Malaysian Minister of Investment, Trade, and Industry, Zafrul Abdul Aziz, called on the Association of Southeast Asian Nations (ASEAN) today, Friday, to strengthen internal cohesion and expand its external partnerships to address the growing global economic challenges. In his opening remarks while chairing the 31st ASEAN Economic Ministers’ Dialogue, Abdul Aziz stated that member states must assess the current economic situation and understand the potential implications that could affect the regional economic landscape, especially in light of global geopolitical changes.

He emphasized that enhancing regional economic integration could help mitigate the negative impacts resulting from shifts in the economic policies of major powers, highlighting the importance of accelerating the implementation of economic initiatives such as the Regional Comprehensive Economic Partnership (RCEP) and engaging in broader global partnerships.

He added that among the initiatives is the convening of the second summit between ASEAN and the Gulf Cooperation Council (GCC), as well as the ASEAN-GCC-China Summit, noting that these initiatives aim to strengthen economic relations between ASEAN and its strategic partners.

He said, "The spirit of solidarity within ASEAN has been and will remain the cornerstone of this regional bloc’s progress. Therefore, I encourage everyone to engage in discussions with an open mind, a cooperative spirit, and a commitment to achieving our shared interests."

Regarding ASEAN's economic growth, he noted that the outlook remains optimistic, with economic growth expected to reach 4.6% in 2024 and rise to 4.7% in 2025. He considered these figures, though modest, to be a "positive indicator reflecting the evolution of the regional economy."

He pointed out that foreign direct investment (FDI) in ASEAN has seen steady growth over the past decade, rising from $129.9 billion in 2014 to $229.8 billion in 2023, underscoring the region’s continued attractiveness to foreign investors.

The ASEAN Economic Ministers’ Meeting is being held at the Desaru resort in southern Malaysia, where ministers are discussing several issues, including improving the ASEAN Trade in Goods Agreement (ATIGA), negotiations on the ASEAN Digital Economy Framework Agreement (DEFA), reviewing progress on Timor-Leste’s accession to the regional bloc, and reviewing 18 key economic priorities for ASEAN, as well as the potential implications of U.S. tariff policies on regional trade.