Singapore calls on ASEAN to unite against protectionism
Singaporean Minister for Trade and Industry Chan Chun Sing on May 21 said the Association of Southeast Asian Nations (ASEAN) should undertake a collective stance in favour of a free trading system while combating against protectionism.
Hanoi (VNA) – Singaporean Ministerfor Trade and Industry Chan Chun Sing on May 21 said the Association ofSoutheast Asian Nations (ASEAN) should undertake a collective stance in favourof a free trading system while combating against protectionism.
ASEAN must reaffirm its resolve to abide byopen regionalism, press on with deepening integration, and come together tomade a strong statement for a free, open, rules-based and interdependentsystem, Chan said at the Business Times' Leaders Forum on ASEAN, as Singaporeis taking the rotating chair of ASEAN this year.
ASEAN has done well in eliminating tariffsand gradually reducing services barriers. However, non-tariff barriers stillhinder the free flow of goods, and the investment landscape is uneven andlagging behind many other emerging economies, the minister said.
Consequently, ASEAN must continue to push foreconomic integration and strive to achieve a greater level of connectednessamong members, Chan noted.
According to him, ASEAN must ensure that thetrade architecture is continually updated and enhanced towards greatercoherence. Moreover, ASEAN needs to ensure that their economies are digitallyconnected and digitally enabled. Finally, ASEAN needs a breakthrough andinnovative capacity to maintain its competitiveness in the long-run, shiftingthe region up in the value chain.-VNA
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At the forum (Source: Straitstimes.com) 
