Tag: aspects

ASEAN targets 30 percent intra-regional trade by 2030 – Mohamad

CEBU: ASEAN is committed to strengthening intra-regional trade, including increasing trade between member countries to at least 30 percent by 2030. Foreign Minister Datuk Seri Mohamad Hasan said ASEAN member states need to move as a more organised and united bloc to address the impact of global conflicts, including disruptions to regional trade, economy and security, especially during conflicts in West Asia. He said ASEAN needs to emphasize efforts to streamline free trade agreements (FTAs) and facilitate the movement of goods among member countries to strengthen intra-ASEAN trade. "Intra-ASEAN trade has not yet reached 25 percent. We want trade between ASEAN countries to reach at least 30 percent by 2030." "We are looking at the current status, the obstacles and the steps that need to be taken. Therefore, we want the memorandum of understanding (MoU), ASEAN FTA and the movement of goods to be streamlined." "If possible, trade between ASEAN countries should also not be subject to tariffs," he told Malaysian media on Thursday. Mohamad said the conflict in West Asia was an important lesson to ASEAN that cooperation and understanding among member countries was essential to face regional and global challenges. "Each has its strengths and advantages. We need to find a formula for how we can strengthen cooperation and help each other," he said. Regarding the ASEAN Foreign and Economic Ministers' Joint Meeting held on Thursday, Mohamad said it was an initiative initiated under the Malaysian chairmanship to ensure coordination between the political-security and economic pillars. He said that ASEAN's development had previously been largely based on political and security aspects, but the focus had now shifted to strengthening the economy and more comprehensive regional cooperation. He said that a joint meeting involving ASEAN Foreign Ministers and Economic Ministers was held to ensure that every decision could be coordinated across all ASEAN pillars, including economic, social and cultural.

CEBU: ASEAN is committed to strengthening intra-regional trade, including increasing trade between member countries to at least 30 percent by 2030. Foreign Minister Datuk Seri Mohamad Hasan said ASEAN member states need to move as a more organised and united bloc to address the impact of global conflicts, including disruptions to regional trade, economy and […]