SINGAPORE, 15 September 2023 – In a bid to strengthen regional economic resilience and foster sustainable growth, Singapore has unveiled several initiatives aimed at enhancing cooperation with its Association of Southeast Asian Nations (ASEAN) partners.
At the biennial East Asia Summit in Brunei, held from August 25-26, Singapore's Minister for Trade and Industry, Pandian Rajaratnam, reaffirmed the country's commitment to fostering a strong and dynamic ASEAN community. The summit provided a platform for leaders to discuss pressing regional issues, including trade facilitation, infrastructure development, and climate change mitigation.
As part of its efforts to promote economic integration, Singapore has launched several new initiatives, including the establishment of a new Free Trade Agreement (FTA) with Malaysia and Indonesia. The FTAs are expected to enhance bilateral trade relations between the three countries, while also promoting regional trade within ASEAN.
Furthermore, Singapore's Minister for Foreign Affairs, Vivian Balakrishnan, announced that the country would be providing $20 million in financial support to the ASEAN Infrastructure Fund (AIF), aimed at financing infrastructure projects across the region. The fund is designed to promote economic growth, reduce inequality, and enhance regional connectivity.
In addition, Singapore has also launched a new initiative to enhance cooperation on cybersecurity issues with its ASEAN partners. The Cybersecurity Cooperation Framework aims to promote information sharing, capacity building, and joint research initiatives among member states.
Singapore's commitment to ASEAN is underpinned by its long-standing vision of a vibrant and dynamic regional community. As the current Chair of ASEAN, Singapore has been working closely with other member states to promote regional integration, address pressing challenges, and foster sustainable growth.
In conclusion, Singapore's enhanced economic cooperation initiatives with ASEAN countries reflect the country's commitment to promoting regional stability, promoting trade and investment, and fostering a strong and dynamic community. As ASEAN continues to evolve and grow, Singapore's leadership in promoting regional integration is poised to play a key role in shaping the future of the region.
Sources:
Singapore Ministry of Foreign Affairs
ASEAN Secretariat
Related Stories:
Singapore to Launch New Free Trade Agreement with Malaysia and Indonesia
Singapore Boosts Support for ASEAN Infrastructure Fund
Cybersecurity Cooperation Framework Launched among ASEAN Member States