Singapore’s Deputy Prime Minister and Minister for Trade and Industry, Gan Kim Yong, took part in the Special ASEAN Economic Ministers’ Consultations with Dialogue Partners held virtually on 20 May 2025.
The meeting, chaired by Malaysia’s Minister of Investment, Trade and Industry Tengku Zafrul Tengku Abdul Aziz, brought together ministers from ASEAN and its key partners China, Japan, Australia, and New Zealand amid ongoing global economic uncertainties.
During the discussions, the ministers exchanged views on the latest regional and global economic developments. They collectively recognised the growing challenges posed by shifting trade dynamics, supply chain disruptions, and rising protectionism worldwide.
The meeting served as a platform to reaffirm the region’s commitment to a rules-based multilateral trading system, anchored by the World Trade Organization (WTO).
Gan Kim Yong emphasised Singapore’s strong support for deeper economic cooperation, especially in strengthening supply chain resilience, promoting digital and green transformation, and ensuring inclusive and sustainable growth across the region.
He stated that ASEAN plays an increasingly vital role as a connector between regions in today’s fragmented global landscape.
The consultations also highlighted major milestones in ASEAN’s economic partnerships. These included the conclusion of the ASEAN-China Free Trade Area (ACFTA) 3.0 Upgrade negotiations and the entry into force of the amended ASEAN-Australia-New Zealand Free Trade Area (AANZFTA) for several members.
Gan reiterated Singapore’s commitment to working closely with ASEAN member states and dialogue partners to navigate global challenges.
He underlined the importance of staying united and open, saying that by working together, the region can build economic resilience and maintain a trading system that benefits all.
Shahriena Shukri is a journalist covering business and economic news in Malaysia, providing insights on market trends, corporate developments, and financial policies. More about Shahriena Shukri.
