Asean must boost internal trade to realise 2030 economic ambitions, says Mohamad Hasan

PUTRAJAYA, Aug 10 — Malaysia's Foreign Minister Datuk Seri Mohamad Hasan has emphasized the importance of boosting intra-Asean trade to achieve the region's economic ambitions by 2030. Currently, intra-Asean trade accounts for less than 25 per cent, which poses a challenge to the bloc's potential to become the world's fourth-largest economy by that time.

Hasan stated that Asean is shifting its focus from purely political matters to finding ways for the regional bloc to collaborate and become a significant economic player. He added that while Asean has mechanisms in place to enhance intra-regional trade, such as the "free movement of goods," there is still significant potential for growth and development among member nations.

During its Asean chairmanship last year, Malaysia introduced various initiatives and resolutions that laid the groundwork for the region's economic agenda. As the Philippines assumes the Asean chair this year, it is expected to continue building upon these proposals and resolutions, with the aim of further strengthening intra-Asean trade and advancing the Asean Community 2045 vision.