ASEAN will emerge as new economic power: Malaysian PM

Malaysian Prime Minister Najib Razak said on Thursday that further integration in the Association of Southeast Asian Nations (ASEAN) will result in the emergence of a new economic power in the region.

"Although our economies have been trade and commercial hubs for centuries, we are today creating an economic union unlike anything since the days of empire," the prime minister told an ASEAN CEO summit.

Najib said ASEAN's priority must be to ensure that integration leads to equitable wealth creation and distribution as well as deepening financial integration and inclusion.

"We must ensure that all sectors of our economies are fully engaged in the ASEAN Community," he said.

The establishment of ASEAN as a single market and production base would also unlock the potential to level the playing field with the world's biggest economies, he stressed.

Najib said an economically integrated ASEAN benefits all of 10 member states with freer movement of goods, services, skilled labor and capital.

"Harmonizing and standardizing trade and customs, processes and procedures will reduce transaction costs, making ASEAN even more attractive as an investment location and enhance export competitiveness," he said.

"Liberalizing the financial services sector while ensuring responsible investment and sustainability will further increase investor confidence, stability and growth," he added.

Founded in 1967, ASEAN groups Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand and Vietnam. Enditem