Malaysia To Strengthen Intra-ASEAN Trade Via Regional Payment System - PM Anwar

KUALA LUMPUR, Nov 4 (Bernama) --  Malaysia will continue to strengthen intra-ASEAN trade by promoting QR payment usage and cash transfer systems as well as expand regional payment connectivity, said Prime Minister Datuk Seri Anwar Ibrahim.

He said a current main weakness of ASEAN is the low trade and investment among member countries. This will be a key priority for Malaysia during its chairmanship.

Anwar said intra-ASEAN trade currently accounts for about 22 per cent and needs to increase this to strengthen regional economic integration.

“One of the measures already implemented is the use of QR code payment and cross-border cash transfer systems between Malaysia, Indonesia, Thailand, Singapore and Cambodia. Through the Asia-Pacific Economic Cooperation (APEC) Summit, Malaysia’s role in ASEAN meetings was also recognised.

“These five countries have implemented the system and APEC has acknowledged Malaysia’s role in ASEAN,” he said during the Prime Minister’s question time session in the Dewan Rakyat today.

He was responding to an additional question from Ku Abd Rahman Ku Ismail (PN–Kubang Pasu) on the measures taken to raise investment and the value of intra-ASEAN trade.

According to Anwar, this initiative has shown significant progress, especially in Malaysia, Thailand, and Indonesia, with efforts underway to expand it to other countries.

He also emphasised the importance of the ASEAN Power Grid project, which will connect the electricity supply from Vietnam to Kelantan and to be extended to Johor and Singapore. This is a key catalyst for boosting regional trade and energy cooperation.

“In ASEAN meetings, tourism, investment, and trade aspects were also emphasised to facilitate cross-border activities,” he said.

Anwar also stressed that Malaysia plays an important role in shaping the APEC artificial intelligence (AI) initiative by emphasising human values, ethics, and national identity.

“This APEC AI initiative encompasses human values and the identity of each country. It cannot be imposed based on frameworks or methods determined by foreign countries,” he said.

Anwar also said Malaysia discussed cooperation in the rare earth sector with South Korea to strengthen strategic economic relations.

-- BERNAMA