[SINGAPORE] Amid heightened uncertainty, Asia can stand out by offering “a differentiated value proposition”, said Deputy Prime Minister Gan Kim Yong on Thursday (Sep 11).
The world is seeing sharpening strategic rivalries, deepening protectionism and threats to the global commons, from trade rules to climate cooperation, he said. “And yet, amidst this turbulence, Asia has an opportunity to stand out.”
DPM Gan, who is also Minister for Trade and Industry, was delivering the keynote address at the Asia New Vision Forum 2025.
Organised by Chinese news outlet Caixin Media and held across three days at the Mandai Rainforest Resort by Banyan Tree, this year’s forum is themed “Charting the Future Amid Uncertainty”.
With strong fundamentals, Asia is poised to be one of the world’s fastest growing regions, said DPM Gan. “But to realise its growth potential in a fragmented world, Asia must position itself as a region that can offer stability, openness and inclusiveness.”
First, Asia must continue to safeguard peace and stability.
BT in your inbox
Start and end each day with the latest news stories and analyses delivered straight to your inbox.
Even as armed conflicts across the world hit lives, livelihoods and supply chains, Asia has seen tension and disputes yet largely preserved peace, said DPM Gan.
This has been a key enabler of Asia’s economic rise, allowing countries to focus on growth, attract investments and build resilient cross-border supply chains.
But clashes will arise from time to time, he warned. “It is therefore critical that we continue to keep channels of dialogue open, exercise restraint when conflicts emerge, and strengthen regional mechanisms that can help us manage our differences.”
SEE ALSO
He noted the encouraging rapprochement between India and China, as well as the ceasefire between Thailand and Cambodia.
“Our commitment to dialogue, restraint and the peaceful settlement of disputes is even more critical in a fragmented world that is prone to conflict,” he said. “This will allow Asia to remain an anchor of peace and stability in the world.”
Staying open
Second, Asia must continue with regionalism and economic integration, even as other countries elsewhere raise barriers and prioritise national interests.
An example is the Regional Comprehensive Economic Partnership (RCEP) – the world’s largest trade agreement – which eliminates tariff barriers on most products, and has common and streamlined rules of origin for trade.
The agreement currently includes 10 Asean member states and five trading partners: Australia, China, Japan, South Korea and New Zealand, covering about a third of global gross domestic product, exports and population.
Its membership should be expanded, said DPM Gan. “In this regard, we welcome the interest from Bangladesh, Chile, Hong Kong and Sri Lanka to join the RCEP, as well other economies who are able to meet its requirements.”
The RCEP should also engage other economic blocs – the European Union and Gulf Cooperation Council, for example – to collaborate in areas of mutual interest, such as digital trade and supply chain resilience, he added.
This will support the RCEP to become a pathway towards a Free Trade Agreement of the Asia-Pacific, for a more seamless, integrated Asia-Pacific economy.
“With greater regional economic integration, we can tap on the comparative advantages of our diverse economies to offer a compelling value proposition to businesses and investors, and reassure them that Asia will continue to remain open to the flow of goods, services, capital, and ideas.”
Working together
Finally, Asia can be a model for inclusive and progressive cooperation.
The region’s diversity must not be an obstacle to cooperation and integration, but a source of strength and resilience, said DPM Gan.
In the low-carbon transition, for instance, countries have the same responsibilities but different challenges and capabilities. Some have abundant renewable energy and can transition quickly; others need time to build infrastructure and secure financing.
The principle of “common but differentiated responsibilities” allows Asia to move toward towards the same objective of a sustainable future, through different pathways.
Similarly, while Asia is a hub for digital innovation, significant gaps exist in countries’ digital readiness.
Therefore, under the Asean Digital Economy Framework Agreement’s differentiated approach, countries that are willing can move ahead first, while others can adopt the more ambitious provisions when they are ready.
DPM Gan suggested that a similar tiered approach can be used in expanding digital economy agreements with other countries in Asia.
“This way, Asia can be a pathfinder for the world towards a practical approach towards ‘flexible multilateralism’ for the global economy.”
