No substitute for ASEAN, even as Southeast Asia eyes BRICS: Vivian

“I think there is no question the key game in town in our part of the world is Asian,” he said in a media interview on June 26 as he wrapped up a two-day visit to Thailand. 

There is no substitute for ASEAN as an organising unit, a production, investment or competitive zone, he said, noting the region has 680 million people, with a combined gross domestic product of around US$3.5 trillion (S$4.75 trillion) that can potentially double and quadruple in the next two to three decades.

Earlier in June, Thailand and Malaysia revealed that they plan to join BRICS, a group of emerging economies led by Brazil, Russia, India, China and South Africa that is seen to be challenging the Western-led global order. Myanmar and Laos had previously declared interest in joining the bloc.

Balakrishnan highlighted that ASEAN has signed trade pacts with countries such as China, South Korea and Japan.

Asian countries, too, have tie-ups such as the Digital Economy Partnership Agreement founded by Singapore, Chile and New Zealand, which South Korea has joined and Thailand has expressed interest in joining.

The attempts of Asian countries to broaden markets and reach a wider audience do not hinder the overall growth of the bloc and bilateral economic relations, he said.

“As long as these measures lead to greater openness, inclusiveness, a level playing field and make member states more attractive for investments and promote trade, we’re in support of all these exploratory moves,” he added.

Within ASEAN, countries need to double down on integration and connectivity and boost investments in infrastructure to enhance competitiveness, he said.

Balakrishnan was in Thailand on an official visit from June 25 to 26 at the invitation of his Thai counterpart Maris Sangiampongsa.

On June 26, he delivered the opening remarks at the coordinating meeting of the Thailand-Singapore Civil Service Exchange Programme.

The programme, established in 1997 and now in its 14th edition, gathers civil servants from both countries to share ideas and experiences in areas such as health, leadership development and education.

In his speech, Balakrishnan said the global economic paradigm is under pressure in a fractured world with wars in Ukraine and Gaza, and maritime tensions in the Pacific and South China Sea.

Given the current global situation, the old formulas for economic growth and collaboration will not be sufficient, he said.

On the bilateral front, Singapore and Thailand will need to make common cause in the new world that is emerging, finding opportunities in areas like the digital space and sustainable economy, he said.

The two countries will celebrate the 60th anniversary of the establishment of bilateral diplomatic relations in 2025.

Referring to the SQ321 turbulence incident in May, where the Singapore Airlines flight made an emergency landing in Bangkok, Dr Balakrishnan said the way the Thais rendered assistance is yet another reflection of the depth of the two countries’ longstanding relationship and their ability to rely on each other.

Michelle Ng

The Straits Times

Asia News Network