PM: Asean faces many daunting challenges

"If you look at all of us combined — Asean, CPTPP, the EU and the GCC — collectively, we make up a significant part of the world economy," he said.

- 

FROM A1 with the Gulf Cooperation Council (GCC) countries, said PM Wong. Singapore also welcomes more Asean members to be part of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), he added. The CPTPP is a free trade agreement among 12 economies: Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, the United Kingdom and Vietnam.

"And if together, we can push back and uphold a rules-based trading system, that would enable us to strengthen multilateralism and make our overall economic foundations a lot more robust and resilient."

PM Wong also stressed the need for Asean to ensure that its existing platforms remain relevant and effective in building trust, managing differences and preventing outright conflict.