ASEAN Targets Intra-regional Trade To Reach 30 Pct By 2030 - Mohamad Hasan

From Linda Khoo

CEBU, May 8 (Bernama) -- ASEAN is committed to strengthening intra-regional trade, including increasing intra-member trade to at least 30 per cent by 2030.

Foreign Minister Datuk Seri Mohamad Hasan said ASEAN member countries now need to be more organised and united as a bloc to address the impacts of global conflicts, including disruptions to trade, the economy, and regional security, especially during conflicts in West Asia.

He said ASEAN needs to emphasise efforts to strengthen free trade agreements (FTAs) and facilitate the movement of goods among member countries to bolster intra-ASEAN trade.

“Intra-ASEAN trade has not yet reached 25 per cent. We want trade between ASEAN countries to reach at least 30 per cent by 2030.

“We are currently evaluating the current status, the obstacles, and the steps that need to be taken. That’s why we want the memorandum of understanding (MoU), ASEAN FTA, and movement of goods to be streamlined.

“If possible, trade between ASEAN countries should also be tariff-free,” he told Malaysian media on Thursday.

Mohamad highlighted that the conflict in West Asia serves as an important lesson for ASEAN, showing that cooperation and understanding among member countries are essential to address regional and global challenges.

“Each country has its own strengths and advantages. We need to find a formula for how we can strengthen cooperation and help each other,” he said.

Regarding the Joint ASEAN Foreign Ministers and Economic Ministers Meeting held on Thursday, Mohamad said it was an initiative launched under Malaysia’s chairmanship to ensure coordination between the pillars of political-security and economic affairs.

He said that ASEAN’s previous developments were largely focused on political and security issues, but the focus has now shifted to strengthening the economy and fostering more comprehensive regional cooperation.

A joint meeting involving ASEAN foreign and economic ministers was held to ensure that every decision is coordinated across all ASEAN pillars, including economic, social, and cultural aspects, he added.

-- BERNAMA