Latest news with #ACRF
Malaysian Reserve
3 days ago
- Business
- Malaysian Reserve
Tengku Zafrul urges ASEAN to focus on resilience, digital trade
By HIDAYATH HISHAM BUSINESSES must now incorporate resilience, agility and adaptability into their long-term strategies to navigate global supply chain disruptions. Investment, Trade and Industry Minister Tengku Datuk Seri Utama Zafrul Tengku Abdul Aziz said the increasingly volatile global landscape — driven by geopolitical tension — demands that regional cooperation play a central role in ensuring supply chain continuity. 'In today's globalised economy, supply chain disruptions resulting from geopolitical tensions have become the norm. Businesses must now plan for resilience, agilit and adaptability,' he said during the Supply Chain City Malaysia groundbreaking ceremony in Bandar Bukit Raja, Klang on Thursday. Tengku Zafrul said under Malaysia's leadership, ASEAN is poised to tackle key challenges such as digital transformation, climate change and ongoing recovery from global crises. He said Malaysia is working with its ASEAN counterparts to implement the ASEAN Comprehensive Recovery Framework (ACRF) — aimed at enabling a robust and sustainable economic recovery across the region. One of the core priorities under ACRF is strengthening the ASEAN Single Window (ASW), a trade facilitation platform that integrates and streamlines customs and clearance procedures across member states. 'By reducing bureaucracy and improving trade efficiency, the ASW will play a pivotal role in strengthening regional supply chains and boosting intra-ASEAN trade, which currently accounts for nearly 25% of total ASEAN trade,' he said. Malaysia is also pushing for the ASEAN Digital Economy Framework Agreement (DEFA), which aims to harmonise digital trade regulations and accelerate cross-border e-commerce adoption across the region. 'This initiative will not only enhance digital connectivity but also create new opportunities for businesses and consumers across ASEAN,' he added. Tengku Zafrul said the government remains committed to fostering stronger partnerships within ASEAN, citing the recently concluded ASEAN–GCC–China Summit as a key example of regional coordination. 'This summit sent a clear message to the world, that ASEAN is open for business and we are ready to lead in building a more resilient and interconnected global economy,' he said. He also mentioned ASEAN's growing significance in global trade, noting its combined GDP of over US$3.6 trillion (RM15.26 trillion) and population of more than 680 million people. 'As the world's fifth-largest economy, ASEAN is a critical player in the global supply chain, accounting for nearly 7% of global trade,' he added. Tengku Zafrul said the Supply Chain City Malaysia reflects Malaysia's aspirations to elevate its logistics industry through automation, artificial intelligence (AI)-driven systems and sustainable growth, while enhancing trade efficiency and connectivity across the region.
The Sun
3 days ago
- Business
- The Sun
Malaysia champions regional digital trade under 2025 Asean Chairmanship
KLANG: Malaysia is leading efforts to boost digital trade as the 2025 Asean chair and support the region's economic recovery. Investment, Trade and Industry Minister Tengku Datuk Seri Zafrul Abdul Aziz said under Malaysia's leadership, Asean is poised to address critical challenges such as supply chain disruptions, digital transformation, and climate change. He stated that the country is collaborating closely with regional partners to implement the Asean Comprehensive Recovery Framework (ACRF), which aims to ensure a robust and sustainable recovery from the economic impacts of recent global crises. 'One of Malaysia's key priorities is to enhance the Asean Single Window, a digital platform that streamlines trade processes across member states. 'By reducing bureaucracy and improving trade efficiency, the ASW will play a pivotal role in strengthening regional supply chains and boosting intra-Asean trade, which currently accounts for nearly 25% of total Asean trade,' he said at the groundbreaking ceremony of YCH Group's RM500 million supply chain city Malaysia (SCC MY). Additionally, he said Malaysia is championing the development of the Asean Digital Economy Framework Agreement (DEFA), which seeks to harmonise digital trade regulations and promote cross-border e-commerce. 'This initiative will not only enhance digital connectivity but also create new opportunities for businesses and consumers across the region,' he said. The Asean Comprehensive Recovery Framework (ACRF) is a strategic initiative adopted by the Association of Southeast Asian Nations (ASEAN) during the 37th Asean Summit on November 12, 2020. It serves as the region's consolidated exit strategy from the Covid-19 crisis, aiming to guide Asean's recovery efforts across various sectors and stages of recovery. The framework emphasises that digitalisation will be crucial to ensuring continuity in trade and services, particularly during crises. It calls for wider acceptance of digital documents, simplified customs procedures, and increased use of local currencies to reduce transaction costs and enhance financial integration. To support this, several Asean member states have begun relaxing documentation requirements and adopting digital platforms such as the Asean Single Window for customs declarations and certificates of origin, although inconsistencies remain between countries and agencies. Efforts are also underway to address gaps in infrastructure, data governance, cybersecurity, and legal frameworks—critical enablers for a seamless, secure regional digital economy under DEFA.
The Sun
4 days ago
- Business
- The Sun
Supply chain challenges demand resilience and agility from businesses
KLANG: Businesses are encouraged to integrate resilience, agility and adaptability into their strategies to navigate global supply chain disruptions, as geopolitical tensions have become increasingly common in today's globalised economy. Investment, Trade and Industry Minister Tengku Datuk Seri Zafrul Abdul Aziz said the current landscape demands regional cooperation in maintaining supply chain continuity. He reaffirmed Malaysia's commitment as a key player in ASEAN to foster stronger regional partnerships to address these challenges. 'Just a couple of days ago, we concluded the ASEAN-GCC-China Summit, a historic gathering that showcased the strength and coordination of ASEAN in navigating global challenges. 'The summit sent a clear message to the world, ASEAN is open for business, and we are ready to lead in building a more resilient and interconnected global economy,' he said at the groundbreaking ceremony of Singapore-based YCH Group's smart logistics complex, Supply Chain City Malaysia, here today. The minister added that Malaysia is working with its ASEAN partners to implement the ASEAN Comprehensive Recovery Framework (ACRF), which aims to enable robust and sustainable economic recovery across the region. Tengku Zafrul said that one of Malaysia's priorities is to enhance the ASEAN Single Window (ASW), a digital platform designed to streamline trade processes among member states by reducing bureaucracy and improving trade efficiency. 'The ASW will play a pivotal role in strengthening regional supply chains and boosting intra-ASEAN trade, which currently accounts for nearly 25 per cent of total ASEAN trade,' he said. Tengku Zafrul highlighted that Malaysia is also pushing for the ASEAN Digital Economy Framework Agreement (DEFA), which aims to harmonise digital trade regulations and accelerate cross-border e-commerce adoption across the region. He said ASEAN's growing importance in global trade, noting its combined GDP of over US$3.6 trillion and population of more than 680 million people. 'As the world's fifth-largest economy, ASEAN plays a critical role in the global supply chain, accounting for nearly seven per cent of global trade,' Tengku Zafrul said.
The Sun
4 days ago
- Business
- The Sun
Supply chain challenges demand resilience, agility from businesses
KLANG: Businesses are encouraged to integrate resilience, agility and adaptability into their strategies to navigate global supply chain disruptions, as geopolitical tensions have become increasingly common in today's globalised economy. Investment, Trade and Industry Minister Tengku Datuk Seri Zafrul Abdul Aziz said the current landscape demands regional cooperation in maintaining supply chain continuity. He reaffirmed Malaysia's commitment as a key player in ASEAN to foster stronger regional partnerships to address these challenges. 'Just a couple of days ago, we concluded the ASEAN-GCC-China Summit, a historic gathering that showcased the strength and coordination of ASEAN in navigating global challenges. 'The summit sent a clear message to the world, ASEAN is open for business, and we are ready to lead in building a more resilient and interconnected global economy,' he said at the groundbreaking ceremony of Singapore-based YCH Group's smart logistics complex, Supply Chain City Malaysia, here today. The minister added that Malaysia is working with its ASEAN partners to implement the ASEAN Comprehensive Recovery Framework (ACRF), which aims to enable robust and sustainable economic recovery across the region. Tengku Zafrul said that one of Malaysia's priorities is to enhance the ASEAN Single Window (ASW), a digital platform designed to streamline trade processes among member states by reducing bureaucracy and improving trade efficiency. 'The ASW will play a pivotal role in strengthening regional supply chains and boosting intra-ASEAN trade, which currently accounts for nearly 25 per cent of total ASEAN trade,' he said. Tengku Zafrul highlighted that Malaysia is also pushing for the ASEAN Digital Economy Framework Agreement (DEFA), which aims to harmonise digital trade regulations and accelerate cross-border e-commerce adoption across the region. He said ASEAN's growing importance in global trade, noting its combined GDP of over US$3.6 trillion and population of more than 680 million people. 'As the world's fifth-largest economy, ASEAN plays a critical role in the global supply chain, accounting for nearly seven per cent of global trade,' Tengku Zafrul said.
Hi Dubai
09-05-2025
- Sport
- Hi Dubai
UAE Unanimously Re-Elected President of Asian Camel Racing Federation
The Asian Camel Racing Federation (ACRF) reaffirmed its strong ties with the UAE and ushered in a new leadership term during its General Assembly held today in Abu Dhabi, where 15 member federations convened to chart the future of the sport across Asia. In a show of appreciation, the assembly extended deep gratitude to UAE President His Highness Sheikh Mohamed bin Zayed Al Nahyan and senior Emirati leaders for their continued support of camel racing. Special thanks were also offered to Sheikh Sultan bin Hamdan bin Mohammed Al Nahyan, President of the UAE Camel Racing Federation, for his hospitality. Abdullah Mubarak Al Muhairi was unanimously re-elected as ACRF President for a second term, spanning May 2025 to May 2029. Prince Sultan bin Saud bin Abdullah Al Saud and Sheikh Saeed Al Ghafli were elected as First and Second Vice Presidents, respectively. Four new Executive Office members were confirmed: Ali Mohammed Bakhit Al Aqilat, Ali bin Mohammed Al Fadhel Al Marri, Haider Khan Abbas Lahri, and Batardeni Chandmani, the Women's Representative. A major highlight was the approval of the inaugural Asian Camel Racing Championship, set to take place in Abu Dhabi. The event will be led by Hamad Al Shamsi, who will head the championship's Executive Committee. The Federation also unveiled a redesigned logo featuring camels with both human and robotic jockeys. The assembly commended efforts to include camel racing in the 2025 Asian Games in Bahrain and the Islamic Solidarity Games in Riyadh, reflecting the sport's growing profile. Members also praised the UAE Federation for covering the cost of all upcoming events. The approved calendar for the 2025–2026 season includes several major races and assemblies across Abu Dhabi and Al Labsa. News Source: Emirates News Agency
