, Singapore

Gan proposes 3 steps toward ASEAN economic recovery

He made the proposals during the ASEAN Economic Ministers' Retreat.

Minister for Trade and Industry Gan Kim Yong attended the 28th Association of Southeast Asian Nations (ASEAN) Economic Ministers' (AEM) Retreat, hosted by ASEAN Chair Cambodia via video conference.

Gan proposed three areas where ASEAN could work together to drive economic recovery:

  1. The importance of continued unity and open, rules-based regional economic integration as ASEAN Member States (AMS) navigate economic uncertainties such as inflationary pressures and economic disruptions arising from geopolitical complexities and the global pandemic;
  2. The need for ASEAN to band together and act swiftly in response to current challenges, including through strengthening regional supply chains and upgrading ASEAN's Free Trade Agreements (FTAs); 
  3. ASEAN's position as a progressive and dynamic regional bloc through cooperation in emerging areas such as the digital and green economies.

The ASEAN ministers worked on responding to supply chain disruptions by extending the memorandum of understanding on the Implementation of NTMs on Essential Goods to November 2024 and further expanding the accompanying List of Essential Goods. They also called for accelerating the safe resumption of cross-border travel in the region. Lastly, they launched the ASEAN Trade in Goods Agreement (ATIGA) upgrade negotiations to maximise the potential of intra-ASEAN trade and deepen economic integration.

"Singapore supports Cambodia's ASEAN chairmanship economic priorities. These will collectively strengthen regional supply chains to bolster recovery and ensure that our network of Free Trade Agreements remains relevant, progressive, and business-friendly against the backdrop of global uncertainties," Gan said.

Gan also attended the AEM-ASEAN Business Advisory Council (ASEAN-BAC) Consultations, where discussions focussed on Cambodia's ASEAN-BAC chairmanship in 2022 and the progress of ASEAN-BAC's legacy projects.

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