Kuala Lumpur (VNA) - Malaysia and Singapore can collaborate to enhance business connectivity within ASEAN and boost intra-ASEAN trade by leveraging their strengths in supply chains, the digital economy, and key industries.
This was emphasised during the third annual Ministerial Dialogue between Malaysia’s Ministry of Investment, Trade and Industry (MITI) and Singapore’s Ministry of Trade and Industry (MTI) in Kuala Lumpur on October 1, according to the New Straits Times.
Speaking to the press after the dialogue, Malaysian Investment, Trade and Industry Minister Datuk Seri Johari Abdul Ghani said the two countries could seek solutions to facilitate stronger trade and business links among ASEAN member states, with the long-term goal of increasing the share of intra-ASEAN trade.
He noted that the potential of intra-ASEAN trade remained largely untapped. The bloc’s 11 countries have total trade of 4.37 trillion USD, while intra-ASEAN trade reaches only around 800-900 billion USD.
Johari said he and Singaporean Deputy Prime Minister Gan Kim Yong had discussed ways to strengthen business connectivity across ASEAN, with a goal of raising the share of intra-regional trade to 50% of the bloc’s total trade.
He also highlighted the ASEAN Digital Economy Framework Agreement (DEFA) as an important strategy for boosting intra-ASEAN trade. Malaysia proposed the agreement during its ASEAN Chairmanship in 2025, and the focus now should be on implementation and enforcement, he said.
With Singapore set to chair ASEAN next year, Johari called on the country to take the lead and ASEAN members to work together to ensure DEFA becomes a key driver of intra-regional trade.
ASEAN could also benefit from stronger regional connectivity in areas such as supply chains, food security and the electrical and electronics (E&E) sector, he said. Malaysia and Singapore could make greater use of ASEAN-based supply chains, particularly to strengthen food security, while other sectors could also benefit from stronger bilateral and regional links./.
