A stronger consensus among the member nations of the Association of the Southeast Asian Nations (ASEAN) would elevate the association to an economic powerhouse in the region, according to the Malaysian Prime Minister Najib Razak.

He made the remark at a summit meeting among leaders of the ASEAN member countries, affirming that ASEAN would prioritise cooperation that would bring prosperity and equal distribution.

Razak also said the bloc will work to deep cooperation in finance and ensure the participation of all economic sectors of all member nations in the ASEAN Economic Community. He highlighted the importance of the establishment of ASEAN’s single market and production base, which could heighten ASEAN to an equal level with some of the world’s biggest economies.

A single ASEAN Economic Community would benefit all 10 member nations and create a free flow of goods, services, skilled professionals, and capital, Razak said.

The standardisation of the processes and procedures of commerce and customs would reduce transaction costs, position ASEAN as an attractive investment destination, and boost competitiveness in exports, he said.

Additionally, the liberalisation of the financial service sector along with ensuring responsible investment would boost stability, investor confidence, and growth, he added.-VNA