Malaysia, Singapore Can Work Together To Boost Intra-ASEAN Trade - Johari

KUALA LUMPUR, Oct 1 (Bernama) -- Malaysia and Singapore can collaborate to enhance business connectivity within ASEAN and boost intra-ASEAN trade by leveraging their strengths in supply chains, the digital economy, and key industries.

This was emphasised during the Third Annual Ministerial Dialogue between the Ministry of Investment, Trade and Industry (MITI) and Singapore’s Ministry of Energy, Trade and Industry (METI), which was represented by Deputy Prime Minister Gan Kim Yong, who is also Minister for Trade and Industry.

MITI Minister Datuk Seri Johari Abdul Ghani said both countries could explore ways to facilitate greater trade and business linkages among ASEAN member states, with the long-term objective of increasing the share of intra-ASEAN trade.

“Intra-ASEAN trade is not fully tapped. The total trade among the 11 countries in ASEAN is US$4.37 trillion, and among us ASEAN is only about US$800 billion to US$900 billion.

“There is much more we can accomplish, and I discussed with Singapore’s Deputy Prime Minister Gan Kin Yong the potential for enhancing business connectivity among all ASEAN countries. Our goal is to eventually see that 50 per cent of the US$4.37 trillion trade is conducted within ASEAN,” he told reporters here today.

Johari said the ASEAN Digital Economy Framework Agreement (DEFA) would also be an important strategy to strengthen intra-ASEAN trade.

He said Malaysia had proposed DEFA during its ASEAN chairmanship in 2025, and it was now important to move towards implementation and execution, with Singapore taking the initiative as the current ASEAN chair.

“It is Singapore’s turn to take the initiative, and we need to help them to make sure that we use DEFA as one of the strategies to further boost intra-ASEAN trade,” said Johari.

He emphasised that ASEAN could leverage stronger regional connectivity across almost all sectors, particularly supply chains and food security, as well as electrical and electronics (E&E).

“While not all industries are involved, a significant portion of our focus is on leveraging ASEAN for our supply chain, particularly in terms of food security.

“Additionally, there are many other areas where we can benefit from the strong connectivity that Singapore has to offer,” said Johari.

The annual ministerial dialogue between Malaysia and Singapore brings together government and business representatives to identify and address issues affecting bilateral trade, services and economic activities.

-- BERNAMA