KUALA LUMPUR: ASEAN will intensify efforts to deepen regional economic integration and revive intra-regional trade.
Investment, Trade and Industry Minister Tengku Datuk Seri Zafrul Abdul Aziz announced this initiative amid a volatile global trading landscape.
He stated that intra-ASEAN trade has remained stagnant at about 20 to 22 per cent.
“Strategically boosting intra-ASEAN trade is not merely an economic aspiration,” he said in his opening remarks at the 57th ASEAN Economic Ministers’ Meeting.
Tengku Zafrul added that this effort has now become a strategic imperative to build a more resilient, self-reliant and globally competitive region.
ASEAN, with nearly 700 million people, is one of the world’s largest and most dynamic consumer bases.
The minister highlighted that the region holds immense potential for growth.
According to reports, intra-ASEAN trade currently makes up just 21.2 per cent of the region’s total trade in 2024.
This figure falls far behind other blocs such as the European Union, which has an intra-trade level of 60 per cent.
The announcement was made at the 39th ASEAN Free Trade Area Council meeting today. – Bernama
