ASEAN, Japan Two-way Trade Reaches US$236.4 Bln In 2024

KUALA LUMPUR, Sept 24 (Bernama) -- Japan remains one of ASEAN’s largest trading partners and investors, with total two-way trade reaching US$236.4 billion (US$1=RM4.2) last year, said Minister of Investment, Trade and Industry Tengku Zafrul Abdul Aziz.

He said Japan’s foreign direct investment (FDI) to ASEAN reached nearly US$18 billion, as Japanese companies have long regarded ASEAN as a vital hub in their global supply chains.

“For ASEAN-Japan economic relations, for over five decades, our relations have been built on trust, cooperation and mutual respect.

“Japan was among the very first dialogue partners of ASEAN, and today, our economic ties remain one of the cornerstones of ASEAN’s external relations,” Tengku Zafrul said in his opening remarks during the 31st ASEAN Economic Ministers (AEM)-Ministry of Economy, Trade and Industry (METI) Consultation, here Wednesday.

He pointed out that Japan has consistently remained the grouping’s fourth-largest trading partner for the past five years and also the fifth-largest source of FDI among ASEAN’s dialogue partners.

Apart from that, Tengku Zafrul said that the Japanese investments are not only in traditional sectors, such as manufacturing and infrastructure, but increasingly in new and forward-looking areas such as supply chain resilience, digital and green transformation, human capital development, as well as regional and global cooperation.

This includes, via the implementation of the ASEAN-Japan Comprehensive Economic Partnership (AJCEP) and the Regional Comprehensive Economic Partnership Agreement (RCEP), which provides robust platforms for trade and investment liberalisation.

He emphasised that this complementarity is what makes the ASEAN-Japan partnership so enduring.

“This year, as we commemorate the 52nd year of ASEAN-Japan relations, we must reaffirm our commitment to strengthening this strategic partnership.

“It is not just about numbers or trade flows. It is about building resilience against global uncertainties, fostering innovation and sustainability, and ensuring that our people enjoy lasting peace and prosperity,” said Tengku Zafrul.

-- BERNAMA