GEOGRAPHICAL risks, demo-graphic change and shifting perceptions are challenges that threaten the positive momentum of global economic growth and resilience.
This was highlighted in a titah by His Majesty Sultan Haji Hassanal Bolkiah Mu’izzaddin Waddaulah ibni Al-Marhum Sultan Haji Omar ‘Ali Saifuddien Sa’adul Khairi Waddien, Sultan and Yang Di-Pertuan of Brunei Darussalam yesterday morning during the Plenary Session of the 12th Asia-Europe Summit Meeting (ASEM) at the Europa Building, Brussels in Belgium.
Accompanying His Majesty to the session was His Royal Highness Prince ‘Abdul Mateen.
The event commenced with an opening statement by 12th ASEM Chairman Donald Tusk, who is also European Council President.
In the titah, the Sultan said that the role played by the international trade and investment is very important, and our people must be assured of the benefits of economic integration.
To promote this, markets must be kept open, rules-based multilateral trading system should be followed and protectionism resisted as embodied in the World Trade Organization.
His Majesty went on to say that this can be supported through a strong multilateral framework.
As such, His Majesty drew attention to ASEAN’s work in finalising the Regional Comprehensive Economic Partnership, as well as resuming talks with the European Union (EU) on the possibility of an ASEAN-EU Free Trade Agreement.
His Majesty stated that an economy’s resilience is dependent on its ability to adapt to digital technologies to enable new markets and trading across borders, to participate in the global value chains to increase productivity and opportunities, and support government initiatives to improve ease of doing business to aid growth.
Prioritising economic connectivity in the ASEM agenda is critical to promote greater competitiveness and prosperity, His Majesty said.
However, His Majesty noted that rapid technological advances of the Fourth Industrial Revolution can potentially disrupt the labour market, which requires re-training and life-long learning to ensure the success of entrepreneurship and to provide job security.
His Majesty went on to state that there is much to learn from each other on developing a more inclusive entrepreneurship ecosystem, through sharing of best practices between policymakers, businesses and the community.
In this regard, His Majesty welcomed the work of the ASEM Pathfinder Group on Connectivity which will contribute towards narrowing the development gap between members, and achieving the United Nation’s 2030 Sustainable Development Goals.
After the Plenary Session, His Majesty consented to join other leaders and heads of delegation for a photo session.
His Majesty yesterday left Brussels after attending the two-day ASEM.
Prior to leaving the hotel, a Doa Selamat was recited by State Mufti Pehin Datu Seri Maharaja Dato Paduka Seri Setia (Dr) Ustaz Haji Awang Abdul Aziz bin Juned.
Present to bid farewell to His Majesty was Ambassador of Brunei Darussalam to Belgium Abu Sufian bin Haji Ali, who is also Brunei’s Permanent Representative to the EU, as well as officers of the Embassy of Brunei Darussalam in Belgium and the Mission to the EU.