Mr Wong, who is also Singapore’s Finance Minister, warned that competing regional blocs will make it harder for Asia's developing countries to sit at the same table as more advanced nations.
To prevent this, the bloc is working to maintain more open economic cooperation, with broad participation across the globe.
While still actively engaging long-standing partners within Asia, the US and the European Union, ASEAN is also forging new ties in other regions including Africa, the Middle East and Latin America.
In his speech, Mr Wong called on economies to not undermine the multilateral trading system, saying rising protectionism will leave all countries worse off.
While he said it is understandable why nations and companies want to de-risk or diversify, Mr Wong also warned that taking it too far could prompt reactions and unintended consequences.
“No one wants to be overly reliant on a single supplier for raw materials, key components, or technology,” said Mr Wong.
“But it is hard to see how de-risking, at its current ambition and scale, can be strictly confined to just a few 'strategic' areas without affecting broader economic interactions ... Over time, we will end up with a more fragmented and decoupled global economy.”
The term “de-risk” was introduced at the recent Group of Seven (G7) summit, where leaders pledged to de-risk without decoupling from China to reduce economic reliance on Beijing.
ENGAGEMENT WITH JAPAN
On Wednesday, Mr Wong visited Japanese companies working on a hydrogen supply chain network.
As a leader in green technology, Japan can play a key role in facilitating sustainability financing and projects in Southeast Asia, he said.
Mr Wong also welcomed Japan's intention to cooperate more in regional security.
“Japan has historically adopted a low-key posture in security. But with the passage of time, there is scope for Japan to make a greater contribution in this area,” he noted.
“We hope that Japan will continue to build on the momentum of its recent engagements with regional countries and further contribute to Asia’s stability, security and growth.”
Mr Wong said that despite an increasingly dangerous and troubled world, there are reasons for optimism.
“Asia’s dynamism, shaped by its diverse cultures, resilience and adaptability, offer hope,” he said.
“We can also take heart that countries in the region share a deep commitment to collaboration and a common interest to work together.”
On Friday, Mr Wong is expected to meet Japanese political leaders including Prime Minister Fumio Kishida to further strengthen bilateral ties.
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May 26, 2023 at 12:45PM
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Multilateralism gives Asian countries agency to shape regional developments amid big power rivalry: DPM Wong - CNA
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