ASEAN to reinforce centrality and promote multilateral trade

Held in Kuala Lumpur, Malaysia, the 58th ASEAN Foreign Ministers’ Meeting (AMM-58) issued a joint communiqué emphasising the importance of a rules-based, predictable, transparent, inclusive, free, fair, and sustainable multilateral trading system, with the World Trade Organisation (WTO) at its core.

Malaysian Prime Minister Anwar Ibrahim delivers a speech at the Opening Ceremony of the 58th ASEAN Foreign Ministers’ Meeting (AMM-58). (Photo: MOFA)

Amid global economic challenges, ASEAN countries have proactively expanded cooperation and diversified trade relationships to foster peace, prosperity, and sustainable development.

In recent decades, the multilateral trading system has served as the foundation for global economic growth, enabling economies of all sizes to benefit from predictable rules, reduced trade barriers, and effective dispute resolution mechanisms.

For developing economies, the multilateral trading system has also played a crucial role in driving structural reforms, attracting investment, and reducing poverty. Among the strategies pursued by ASEAN countries to mitigate the negative impacts of ongoing trade tensions is enhancing regional trade, partnering with friendly economies, and maximising the benefits of the Regional Comprehensive Economic Partnership (RCEP).

In the context of intensifying strategic competition, ASEAN nations are not only strengthening intra-bloc cooperation but also actively expanding ties with external partners through free trade agreements and multilateral cooperation frameworks.

According to Sharon Seah from the ASEAN Studies Centre at the ISEAS-Yusof Ishak Institute, ASEAN countries are becoming increasingly pragmatic and autonomous in safeguarding national interests through diversification and balanced foreign relations.

Meanwhile, countries like China, Japan, and members of the European Union (EU) have all highlighted the crucial role of multilateral trade. Seeking to deepen cooperation with ASEAN, Beijing has ramped up initiatives in maritime affairs, transportation, green economy, and artificial intelligence (AI), particularly in the dynamic Southeast Asian markets. At the ASEAN+3 Foreign Ministers’ Meeting, China pledged to continue contributing to the RCEP Economic and Technical Cooperation Fund to support ASEAN in its institutional capacity-building and regional integration efforts.

During meetings with ASEAN Foreign Ministers on the sidelines of AMM-58 and related events, Japanese Foreign Minister Takeshi Iwaya recently called for maintaining a free, fair, and open international economic order. Recognising ASEAN as central to global growth and increasingly vital for regional peace and prosperity, Japan expressed its desire to strengthen cooperation with ASEAN and stressed the importance of preserving and reinforcing the multilateral trading system, with the WTO as its cornerstone.

A report by the United Nations Conference on Trade and Development (UNCTAD) estimates that global trade hasincreased by 300 billion USD in the first half of 2025, despite a slowdown in growth rates. While this is a positive signal, the outlook for global trade in the second half of 2025 remains fraught with risks. Geopolitical tensions and ongoing trade conflicts continue to pose significant challenges for the global economy, which is still struggling to recover from successive shocks. Rising geopolitical tensions, unpredictable trade policies, and signs of stagnating global economic growth are casting a shadow over the initial positive figures.

Amid growing concerns over the rising tide of unilateralism in international trade, ASEAN’s emphasis on multilateralism is a reflection of its efforts to diversify trading partners, enhance resilience, and unlock new economic opportunities.

ASEAN has reaffirmed its commitment to constructive engagement with all partners, advancing or upgrading free trade agreements (FTAs) with external parties and maximising the benefits of RCEP. These efforts are aimed at asserting ASEAN’s centrality, maintaining intra-bloc consensus, and promoting regional initiatives led by ASEAN.

NDO

ASEAN to reinforce centrality and promote multilateral trade

Held in Kuala Lumpur, Malaysia, the 58th ASEAN Foreign Ministers’ Meeting (AMM-58) issued a joint communiqué emphasising the importance of a rules-based, predictable, transparent, inclusive, free, fair, and sustainable multilateral trading system, with the World Trade Organisation (WTO) at its core.

Amid global economic challenges, ASEAN countries have proactively expanded cooperation and diversified trade relationships to foster peace, prosperity, and sustainable development.

In recent decades, the multilateral trading system has served as the foundation for global economic growth, enabling economies of all sizes to benefit from predictable rules, reduced trade barriers, and effective dispute resolution mechanisms.

For developing economies, the multilateral trading system has also played a crucial role in driving structural reforms, attracting investment, and reducing poverty. Among the strategies pursued by ASEAN countries to mitigate the negative impacts of ongoing trade tensions is enhancing regional trade, partnering with friendly economies, and maximising the benefits of the Regional Comprehensive Economic Partnership (RCEP).

In the context of intensifying strategic competition, ASEAN nations are not only strengthening intra-bloc cooperation but also actively expanding ties with external partners through free trade agreements and multilateral cooperation frameworks.

According to Sharon Seah from the ASEAN Studies Centre at the ISEAS-Yusof Ishak Institute, ASEAN countries are becoming increasingly pragmatic and autonomous in safeguarding national interests through diversification and balanced foreign relations.

Meanwhile, countries like China, Japan, and members of the European Union (EU) have all highlighted the crucial role of multilateral trade. Seeking to deepen cooperation with ASEAN, Beijing has ramped up initiatives in maritime affairs, transportation, green economy, and artificial intelligence (AI), particularly in the dynamic Southeast Asian markets. At the ASEAN+3 Foreign Ministers’ Meeting, China pledged to continue contributing to the RCEP Economic and Technical Cooperation Fund to support ASEAN in its institutional capacity-building and regional integration efforts.

During meetings with ASEAN Foreign Ministers on the sidelines of AMM-58 and related events, Japanese Foreign Minister Takeshi Iwaya recently called for maintaining a free, fair, and open international economic order. Recognising ASEAN as central to global growth and increasingly vital for regional peace and prosperity, Japan expressed its desire to strengthen cooperation with ASEAN and stressed the importance of preserving and reinforcing the multilateral trading system, with the WTO as its cornerstone.

A report by the United Nations Conference on Trade and Development (UNCTAD) estimates that global trade hasincreased by 300 billion USD in the first half of 2025, despite a slowdown in growth rates. While this is a positive signal, the outlook for global trade in the second half of 2025 remains fraught with risks. Geopolitical tensions and ongoing trade conflicts continue to pose significant challenges for the global economy, which is still struggling to recover from successive shocks. Rising geopolitical tensions, unpredictable trade policies, and signs of stagnating global economic growth are casting a shadow over the initial positive figures.

Amid growing concerns over the rising tide of unilateralism in international trade, ASEAN’s emphasis on multilateralism is a reflection of its efforts to diversify trading partners, enhance resilience, and unlock new economic opportunities.

ASEAN has reaffirmed its commitment to constructive engagement with all partners, advancing or upgrading free trade agreements (FTAs) with external parties and maximising the benefits of RCEP. These efforts are aimed at asserting ASEAN’s centrality, maintaining intra-bloc consensus, and promoting regional initiatives led by ASEAN.

NDO