Kuala Lumpur (VNA) – Malaysia has stressed the importance of maintaining unity and solidarity and strengthening the central role of ASEAN in the face of increasingly complex geopolitical and geo-economic competition.
Speaking at the opening ceremony of the ASEAN Joint Foreign and Economic Ministers’ Meeting on October 25, Malaysia’s Minister of Investment, Trade and Industry Zafrul Abdul Aziz said the ASEAN needs to ensure the stability of regional and global supply chains, boost access to key products, technologies and commodities, and reduce over-dependence on any single market.
Accordingly, ASEAN should maintain an open approach while ensuring safety, he noted.
As one of the world’s largest regional blocs, ASEAN needs to take a firm stance in maintaining the rules-based multilateral trading system, thereby contributing to establishing the foundation for stability and shared prosperity.
ASEAN should support more focused and impactful reforms at the World Trade Organisation (WTO), particularly in areas such as enhancing transparency of subsidy policies, establishing digital trade governance, and restoring confidence in dispute settlement mechanisms, thereby rebuilding trust in the rules of global trade.
The minister said it’s time for the region to strengthen its economic security to improve its ability to predict, manage, and respond to emerging risks across both the economic and political spheres. He expressed his hope that the ASEAN Geoeconomic Task Force (AGTF) will provide valuable insights to help shape the region’s future.
Also at the event, Malaysian Foreign Minister Mohamad Hasan said that ASEAN is facing profound changes in the global order, with protectionism on the rise, multilateralism being challenged, and global supply chains being drastically restructured. Accordingly, the bloc needs to maintain cohesion and have a united voice in support of cooperation, dialogue and in sustaining a rules-based regional order.
Malaysian recommended ASEAN members deepen their ties with traditional partners, diversify and expand economic engagements, forge new partnerships that enhance ASEAN’s resilience and competitiveness.
Acknowledging that geopolitics and geoeconomics are now deeply intertwined, the Foreign Minister said the joint meeting urged greater policy coordination across diplomatic and economic fronts./.
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