Arya News - Singapore`s Foreign Minister Vivian Balakrishnan noted that ASEAN countries together form the fourth-largest economy in the world, and still have great growth potential in the next 20 years.
SINGAPORE – Singapore will aim to deepen integration between ASEAN member countries and widen partnerships beyond traditional dialogue partners when the Republic becomes chair of the regional bloc in 2027, said Foreign Minister Vivian Balakrishnan.
This includes doing more with the European Union and Canada, as well as countries in Africa, South America, and the Pacific Islands, Balakrishnan said on Oct 7.
At a session of the Milken Institute Asia Summit 2026, which is being held here, he was asked by moderator and chief executive of Milken Institute Richard Ditizio what he would consider a success at the end of Singapore’s term as ASEAN chair.
Singapore would consider its chairmanship a success if ASEAN’s economy continues to grow and become more integrated and if its strengths – such as in energy and technology – are brought to a point where the whole is more than the sum of its parts, said Balakrishnan.
In the midst of a breakdown in the world order and disruptions to supply chains, there are “rich pickings for middle and small powers” – provided that countries keep their heads, continue to build bridges and be constructive solution makers, he said during the fireside chat.
The minister noted that ASEAN countries together form the fourth-largest economy in the world, and still have great growth potential in the next 20 years.
“We want to be assessed on our own merit, not as an arena for contestation between the superpowers, and not as another arena for proxy wars,” he said.
Despite the geopolitical climate, countries in the region have recorded significant growth in the first half of 2026, said Balakrishnan, with Vietnam growing at over 8%, Singapore at 6.1%, and both Malaysia and Indonesia at over 5%.
In 2025, Taiwan overtook China as Singapore’s largest trading partner. Artificial intelligence, semiconductors and technology account for a big part of this shift, he noted.
Calling this moment the beginning of another gilded age, Balakrishnan drew a parallel between the current moment and the last industrial revolution, when railroads were both great investments and also sources of great volatility.
“In the long run, whatever happens with the short-term volatility, you know that these are technologies that are transforming economics and societies,” he added.
“In the long run, it is still great.”
The opportunity is there for huge fortunes to be made, he added, provided that countries are able to come together to set international standards for emerging fields such as artificial intelligence and biotechnology and global commons such as space.
Asked if the global community can still build rules today that every country actually follows, Balakrishnan said it is possible, but with greater difficulty.
He cited the example of the United Nations High Seas Treaty, formally known as the Biodiversity Beyond National Jurisdiction agreement.
Negotiations were presided over by Singaporean diplomat Rena Lee, and under her leadership the landmark treaty was adopted by consensus by UN members in 2023.
The treaty came into force on Jan 17 following ratification by more than 80 nations.
The foreign minister said it was not only possible but essential that the world continues to reach such agreements, to provide the “good brakes” necessary for it to move fast and tap the potential in fields such as AI and synthetic biology.
“This is a moment of great change and volatility,” he said. “If we can thread the needle, and not just for Singapore, but for ASEAN as a whole, I think we’ve got quite a compelling narrative and great potential.”