A stronger consensus among the member nations of the Association of theSoutheast Asian Nations (ASEAN) would elevate the association to aneconomic powerhouse in the region, according to the Malaysian PrimeMinister Najib Razak.

He made the remark at asummit meeting among leaders of the ASEAN member countries, affirmingthat ASEAN would prioritise cooperation that would bring prosperity andequal distribution.

Razak also said the blocwill work to deep cooperation in finance and ensure the participation ofall economic sectors of all member nations in the ASEAN EconomicCommunity. He highlighted the importance of the establishment of ASEAN’ssingle market and production base, which could heighten ASEAN to anequal level with some of the world’s biggest economies.

A single ASEAN Economic Community would benefit all 10 member nationsand create a free flow of goods, services, skilled professionals, andcapital, Razak said.

The standardisation of theprocesses and procedures of commerce and customs would reducetransaction costs, position ASEAN as an attractive investmentdestination, and boost competitiveness in exports, he said.

Additionally, the liberalisation of the financial service sectoralong with ensuring responsible investment would boost stability,investor confidence, and growth, he added.-VNA