logo
ASEAN strengthens global partnerships with AOIP and TAC in Kuala Lumpur

ASEAN strengthens global partnerships with AOIP and TAC in Kuala Lumpur

The Sun12-07-2025
KUALA LUMPUR: The ASEAN Foreign Ministers have reaffirmed their commitment to strengthening the bloc's global partnerships by leveraging existing mechanisms such as the ASEAN Outlook on the Indo-Pacific (AOIP) and the Treaty of Amity and Cooperation in Southeast Asia (TAC). The decision was made during the 58th ASEAN Foreign Ministers' Meeting (AMM) held recently, reflecting ASEAN's dedication to maintaining consistency in its external relations amid shifting geopolitical dynamics.
The ministers emphasised the need to shift focus from quantity to strategic value in partnerships, ensuring alignment with ASEAN's long-term priorities. 'ASEAN must continue upholding its centrality and role as the primary driving force in managing relations with external partners,' the ministers agreed. This includes reviewing the moratorium on new Dialogue Partnerships, initiated in 2021, to ensure coherence with ASEAN Community Vision 2045.
A key outcome of the meeting was the directive for the ASEAN Secretariat to prepare a comprehensive Assessment Paper on ASEAN's Formal Partnerships. This document will serve as a strategic guide for future engagements, ensuring they remain grounded in ASEAN's principles as outlined in the ASEAN Charter and TAC.
The review process will adopt an action-oriented approach, covering all three pillars of the ASEAN Community and the ASEAN Connectivity agenda. The findings will be presented at a future AMM for further deliberation. - Bernama
Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

Bursa Malaysia is most likely to continue its upward trend this week
Bursa Malaysia is most likely to continue its upward trend this week

The Star

timean hour ago

  • The Star

Bursa Malaysia is most likely to continue its upward trend this week

KUALA LUMPUR (Bernama): Bursa Malaysia is likely to maintain its upward bias from Monday (July 21), building on the renewed buying interest seen over the past two sessions, said UOB Kay Hian Wealth Advisors Sdn Bhd head of investment research Mohd Sedek Jantan. He foresees the FTSE Bursa Malaysia KLCI (FBM KLCI) trading within the 1,540-1,550 range, potentially retesting levels recorded prior to the deadline of the reciprocal tariff deferral. "While (the United States) President Donald Trump's administration has yet to announce any formal amendments to Malaysia's tariff arrangement, the precedent set by recent favourable outcomes for Indonesia and Vietnam lends credence to the prospect of Malaysia's 25 per cent tariff being reviewed,' he told Bernama. Furthermore, he said the stronger-than-expected second-quarter gross domestic product figure should offer a constructive backdrop for market sentiment in the week ahead. "In our assessment, the combination of resilient domestic growth and compelling equity valuations, particularly within a selectively risk-on environment is likely to continue attracting foreign investor interest into the Malaysian market,' he added. According to the Statistics Department Malaysia (DoSM), Malaysia's economy is forecast to grow by 4.5 per cent in the second quarter of 2025 (2Q 2025) based on advance gross domestic product (GDP) estimates, slightly outpacing the previous quarter's 4.4 per cent. Growth is expected to be driven by robust domestic demand amid global headwinds. For the week just ended, the benchmark index fell 10.21 points to 1,525.86 from 1,536.07 a week earlier. The FBM Emas Index declined 63.75 points to 11,479.83, the FBMT 100 Index dropped 67.05 points to 11,241.69, the FBM Emas Shariah Index slid 14.60 points to 11,537.87, the FBM 70 Index shed 63.63 points to 16,697.72, while the FBM ACE Index rose 133.62 points to 4,671.79. By sector, the Financial Services Index dipped 253.30 points to 17,354.83, the Plantation Index reduced 8.56 points to 7,441.89 and the Energy Index went up 1.51 points to 739.13. Weekly turnover narrowed to 15.53 billion units worth RM11.77 billion from 16.21 billion units worth RM11.43 billion in the previous week. Main Market volume fell to 6.73 billion units valued at RM10.07 billion, compared with 6.99 billion units valued at RM10.02 billion previously. Warrant turnover depreciated to 6.83 billion units worth RM966.72 million from 7.82 billion units worth RM911.38 million a week earlier. ACE Market volume widened to 1.97 billion units valued at RM729.96 million versus 1.41 billion units valued at RM490.78 million previously. - Bernama

Ringgit to be traded at RM4.24 and RM4.26 range this week; market participants will be closely watching US Fed moves
Ringgit to be traded at RM4.24 and RM4.26 range this week; market participants will be closely watching US Fed moves

The Star

time2 hours ago

  • The Star

Ringgit to be traded at RM4.24 and RM4.26 range this week; market participants will be closely watching US Fed moves

KUALA LUMPUR (Bernama): The ringgit is expected to hover around RM4.24 to RM4.26 this week amid mixed signals in the market. This follows the anticipation of a potential meeting between United States (US) President Donald Trump and Chinese leader Xi Jinping, as well as the upcoming Federal Open Market Committee (FOMC) meeting by the end of the month. SPI Asset Management managing partner Stephen Innes said the market is expected to adopt a tone of cautious optimism next week, as the potential Trump-Xi meeting could reset the US-China dialogue, lifting broader Asian sentiment. "For Malaysia, any thaw in trade tensions could brighten the macro outlook and, by extension, offer a floor to the ringgit in the near term. That diplomatic backdrop, however tentative, has helped curb more aggressive ringgit selling into the weekend,' he told Bernama. Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid said that the next FOMC meeting will be held on July 29 and 30, and therefore, market participants will be closely watching to see whether the US Federal Reserve (Fed) will cut the Fed Fund Rate. "Next week, there are not many data points to look at other than some comments from the Fed officials; thus, the market will be adopting a wait-and-see stance,' he added. Meanwhile, Kenanga Investment Bank Bhd said the ringgit remains supported by improving domestic fundamentals, rising foreign direct investment inflows, and infrastructure catalysts such as the resumption of the Mass Rapid Transit 3 project. "We expect US dollar-ringgit to range between RM4.23 to RM4.25 per US dollar in the near term,' it said in a note today. On a Friday-to-Friday basis, the ringgit ended the week better against the greenback, closing at 4.2410/2455 as compared with 4.2475/2525 previously. The local note also traded higher against a basket of major currencies. The ringgit appreciated vis-à-vis the Japanese yen to 2.8517/8549 from 2.8893/8929, and strengthened against the British pound to 5.6999/7060 from 5.7524/7592 last Friday. It also rose versus the euro to 4.9336/9388 from 4.9679/9737 at the end of last week. Against Asean currencies, the ringgit traded mostly higher. The local note firmed against the Singapore dollar to 3.3027/3065 from 3.3186/3228, strengthened versus the Indonesian rupiah to 260.2/260.6 from 261.8/262.3 previously, and improved against the Philippine peso to 7.41/7.43 from 7.52/7.53 last Friday. However, it weakened versus the Thai baht to 13.3027/3065 from 13.0668/0886. - Bernama

Perak one of Malaysia's top durian-producing states, says Saarani
Perak one of Malaysia's top durian-producing states, says Saarani

The Star

time2 hours ago

  • The Star

Perak one of Malaysia's top durian-producing states, says Saarani

LARUT: Perak emerged as one of the leading durian-producing states in Malaysia, with a production volume of 59,217.3 tonnes worth RM462.28mil in 2024. Sgtate Mentri Besar Datuk Seri Saarani Mohamad said this contributed to the country's agri-food economy and proved Perak's capability in the durian export market. Saarani said Perak durians were exported to over 41 countries between 2017 and 2023, with 73% of the export value concentrated in China. "In 2022, Malaysia's durian export value reached RM1.14bil, including RM887mil to China, yet demand for varieties such as the Musang King, Black Thorn, D24, IOI and premium durian kampung from Perak continues to rise. "In addition, Topone Solution Sdn Bhd successfully exported 30 containers of durians worth RM20mil in 2024, including five containers of durian kampung worth RM1mil, as well as 100 tonnes of durian kampung paste worth RM5.25mil," he said when officiating the closing ceremony of the 2025 Perak state-level Durian Fest at Dataran Selama, near here on Sunday (July 20). He said Malaysia began exporting fresh durians to China on Aug 24, 2024, involving 413.61 tonnes (RM24.84mil), following the phytosanitary agreement between the two countries after official approval was obtained in June 2024. "Since then, Malaysian durians have penetrated 16 key provinces in China and received an overwhelming response as a premium exotic product, with the durian kampung from Perak also gaining global recognition. "Malaysia's durian export value is expected to reach RM1.8bil by 2030, with an annual growth rate of between 20% and 25%, driven by advancements in logistics, frozen supply chain technology and downstream product innovation," he said. He added that the current focus is on widening access to premium durian kampung from Perak through branding strategies, quality certification and digital marketing. "Durians from Perak are also in demand from Singapore, Hong Kong, the United States and Australia, with the price of durian kampung from Malaysia reaching RM29 per 600g, while the Musang King is sold up to RM400 per 2.5kg. "There are even local entrepreneurs who are aggressively introducing durian-based products like durian chocolates, durian coffee, durian cakes, instant tempoyak sambal and durian ice-creams that are also being marketed to China," he said. – Bernama

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into a world of global content with local flavor? Download Daily8 app today from your preferred app store and start exploring.
app-storeplay-store