Milan [Italy], May 6: Malaysian Second Finance Minister Amir Hamzah Azizan has called for a renewed commitment to multilateralism and rules-based trade.
In an interview with Xinhua on Sunday on the sidelines of the 28th Association of Southeast Asian Nations (ASEAN)+3 Finance Ministers and Central Bank Governors Meeting in Milan, the minister also said the ASEAN+3 region has to face and address the impact of the trade war initiated by the United States.
"We hope to encourage a return to multilateralism and a rules-based trading system," which are crucial for long-term development.
This year's meeting, co-chaired by China and Malaysia, focused on global and regional macroeconomic developments and regional financial cooperation within the ASEAN+3 framework.
Participants endorsed updates to the strategic direction for ASEAN+3 financial cooperation and agreed to launch new technical assistance tools addressing medium- to long-term structural challenges.
With a population of just under 700 million, ASEAN's gross domestic product reached 3.8 trillion U.S. dollars in 2024, Amir Hamzah said, underscoring that the region vibrancy enables ASEAN to boost intra-Asian trade against external uncertainties.
ASEAN, committed to multilateralism and to stimulating domestic demand, is striving to sustain its economic momentum, he said.
ASEAN is also expanding its community by engaging more countries, including China, and is working to help rebuild a multilateral trading mechanism that benefits all members, he added.
Highlighting China's importance as a market for ASEAN countries, the minister said as China's economy expands and its domestic market develops further, ASEAN looks forward to increasing its exports to China and sharing the prosperity brought about through deeper cross-border cooperation.
Malaysia is holding the ASEAN presidency in 2025, with data showing that ASEAN and China have remained each other's largest trading partners for the fifth consecutive year.
Source: Xinhua News Agency
