Zafrul: Rules-based trading system vital for today
The Investment, Trade and Industry Minister said a rules-based trading system is important for Asean, especially in today's scenario, where things are uncertain when it comes to trade.
'Given the geopolitical tension and geoeconomic challenges that we face today, trade diversification is an important strategy, and focus,' he said at the Asean Day celebration held on the sidelines of the World Expo 2025 here.
Tengku Zafrul said Asean, among others, has decided to upgrade the Asean trade and goods agreement to strengthen economic cooperation.
'When people are challenging the current economic order, we feel that we should double down on strengthening the principles of multilateralism. In fact, we are looking at new areas of cooperation in trade, where we are probably going to be the first bloc to sign a digital economy framework agreement,' he said.
Tengku Zafrul also said that it is important for Asean to focus on sustainable growth for the region, particularly in terms of gross domestic product and in markets to expand trade and investment.
'We want growth to be inclusive, and equitable. In light of what's happening globally, we also want the growth to be resilient,' he added.
Tengku Zafrul said the World Expo 2025 in Osaka offers a timely platform for Asean to showcase not just its identity but also its diversity and unity to the global community.
'We look forward to welcoming Japan to the Asean Economic Ministers' Meeting in September and to the Asean Leaders' Summit in October. I believe that through constant dialogue we build trust, and that trust will build a much better Asean and a much better Asia for our future generations,' he said.
Asean Economic Community deputy secretary-general Satvinder Singh said Asean has expressed its readiness to upgrade its free trade agreement (FTA) with Japan, signalling a desire to bring the decades-old pact into the modern economic era.
He said there is a growing urgency and opportunity to refresh the Asean-Japan Comprehensive Economic Partnership signed in 2008 in line with new economic realities.
He highlighted Asean's recent achievements in modernising economic agreements with China, Australia, New Zealand, and India, which now include new components such as e-commerce, innovation, global supply chain resilience, and sustainability.
'Clearly, Japan should also be one of the priorities for Asean in the coming years. On the Asean side, we are ready to engage with Japan when it is ready,' he added.
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