Singapore plans to use its 2027 chairmanship of the Association of Southeast Asian Nations (ASEAN) to pursue wider trade partnerships, as the bloc approaches a 50-year mark in its dialogue relationship with the USA.
ASEAN will also mark its 60th anniversary in 2027. The calendar also marks 50 years of ASEAN dialogue with the European Union and Canada, plus 30 years of the regional framework that brings ASEAN together with China, Japan and South Korea.
At a Sunday, Nov. 15, meeting with the ASEAN Business Advisory Council, Singapore Prime Minister and Finance Minister Lawrence Wong outlined possible areas for cooperation. He cited ongoing trade talks with Canada, said ASEAN and the EU have interest in a free trade agreement, and raised closer links with the Gulf Cooperation Council. He also said ASEAN could consider updating the Regional Comprehensive Economic Partnership (RCEP) to reflect changing business needs.
RCEP brings together 15 economies. Conceived in 2011 as an ASEAN-led initiative, it consolidated the bloc’s existing trade agreements with partner economies into a regional framework. In September, RCEP members said they had approved a temporary working group to advance applications from Bangladesh, Chile, Hong Kong and Sri Lanka.
Wong said regional companies favor closer economic integration. Tariffs are already largely absent within ASEAN, he said, but businesses still face other trade hurdles that governments should address gradually. He linked the need for stronger regional ties to rising trade and investment restrictions globally, saying ASEAN’s openness supports its competitive position.
Implementation will shape how much businesses gain from the digital economy agreement signed Saturday, Nov. 14, Wong said. The Digital Economy Framework Agreement establishes shared rules for digital transactions and cross-border data exchange. Wong said companies will need practical guidance, including guides for small and medium-sized enterprises developed through business associations. He added that the advisory council can relay problems businesses encounter as they put the rules into practice. Singapore takes the ASEAN chair in 2027, when the anniversary milestones arrive.
