Deputy Prime Minister Heng Swee Keat underscores the strength of EU-ASEAN ties at the 10th Anniversary Gala Dinner of the EU-ASEAN Business Council.

On the evening of April 24, 2024, Deputy Prime Minister and Coordinating Minister for Economic Policies, Heng Swee Keat, addressed an esteemed audience at the 10th Anniversary Gala Dinner of the EU-ASEAN Business Council. The event celebrated a decade of growing relations and strategic partnerships between the European Union (EU) and the Association of Southeast Asian Nations (ASEAN).

Reflecting on Global Changes and Challenges: DPM Heng recalled the significant global shifts since the Council’s last AGM in 2018, including trade wars, the COVID-19 pandemic, and ongoing geopolitical tensions. Despite these disruptions, which have caused a contraction in global trade and shifts in supply chain dynamics, DPM Heng noted that ASEAN and the EU have successfully deepened their ties.

Strengthening Economic and Trade Relations: He highlighted the EU as ASEAN’s third-largest trading partner and investor, pointing to strategic agreements like the Comprehensive Air Transport Agreement signed in 2022. This pact, the first of its kind between two major regional blocs, is set to enhance connectivity and facilitate increased people-to-people exchanges.

Promoting Connectivity and Integration: DPM Heng drew parallels between the EU’s and ASEAN’s integration efforts, both aimed at economic growth and stability. He praised the EU’s support for ASEAN’s economic integration through the ARISE Plus program and emphasized the shared commitment to maintaining an open, outward-looking orientation amid rising global protectionism.

Future Cooperation: Looking ahead, DPM Heng proposed focusing on mutual interests such as digitalisation, sustainability, and supply chain resilience to build momentum for broader cooperation. He invited the EU to leverage Singapore as a gateway for accessing ASEAN and broader Asian markets, highlighting ongoing initiatives like the EU-Singapore Digital Partnership and its forthcoming Digital Trade Agreement.

DPM Heng concluded his speech by reiterating the importance of practical actions and cooperation that can lead to real economic benefits for both regions, underscoring the need for continued engagement across all levels of government, business, and society to foster a more connected and prosperous future.

Source – PMO