KUALA LUMPUR, Sept 23 — Asean will intensify efforts to deepen regional economic integration and revive intra-regional trade, which has remained stagnant at about 20 to 22 per cent amid an increasingly volatile and uncertain global trading landscape.
Investment, Trade, and Industry Minister Tengku Datuk Seri Zafrul Tengku Abdul Aziz said that with nearly 700 million people, Asean is one of the world's largest and most dynamic consumer bases and holds immense potential.
“Strategically (boosting) intra-Asean trade is not merely an economic aspiration. It has now become a strategic imperative to act to build a more resilient, self-reliant, and globally competitive region,” he said in his opening remarks during the 57th Asean Economic Ministers’ Meeting and the 39th Asean Free Trade Area Council today.
According to reports, intra-Asean trade currently makes up just 21.2 per cent of the region’s total trade in 2024, falling far behind other blocs like the European Union, which has an intra-trade level of 60 per cent.
Tengku Zafrul also emphasised the need for Asean to heighten its efforts to overcome persistent implementation challenges.
The bloc must accelerate trade facilitation and enhance physical, digital, and regulatory connectivity across the region.
“On Asean's economic integration and resilience, I am especially pleased that Asean embarked on the ATIGA (Asean Trade in Goods Agreement) Upgrade in 2022, successfully concluded negotiations, and is now on track to sign the agreement at the upcoming Summit,” he said.
