ASEAN calls for upholding rules-based multilateral trading system

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It is important for ASEAN to continue its support for the rules-based multilateral trading system, even as this has come under pressure, Singapore's Prime Minister Lee Hsien Loong said on Thursday.

"The rules-based multilateral trading system, which has underpinned ASEAN's growth and prosperity, is under pressure," Lee, who acts as chairman of ASEAN this year, said at the opening ceremony of the ASEAN Foreign Ministers' Meeting in Singapore.

Singapore's Prime Minister Lee Hsien Loong speaks at the opening ceremony of the ASEAN Foreign Ministers' Meeting at Singapore Expo on August 2, 2018. /CCTV Photo

Lee told ASEAN countries to "work with like-minded partners to deepen our web of cooperation".

Staying united, as well as maintaining ASEAN’s cohesion and effectiveness, will be “the only way” for the grouping to “remain relevant and be of value”, Lee added.

He also highlighted two areas where the region can do more, namely economic integration and technology adoption.

Lee said that ASEAN was redoubling efforts to conclude the Regional Comprehensive Economic Partnership (RCEP) by the end of the year.

"It will be the world's largest trading bloc, covering a third of the world's GDP," he said.

Singapore's Prime Minister Lee Hsien Loong speaks at the opening ceremony of the ASEAN Foreign Ministers' Meeting at Singapore Expo on August 2, 2018. /CCTV Photo

The RCEP comprises ASEAN countries and Free Trade Agreement (FTA) partners Australia, China, India, Japan, South Korea and New Zealand.

While the meetings commence on Thursday, the highly anticipated ASEAN plus Three, East Asia Summit Ministerial and ASEAN Regional Forum meetings will also be held on Saturday.

Foreign ministers of ASEAN dialogue partners, such as China, US, Japan, South Korea and Russia are in attendance.