Asean, Japan to strengthen efforts against protectionism

A woman walks passed the 48th Asean Ministerial Meeting logo at the meeting venue in Putra World Trade Centre, Kuala Lumpur, August 1, 2015. RAJA FAISAL HISHAN/The Star.

KUALA LUMPUR: Asean and Japan should work closely to curb the rising trend against global protectionism and strengthen economic cooperation.

International Trade and Industry Minister Datuk Seri Mustapa Mohamed said Asean remained committed to continuing practising open trade and deepen economic cooperation with Japan.

“There seems to be a growing global trend of protectionism, inward-looking policies and anti-globalisation in several parts of the world.

“Asean and Japan should not bend in to this trend but work together to promote open economy, multilaterism and regional groupings,” he said in a statement at the Asean Economic Ministers (AEMs) Roadshow to Japan luncheon in Osaka on Friday.

The luncheon was hosted by leading Japanese economic organisations in conjunction with the three-day roadshow which started on Thursday.

Japan is Asean’s second largest trading partner and second biggest source of foreign direct investment (FDI).

The bilateral trade between Asean and Japan reached US$239bil (RM1.06 trillion) in 2015, accounting for 10.5% of Asean’s total trade.

Meanwhile, FDI flows from Japan to Asean amounted to US$17.4bil, accounting for 14.5% of the total FDI into the region.

To date, over 10,000 Japanese enterprises are operating in Asean, creating employment opportunities for the growing young population and contributing towards socio-economic progress in every member state.

On another note, Mustapa said a memorandum of cooperation between Malaysia and Japan was expected to be signed soon for halal products and services, in preparation for the 2020 Olympics to be hosted by Japan. - Bernama