJAYA, Aug 10 — Asean needs to increase intra-Asean trade, which currently accounts for less than 25 per cent, to realise its potential of becoming the world’s fourth-largest economic bloc by 2030.

Foreign Minister Datuk Seri Mohamad Hasan said Asean is no longer focused solely on political issues, but on how the regional bloc can work together to become a major economic bloc.

“Given the current situation, Asean is highly likely to become the world’s fourth-largest economy by 2030.

“We want to see trade among Asean countries grow, as intra-Asean trade currently accounts for less than 25 per cent. We still have a lot of trade to build among member nations,” he told a press conference after attending the 59th Asean Day celebration here on Monday.

He noted that Asean has multiple mechanisms in place to enhance intra-regional trade, such as the “free movement of goods” among member nations.

“We also have mechanisms to enhance trade, including the ‘free movement of goods’ among Asean member states. This will further facilitate and boost trade among Asean countries,” he said.

He added that Malaysia, during its Asean chairmanship last year, successfully introduced various initiatives and resolutions that laid the groundwork for the continuation of the region’s economic agenda.

Mohamad said the Philippines, as this year’s Asean chair, is carrying forward the proposals and resolutions adopted through the Kuala Lumpur Declaration and during Malaysia’s Asean chairmanship.

“Insya-Allah, with Malaysia entrusted as the Permanent Shepherd or Permanent Auditor of the Asean 2045 Vision (Asean Community 2045), we want to ensure that our foundation, namely intra-Asean trade, can be further strengthened and successfully advanced together,” he added. — Bernama