Thailand’s PM Highlights Regional Economic Priorities Amid Malaysia’s ASEAN Chairmanship
KUALA LUMPUR, Malaysia – Thailand’s Prime Minister Paetongtarn Shinawatra has emphasized the crucial role of enhanced regional economic integration, robust supply chains, and global economic development in a recent interview with Bernama.
Interviewed on how the Association of Southeast Asian Nations (ASEAN), under Malaysia’s chairmanship, can accelerate the implementation of the Regional Comprehensive Economic Partnership (RCEP) to drive regional growth, Paetongtarn reiterated Thailand’s commitment to collaborating with Malaysia and other RCEP member countries.
Boosting Regional Growth through RCEP and Beyond
Paetongtarn, who assumed the role of Thailand’s 31st prime minister on August 16, 2024, expressed her belief that these efforts would complement RCEP and contribute to Malaysia’s chairmanship endeavors to foster intra-ASEAN trade and investment.
“Beyond RCEP, Thailand also supports Malaysia’s initiatives to deepen economic integration through upgrading other free trade agreements (FTAs) with external partners and developing the ASEAN Digital Economy Framework Agreement,” Paetongtarn stated.
RCEP: A Success Story for Regional Trade and Investment
Highlighting the success of RCEP, she commented, “RCEP, as the world’s largest FTA, has proven to be a successful economic bloc, where members have seen increased trade and investment volumes, improved market access, trade facilitation, and regional supply chains, while exploring new areas of cooperation, including in e-commerce and MSMEs (micro, small, and medium enterprises).”
The prime minister commended the recent establishment of the RCEP Support Unit (RSU) within the ASEAN Secretariat, expressing optimism that it will become a key mechanism to accelerate the full implementation of RCEP in the future.
Understanding RCEP’s Scope and Impact
RCEP encompasses 15 countries: the 10 ASEAN member states (Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, Philippines, Singapore, Thailand, and Vietnam), along with five of ASEAN’s Dialogue Partners – Australia, China, Japan, South Korea, and New Zealand. The agreement accounts for approximately 30% of global gross domestic product (GDP) and a similar proportion of the world’s population.
Since its full implementation, ASEAN’s trade with RCEP members reached US$1.9 trillion in 2023, representing a notable 25% increase from pre-pandemic levels. Foreign direct investment (FDI) from RCEP partners also saw a robust inflow of US$66.3 billion, constituting 28.9% of total FDI inflow to ASEAN in 2023
Learn More about ASEAN and Regional Economic Development
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