00:00So, Your Excellencies, we gather at a vital time for our region and the global economy,
00:06a time of both great challenges and opportunities.
00:09It is evident in our discourse throughout the series of meetings we had today
00:14that while the global economic climate may seem to be hanging in a balance,
00:20our region remains unwavering and resolved in standing united and open for cooperation and collaboration.
00:27It may be intra-ASEAN or with other economies.
00:32Our journey over the decades has time and time again shown that our act of standing and working together
00:41has maintained ASEAN's edge as a resilient and thriving economic community,
00:47enabling us to advance prosperity for our people.
00:50So, today we face a world of heightened economic uncertainties,
00:54from slower growth forecasts to geopolitical tensions and the troubling rise of protectionism
01:01with selective tariffs and trade measures eroding the foundations of the rule-based global trade order.
01:09Yet, ASEAN chooses a different path.
01:12Through the special AEM meeting that we convened in April 2025,
01:16we send a signal to the world that instead of deploying approaches that are insular or retaliatory,
01:22ASEAN's truth firm that open communication, integration and cooperation are the pathways to share prosperity
01:30and safeguarding our region's economic stability, resilience and long-term growth.
01:36We have learned from the past crisis that deeper cooperation is the key to resilience and growth.
01:42After the trials of the late 1990s and the global financial crisis,
01:48sound policies paired with regional integration enable ASEAN to emerge stronger and more connected.
01:55The AEC has come a long way following the narrative of the AEC blueprint 2025 and also the 2015.
02:03In making ASEAN a seamless single production and investment hub,
02:07we strive towards becoming a region that promotes the free flow of goods, services, capital and innovation.
02:15To this end, we have successfully concluded negotiations in upgrading the ITGAR
02:19to further reduce tariff and non-tariff barriers for intra-trade ASEAN.
02:24So in addition, we are also on track to conclude the ASEAN DEFA by end of 2025,
02:30or substantially conclude,
02:31aligning digital rules and standards to boost cross-border e-commerce and payments.
02:37So both these endeavors will certainly make it easier for our businesses to operate across the region
02:43and significantly increase trade among member states.
02:46In short, a more integrated ASEAN is our best response to an answer to the world.
02:53So, Your Excellencies, as we strengthen our internal integration,
02:56we also recognize that our region's prosperity has always been tied to the wider world.
03:03So our community's economic success is built on openness and connectivity with global partners.
03:10So I believe Your Excellencies agree with me that ASEAN will continue to build bridges,
03:15not walls, with our key trading partners,
03:18by remaining committed to the rule-based trading system with WTO at its core.
03:25So let's continue to do our part to uphold free, fair, and non-discriminatory trade
03:30while cushioning the risk of being at the mercy of larger economies.
03:35Indeed, ASEAN's centrality in global trade has never been more apparent.
03:40The RCEP now, in effect, has created the world-largest free trade area
03:44covering approximately 30% of global GDP with ASEAN at its center.
03:50We are also actively deepening strategic trade relations with new economies,
03:55with the last latest example being our readiness to further enhance collaboration between ASEAN and the GCC.
04:02So this builds on the new ASEAN-GCC Joint Declaration on Economic Cooperation
04:07in the recent 46th Summit.
04:12We are also strengthening economic ties with our existing dialogue partners
04:16through our upgrading of several ASEAN plus-one FTAs,
04:19such as the ASEAN-China FTA 3.0, the ITIGA review,
04:24and soon the ASEAN-Korea FTA upgrade.
04:27We are also exploring meaningful engagement with new trading blocks,
04:31one of them being a dialogue between ASEAN and the member economies of CPTPP
04:36to discuss areas of mutual interest.
04:40So these initiatives reinforce a diversified robust network to deliver.
04:45Thank you very much.
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