ASEAN should become a polar in multi-polar world: Prime Minister

Pham made the above statement while addressing the ASEAN Business and Investment Summit 2023 in Jakarta, Indonesia on Monday.

Collectively, ASEAN member countries have signed seven free trade agreements with major partners to establish a free trade area accounting for 30 percent of the world's population and 32 percent of the global GDP.

The bloc itself formulated its own free trade area in January 1992.

In addition, many initiatives have been put forward and promoted to help the bloc catch up with and take advantage of new development trends such as circular economy, digital economy, green economy, carbon-neutrality.

The regional economies are now working with partners to upgrade a series of free trade agreements.

In 2022, ASEAN's GDP growth accelerated to 5.6 percent compared to 2.9 percent of the global economy while intra trade was estimated at US$856 billion, making up around 22 percent of the bloc's total trade volume. ASEAN also proved how resilient it was in coping with challenges of energy security, food security, and the COVID-19 pandemic.

ASEAN has played a vital role in regional cooperation mechanisms such as ASEAN+1, ASEAN+3, East Asia Summit among others, thus helping the bloc to maintain balanced relations with external partners. To date, 43 countries have joined the Treaty of Amity and Cooperation (TAC) in Southeast Asia.

Prime Minister Pham said ASEAN needs to maintain its long-term commitment to market opening, trade and investment promotion to broaden door to investors, innovative ideas and talents.

ASEAN should continue expanding and deepening economic connectivity at both regional and international levels, said Pham.

He called on businesses to cooperate closely with governments to standardize and harmonize investment regulations, simplify procedures through digital transformation, join hands in strategic infrastructure development and high-quality human resource development.