Senior Asean economic officials discuss AEC Blueprint 2025 outcome, plan for next 5 years
Apart from discussing the current state of Timor-Leste's accession to Asean on Saturday (May 24), the senior economic officials deliberated on the AEC Strategic Plan 2026-2030 under the Asean Community Vision 2045, which is set to be launched and adopted by Asean leaders on Monday (May 26).
The meeting also addressed regional economic performance and the effects of recent shifts in global economic policies by major economies, along with strategies to mitigate the impact of these shifts on Asean.
Additionally, discussions focused on opportunities to leverage growth ahead of the 25th AECC Meeting, scheduled to be held on Sunday (May 25).
The AECC Meeting is anticipated to endorse several report and outcome documents for adoption at the 46th Asean Summit. It will also provide guidance and details on the current situation faced by the Economic Pillar.
Saturday's meeting examined the current regional economic performance and the implications of recent shifts in global economic policies by major economies. Deliberations focused on Asean's strategic responses to mitigate the impact of these shifts while identifying opportunities to leverage economic growth.
Chaired by Malaysia's Investment, Trade and Industry Ministry deputy secretary-general (trade) Mastura Ahmad Mustafa, the meeting was attended by Asean deputy secretary-general for the Asean Economic Community Satvinder Singh and Brunei's Finance and Economy Ministry permanent secretary (economy, trade and industry) Dr May Fa'ezah Ahmad Ariffin.
Other representatives who attended the meeting physically included Long Kemvichet (Cambodia), Nugraheni Prasetya Hastuti (Indonesia), Seng Alune Vilaysack (Laos), Marie Sherylyn D. Aquia (Philippines), Alpana Roy (Singapore), Chotima Lemsawasdikul (Thailand), Nguyen Viet Chi (Vietnam), and Augusto Junior Trindade (Timor-Leste).
The representative from Myanmar, Dr Marlar Myo Nyunt, attended the session virtually.
The 46th Asean Summit will be held at the Kuala Lumpur Convention Centre on May 26 and 27, hosting two key high-level meetings concurrently: the 2nd Asean-Gulf Cooperation Council (GCC) Summit and the inaugural Asean-GCC-China Summit.
The Summit will gather leaders from Asean member states to discuss regional issues and chart the future direction of Asean cooperation.
"Inclusivity and Sustainability" is the theme for Malaysia's Asean Chairmanship 2025. – Bernama
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Barnama
an hour ago
- Barnama
Malaysia Sees ASEAN As Strategic Growth Region Amid Global Challenges
BUSINESS KUALA LUMPUR, Aug 20 ( Bernama) — Malaysia views ASEAN as a region with vast untapped potential -- poised to become a dynamic engine of growth and resilience amid global uncertainties, according to the Ministry of Investment, Trade and Industry (MITI). MITI Deputy Secretary General (Trade) Mastura Ahmad Mustafa said ASEAN is more than just a large market, it is a reservoir of innovation, creativity and energy with a population nearing 700 million, almost one third of whom are youth. 'Our demographic dividend, coupled with a rapidly growing consumer class, rising connectivity and accelerating digital adoption, gives ASEAN a unique advantage. 'If nurtured in accordance with the principles of sustainability and inclusivity, these strengths will not only fortify our region's growth but also position ASEAN to play a defining role in shaping the future of the global economy,' she said in her speech at the welcome dinner for the Senior Economic Officials' Meeting (SEOM) 3/56 and Related Meetings today. Under the ASEAN chairmanship, Mastura said Malaysia is working to deepen regional integration, strengthen supply chain resilience, foster sustainable and responsible investment and advance digital innovation. 'More importantly, we are committed to creating opportunities for businesses of all sizes, especially micro, small and medium enterprises to participate meaningfully in ASEAN's growth story,' she added. In a separate statement, MITI said key discussions at SEOM 3/56 focused on Malaysia's Priority Economic Deliverables under its 2025 ASEAN chairmanship; updates on the 2025 Annual Priorities under the AEM/SEOM purview; implementation of ASEAN agreements; advancement of the Digital Economy Framework Agreemen; and ASEAN's sustainability agenda, including carbon neutrality, circular economy, and the ASEAN Power Grid. MITI is hosting the SEOM 3/56 and Related Meetings from Aug 18 to 23 in Kuala Lumpur. The ministry said that discussions with ASEAN Dialogue Partners focused on reviewing progress and addressing key issues related to the implementation of existing Free Trade Agreements (FTAs), as well as the status of work plans and ongoing economic cooperation initiatives.
The Sun
3 hours ago
- The Sun
AI must remain assistive tool not decision maker says former judge
KUALA LUMPUR: Artificial intelligence must remain an assistive tool rather than a decision-maker according to former Federal Court judge Tan Sri Harmindar Singh Dhaliwal. He emphasized that any AI impacting individual rights requires rigorous testing and clear oversight before deployment. Harmindar stated AI possesses transformative potential for human endeavor but must not replace human judgment particularly within criminal justice systems. AI should be an assistant, not a decision maker he declared during his plenary session at the ASEAN Law Forum 2025. He cited a Sabah case where an AI sentencing tool recommended ten months imprisonment with fifty-four percent probability for a drug offence. The magistrate instead imposed twelve months imprisonment demonstrating human judgment must prevail. Harmindar chairs the Criminal Law Review Committee and stressed the necessity for proper rules and safeguards. A clear risk-based approach is essential before adopting AI in judicial processes he emphasized. Singapore has already issued guidelines for AI use in courts he noted while the Philippines drafts its judiciary AI governance framework. Malaysia and other ASEAN members must follow suit with their own frameworks he urged. A framework ensuring responsible AI use requires risk assessments and mitigation measures he explained. AI use cases must undergo testing for bias, reliability and transparency before adoption he added. He cautioned that AI's criminal justice application demands vigilance despite being powerful technology. We must always remain accountable he asserted regarding AI integration into justice systems. Approaching AI with eyes wide open prepares us to address risks and reap benefits he concluded. Colin Seow of Colin Seow Chambers provided Singapore's perspective on AI implementation. The Singapore Police Force uses AI in digital forensics to automatically sift seized devices for abuse material. This integration significantly improves investigation speed and accuracy he confirmed. AI deployment extends to Singapore's financial sector through the COSMIC platform he added. The Monetary Authority of Singapore launched COSMIC last year as a public-private data-sharing initiative. Major banks and financial institutions participate in this collaborative information sharing platform. AI analyses transaction patterns within COSMIC enabling proactive suspicious activity detection. Banks can flag concerning activities across institutions while safeguarding customer confidentiality he explained. Legislative changes support this initiative allowing information sharing strictly for crime prevention. The three-day ASEAN Law Forum featured fifty-eight speakers and moderators across fifteen sessions. Over three hundred participants from ASEAN and beyond attended the expert-led discussions. Topics covered alternative dispute resolution and commercial law reforms alongside human rights. - Bernama
The Star
5 hours ago
- The Star
EPB cautiously optimistic of near-term prospects
KUALA LUMPUR: EPB Group Bhd remains cautiously optimistic on its near-term outlook, despite global trade uncertainties and input cost pressures. The group said its confidence is underpinned by a strong balance sheet, an expanding market presence and a clear execution strategy. 'The favourable Asean trade environment, supported by targeted fiscal and monetary policies across key markets, continues to present compelling opportunities for EPB in the food manufacturing and packaging solutions sector,' the one-stop food processing and packaging machinery solutions provider said. In the second quarter ended June 30, EPB posted a slightly higher net profit of RM2.6mil, or 0.70 sen per share, raising first-half (1H25) net profit by 35.2% to RM5.2mil, or 1.40 sen per share. Quarterly revenue jumped 40.2% to RM29.6mil, lifting 1H25 revenue 45% to RM56.9mil. As at July 31, EPB's order book stood at RM81.25mil, of which RM51.65mil is expected to be fulfilled in the second half of the financial year ending Dec 31, 2025 (FY25), and RM29.6mil in 1H26. Notably, over RM70.08mil of the current order book relates to the group's core food processing and packaging machinery segment, reaffirming its dominant contribution to EPB's revenue base. 'Our healthy order pipeline and improved project execution capabilities provide a solid foundation for the remainder of FY25. 'With favourable regional trade conditions and sustained investments in automation, we remain confident in our ability to expand our market share and deliver long-term value,' managing director Yeoh Chee Min said
