Asean must strengthen food, energy, and digital security while enhancing its institutional capacity to anticipate and mitigate geopolitical and economic risks before they escalate into crises.
In his opening remarks at the Asean Joint Foreign and Economic Ministers’ Meeting on Saturday (Oct 25), Investment, Trade and Industry Minister Tengku Datuk Seri Zafrul Abdul Aziz said the 10-member bloc should prioritise protecting regional and global supply chain stability, securing access to critical goods, energy, and technologies, and reducing overreliance on any single market or production source.
00:00As rightly mentioned by the AAMM Chair, this joint meeting comes at a pivotal moment, providing an important platform for ASEAN to address economic and political security issues in a more integrated and strategic manner.
00:20While the mechanism itself is not new, its urgency has never been greater. So we all recognize that every economic policy carries political implications, just as every political position has far-reaching significant economic consequences.
00:38So strengthening the synergy between these two pillars is therefore essential as ASEAN navigates an increasingly complex and uncertain global landscape.
00:49And for decades, open trade and regional integration have been the driving force behind ASEAN's remarkable growth, lifting millions out of poverty, driving industrialization, and establishing our region as a key hub in global value chains.
01:05However, today, these hard-worn gains face mounting threats, rising protectionism and orbital decoupling reliance from measures threatened to undermine the hard-earned gains of openness and cooperation.
01:21The global economic fragmentation has now emerged as one of the defining challenges of our time and is expected to deepen further.
01:28So the ongoing strategic rivalry between major powers is unlikely to subside soon.
01:35Then what began as trade disputes have now expanded with our logistics, technology and physical supply chain.
01:41So this shift is reshaping the global trade landscape, heightening volatility and testing the resilience of interconnected economies like ours.
01:51So to withstand and navigate these growing challenges, ASEAN must anchor its response of two key pillars, economic security and economic resilience.
02:01While some equate economic security with isolation or protectionism, far regrettably pursued by several major powers,
02:09and ASEAN's approach to focus on being open.
02:13And our focus should be on protecting the stability of regional and global supply chain, securing access to digital goods, energy and technologies,
02:22and reducing over-dependence of any single market or productive source.
02:27It also entails the strengthening of food, energy and digital security while building its institutional capacity to anticipate and mitigate this before it escalates into crisis.
02:40Economic resilience, meanwhile, falls for diversifying markets and supply networks,
02:45representing international trade and investment as well, of course, and enhancing cooperation with trusted and like-minded partners,
02:52all to build a more stable, predictable environment and sustainable regional economies and economies.
02:58So together, we are here today, these two pillars will enable ASEAN to safeguard strategic autonomy,
03:05reserve regional stability, and maintain its position as a trusted and competitive hub amid global uncertainty.
03:11So, Excellency, Ministers, and one of the world's major regional blocs, ASEAN must be able to step past in upholding a rules-based multilateral trading system
03:21that underpins global stability and shared prosperity.
03:25ASEAN should advocate for more focused and high-impact reforms at the WTO,
03:30particularly in areas such as enhancing subsidy transparency, establishing digital trade governance,
03:36and exploring trust in dispute settlement mechanism to rebuild trust and confidence in global trade rules.
03:44In parallel, as I mentioned earlier, I believe it is timely for ASEAN to strengthen our regional economic security,
03:51enabling us to be in a better position to respond effectively to emerging challenges that stand both in common political spheres.
04:00So, on that note, I look forward to the insight of the ASEAN Zero Economy Task Force of the AGTF,
04:07established earlier this year in Taukintushche, our region's strategic direction.
04:12And having shared its preliminary findings at the AEM meeting in July, as well as the AEM within the last month,
04:20I trust that today's presentation will offer constructive, overlooking, and actionable recommendations
04:26that can further strengthen ASEAN's collective resilience in navigating an increasingly complex global environment.
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