SINGAPORE, May 21 (Xinhua) -- The Association of Southeast Asian Nations (ASEAN) must undertake a collective stance in favor of a free, open, rules-based trading system while combating against protectionism, Singapore's Minister for Trade and Industry Chan Chun Sing said here Monday.
Chan made the remarks while addressing the Business Times' Leaders Forum on ASEAN, as Singapore is taking the rotating chair of ASEAN this year.
The minister noted that trade frictions between major economic players will lead to spillover effects in the region.
ASEAN "must reaffirm our resolve to abide by open regionalism, press on with deepening integration, and come together to make a strong statement for a free, open, rules-based and interdependent system," he said.
"ASEAN has done well in eliminating tariffs and gradually reducing services barriers. However, non-tariff barriers still hinder the free flow of goods, and the investment landscape is uneven and lagging behind many other emerging economies," the minister said.
Consequently, ASEAN must continue to push for economic integration and strive to achieve a greater level of connectedness among members, Chan noted.
According to him, ASEAN must ensure that the trade architecture is continually updated and enhanced towards greater coherence. Moreover, ASEAN needs to ensure that their economies are digitally connected and digitally enabled. Finally, ASEAN needs the capacity to innovate and create to maintain its competitiveness in the long-run, shifting the region up the value chain.
