ASEAN-China-GCC Cooperation Can Reap Huge Economic Benefits -- Tengku Zafrul
KUALA LUMPUR, May 29 (Bernama) -- ASEAN can reap huge economic benefits through deepening ties with China and the Gulf Cooperation Council (GCC), says Investment, Trade and Industry Minister Tengku Datuk Seri Zafrul Abdul Aziz.
'The recent ASEAN–GCC–China Summit has also positioned our region as a bridge between Asia, the Middle East, and beyond.
'This trilateral partnership offers an opportunity to combine China's technology and infrastructure capacity, the GCC's energy and capital, and ASEAN's market and industrial dynamism into a new engine for growth and resilience,' he said in his keynote address at the ASEAN Business Forum 2025, here today.
The speech was delivered on Tengku Zafrul's behalf by the Malaysian Investment Development Authority's (MIDA) chief executive officer, Sikh Shamsul Ibrahim Sikh Abdul Majid.
Tengku Zafrul said the newly established ASEAN Geoeconomics Task Force, co-chaired by Malaysia and Indonesia, is now fully operational.
He noted that the task force's mandate is to provide real-time economic analysis, scenario modelling, and coordinated policy recommendations to help ASEAN anticipate and mitigate economic risks and, where appropriate, turn them into opportunities.
'Additionally, our ministers have reaffirmed an unwavering commitment to a rules-based multilateral trading system, with the World Trade Organisation (WTO) at its core.
'Our joint statements underscore a mature, forward-looking approach as ASEAN will respond to external shocks not with retaliation, but with deeper engagement, open dialogue, and collective solutions,' he said.
Meanwhile, Tengku Zafrul added that ASEAN's true superpower is the region's unity, resilience, and pragmatism.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
The Star
19 minutes ago
- The Star
Trump suggests China reduce US trade deficit by buying soybeans
MOSCOW (Bernama-Sputnik/RIA Novosti): US President Donald Trump has suggested that China should reduce the trade deficit the US has in bilateral exchanges by purchasing American soybeans. "China is worried about its shortage of soyabeans. Our great farmers produce the most robust soyabeans. I hope China will quickly quadruple its soyabean orders. "This is also a way of substantially reducing China's Trade Deficit with the USA. Rapid service will be provided. Thank you, President XI," Trump wrote on Truth Social, reported Sputnik/RIA Novosti. China and the US are currently in a state that media dubbed a trade war, which erupted after Trump imposed a 10 per cent tariff on all Chinese imports in February. In March, it was raised to 20 per cent. Then, after several rounds of retaliatory measures, US tariffs on Chinese goods reached 145 per cent, and the rate for American suppliers to China hit 125 per cent. However, by mid-May, China and the US agreed to mutually reduce tariffs to 10 per cent, effective May 14, for 90 days. As a result, China began imposing a 10 per cent tariff on imports of American goods, while the US levies 30 per cent on Chinese goods because a 20 per cent "fentanyl" tariff remains in effect. In late spring and early summer, both countries accused each other of violating preliminary agreements. In June, US imports of Chinese goods fell by 7.5 per cent to US$18.95 billion from US$20.49 billion in May. The last time imports were lower was in February 2009, when they amounted to US$18.85 billion. Meanwhile, US exports to China in June grew significantly - by 44 per cent, to US$9.44 billion from US$6.55 billion the previous month. -- Bernama-Sputnik/RIA Novosti
The Sun
19 minutes ago
- The Sun
Sibu traders urged to join Kedai MyKasih for wider market reach
Credit: Oscar Ling Chai Yew - via BERNAMA SIBU: Small and medium-sized supermarkets and grocery stores in Sibu are encouraged to register as partners under the Kedai MyKasih programme. The initiative aims to expand market reach and increase income for local traders. Sibu MP Oscar Ling Chai Yew highlighted that participation allows traders to serve low-income households eligible for Sumbangan Asas Rahmah (SARA). 'Traders who sell at least 70 per cent of the 14 listed essential goods categories can apply,' he said in a statement. The categories include white rice, beverages, bread, eggs, seasonings, and toiletries. Other eligible items are medicines, instant noodles, biscuits, flour, stationery, and canned food. Cooking oil and household cleaning products are also part of the approved list. Ling's parliamentary service centre recently launched a mobile counter in town to assist with registrations. Though registration numbers remain below target, Ling called it a vital step in raising awareness. Interested traders can visit the Sibu DAP headquarters for application support. Approved partners will receive a government-provided POS system and barcode scanner. The programme simplifies access to essentials for SARA beneficiaries using MyKad. Ling emphasised the dual benefit for traders and the community through this initiative. The Ministry of Finance oversees the final approval process for registered applicants. This effort aligns with broader strategies to support local businesses and vulnerable groups. - Bernama
Sinar Daily
19 minutes ago
- Sinar Daily
Zara Qairina: Nik Nazmi urges Education Minister to prioritise student safety rather than being defensive
He stressed that parents are entitled to be informed and assured about their children's safety in school. Setiawangsa MP Nik Nazmi Nik Ahmad - BERNAMA FILE PIX KUALA LUMPUR - Setiawangsa MP Nik Nazmi Nik Ahmad has called on the Education Ministry to focus on ensuring student safety rather than being defensive over public concerns, particularly in light of the tragic death of 13-year-old Zara Qairina Mahathir. Speaking during the debate on the 13th Malaysia Plan in the Dewan Rakyat on Monday, Nik Nazmi stressed that parents were entitled to be informed and assured about their children's safety in school. 'Setiawangsa welcomes the government's commitment, including from Prime Minister Datuk Seri Anwar Ibrahim to ensure a transparent investigation into Zara's case. 'I hope the Education Minister will not take a defensive stance on this matter as it concerns a fundamental issue which is the safety of children in schools. 'We could not point fingers at parents for making speculations or anything else. The most important thing is to show that the government will take serious action and not belittle the concerns voiced by the public,' he said. Zara Qairina was reported to have fallen from the third floor of a religious school dormitory building in Papar on July 16, before being pronounced dead the following day at Queen Elizabeth I Hospital. The case has drawn significant public and media attention, especially after Zara's body was exhumed 23 days after burial for further investigation at the Tanjung Ubi Muslim Cemetery in Kampung Mesapol Lama, Sipitang, Sabah. Zara, a Form One student, was found unconscious at Sekolah Menengah Kebangsaan Agama Tun Datu Mustapha in Papar on July 16 and died the next day at Queen Elizabeth Hospital in Kota Kinabalu. Nik Nazmi said the issue of bullying must be dealt with decisively to keep the education system on the right track. He added that academic performance should not be the sole priority if student safety was neglected. 'The issue of bullying has received widespread attention and if we need a shift in the education system, then we must do it to guarantee the safety of our children,' he said.
