ASEAN expands economic partnerships to navigate global dynamics

ASEAN is strengthening economic partnerships with various countries and regions by accelerating the implementation of a number of trade agreements to maintain the region’s competitiveness amid global economic dynamics. The commitment was affirmed in a joint communiqué adopted by ASEAN Foreign Ministers. “We reaffirmed ASEAN’s commitment to deepening its economic engagement with the world through strengthened and diversified partnerships to maintain ASEAN’s relevance in an evolving global landscape,” the communiqué stated. The ministers welcomed the signing of the Protocol to Upgrade the ASEAN-China Free Trade Area (ACFTA) 3.0 and expressed hope that its implementation would soon deliver tangible benefits to businesses and communities across ASEAN member states. “We also expressed optimism over the positive momentum of the ASEAN-Canada Free Trade Agreement (ACAFTA) negotiations and reaffirmed our collective commitment to substantially conclude the negotiations this year,” the communiqué read. ASEAN also stressed the importance of concluding the review of the ASEAN-India Trade in Goods Agreement (AITIGA) this year as part of efforts to strengthen trade ties with India. Furthermore, ASEAN welcomed the commencement of negotiations to upgrade the ASEAN-Korea Free Trade Area (AKFTA) this year. The agreement is expected to enhance trade, supply chains, energy cooperation, the green economy, and the digital economy. ASEAN is targeting the substantial conclusion of these negotiations by the end of 2027. The bloc also reiterated its commitment to the effective implementation of the Regional Comprehensive Economic Partnership (RCEP), believing that a strengthened and expanded RCEP will continue to serve as a foundation for regional trade and economic integration. The ministers further appreciated the adoption of the Joint Declaration on Economic Cooperation between ASEAN and the Gulf Cooperation Council (GCC) at the 2nd ASEAN-GCC Summit last year and looked forward to its implementation and follow-up. ASEAN also expressed appreciation for the ongoing efforts of its member states and the parties to the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), anticipating formal and constructive engagement at the upcoming 2nd ASEAN-CPTPP Trade and Investment Dialogue.