Singapore Prime Minister Lawrence Wong has called for bolder reforms to transform ASEAN into a more seamless and competitive single market, emphasizing that closer integration among the region's economies is key to unlocking its full potential.
Wong outlined specific measures including making it easier for companies to operate across borders, negotiating an ASEAN digital economy agreement, linking real-time payment systems like Singapore has already done with Malaysia and Thailand, and enhancing physical infrastructure including rail and power grid connectivity.
The Prime Minister stressed that the next decade would be critical, stating that "continued peace, stability and growth in ASEAN will transform our entire region, and this will translate to better jobs, opportunities and living standards for all our peoples."
Wong noted that ASEAN, representing a combined market of 700 million people, already has seven free trade agreements with external partners and is exploring agreements with the Gulf Cooperation Council and the European Union.
He highlighted that Malaysia as current ASEAN chair has been pushing for these reforms with Singapore's full support, with momentum continuing under the Philippines next year and culminating when Singapore assumes the chair in 2027 during ASEAN's 60th anniversary milestone.
