New economic bloc comprising Asean, BIMPEAGA proposed

KUCHING: A new economic bloc comprising Asean and Brunei Indonesia-Malaysia-Philippines East Asean Growth Area (BIMPEAGA) should be established to cushion the impact of the ongoing trade war between China and the US.

Minister of International Trade and Industry Darell Leiking said the rippling effect from the new economic bloc will most likely benefit those in the interior parts of Sarawak and Sabah which can participate in the new economic entity.

“With the new economic bloc, we can create a new economic ecosystem. Maybe, there could also be diversions of the global supply chain which will go to Asean and BIMP-EAGA,” Darell told reporters after his visit to Elim Industries at the Sama Jaya High Tech Park here yesterday.

The impact of the tariff war between the two economic superpowers on the global economy he added is still unclear and Malaysia should start to focus on the BIMP-EAGA market to cushion the blow from the trade war.

He also stressed that the Sarawak, Sabah and the federal governments should continue to work closely together as one to enable the distribution of wealth and economic benefits.

“The Prime Minister (Tun Dr Mahathir Mohamad) is very open to this. He even stated in his Sept 16 (Malaysia Day) address that the federation of Malaysia is a shared nation between Sarawak, Sabah and West Malaysia in equal partnership,” he added.

This he added meant that decisions will be made together in the spirit of equal partnership between the chief ministers of Sarawak and Sabah and the prime minister.

“This also means that we suffer and be joyful together,” he added in jest.