‘Bringing Asean together as a single market’: PM Wong

Prime Minister Lawrence Wong emphasized the need to integrate the Association of Southeast Asian Nations (ASEAN) as a single market during a dialogue with DBS CEO Tan Su Shan at the DBS Asia Future Forward Conference on Oct 12. Wong highlighted the importance of harnessing the benefits of a single market, as Singapore currently lacks integration, and the region's complexity is greater than that of Europe.

The Prime Minister acknowledged that every challenge presents an opportunity for ASEAN to close this gap through innovation, entrepreneurship, and a unified digital economy. The forthcoming Asean Digital Economy Framework Agreement (DEFA) at the 49th Association of Southeast Asian Nations Summit, set to be signed in November, aims to provide a more efficient digital economy by reducing disparities in data flows and cross-border digital trade.

However, Wong emphasized that DEFA is not a "magic switch," and its successful implementation will require further efforts. He also discussed the varying rates of AI adoption among Asian economies, noting that some nations are benefiting more from the technology than others. In Singapore, Wong highlighted the government's commitment to reskilling and upskilling workers to manage the impact of AI on jobs, but acknowledged that there will still be some retrenchments.