Latest news with #AECBlueprint2025
The Sun
26-05-2025
- Business
- The Sun
AEC Strategic Plan's shorter cycle of 5 years enables ASEAN to be agile, responsive
KUALA LUMPUR: The ASEAN Economic Community (AEC) Strategic Plan 2026-2030, which has a shorter cycle of five years rather than previous plans with cycles of 10 years, will enable timely review and updates of strategic measures so that integration efforts between member states remain relevant, agile and responsive to emerging and unforeseen future developments. As such, the AEC Strategic Plan from 2026–2030 adopts a five-year timeframe,' the Ministry of Investment, Trade and Industry (MITI) said in a document on the strategic plan. Although a 10-year timeframe provides a broader and long-term perspective for guiding ASEAN's economic integration, the implementation of the AEC Blueprint 2025 during the 2016–2025 period highlighted the need for greater flexibility and responsiveness amid fast-changing geopolitical shift and economic condition, the ministry said. 'A decade-long review cycle can limit the AEC's ability to recalibrate priorities in response to continuously evolving political and economic landscape,' it said in the frequently asked questions (FAQ) document released here. During a pre-media briefing earlier, MITI Minister Tengku Datuk Seri Zafrul Aziz described the economic blueprint as timely, highlighting three pertinent points, namely increasing intra-trade between member states, ASEAN openness extending beyond traditional trading partners and readiness of members towards reforms. While continuing the region's integration efforts, MITI said, the new plan introduces several notable enhancements that differentiate it from its predecessor, including consideration of megatrends, reframing regional economic integration, elevated role of micro, small and medium enterprises (MSMEs) as drivers of economic growth, and stronger emphasis on digital and technology transformation. 'The AEC Strategic Plan 2026–2030 reflects a heightened level of ambition in driving ASEAN's digital and technological transformation. It adopts a more integrated and strategic approach, treating digitalisation not as a standalone issue, but as a cross-cutting enabler of growth, competitiveness, and resilience across all sectors. 'The plan places strong emphasis on strengthening regional digital infrastructure, expanding digital connectivity, and fostering innovation as key drivers of ASEAN's future economy. This forward-looking agenda positions ASEAN to lead and compete effectively in an increasingly digital global landscape,' the ministry said. Furthermore, with negotiations on the Digital Economy Framework Agreement (DEFA) expected to be finalised by the year-end, it can be considered as a landmark agreement as it is the world's first regional digital economy agreement. As for MSMEs, MITI said that given their significant presence across ASEAN economies, the plan positions them not only as beneficiaries of integration, but also as active drivers of sectoral cooperation, innovation and the internationalisation of regional products and services. 'This marks a shift toward a more strategic and growth-oriented role for MSMEs in ASEAN's economic future,' MITI said. As for people of ASEAN, MITI said the plan would provide them with access to more competitive products and services that are affordable, accessible, high-quality and aligned with sustainability principles, supported by seamless and secure digital payments. 'They will enjoy broader employment opportunities across ASEAN member states, empowered to make well-informed choices as consumers with better access to accurate product information and stronger redress mechanisms to address issues with goods and services,' it said. The economic blueprint, adopted by ASEAN Leaders today, is a comprehensive roadmap incorporating six strategic goals, 44 objectives and 192 strategic measures. It was developed through a comprehensive consultative process involving all AEC sectoral bodies and inputs from other ASEAN Community Pillars, and also derived from consultations with 315 stakeholders' representatives from businesses, academia, civil society, parliamentarians and more. A region-wide public survey involving 7,568 respondents from ASEAN member states and Timor-Leste was also conducted for this purpose. The strategic plan is one of four strategic plans under the broader ASEAN Community Vision 2045.
The Sun
26-05-2025
- Business
- The Sun
AEC's five-year plan makes ASEAN more agile and responsive
KUALA LUMPUR: The ASEAN Economic Community (AEC) Strategic Plan 2026-2030, which has a shorter cycle of five years rather than previous plans with cycles of 10 years, will enable timely review and updates of strategic measures so that integration efforts between member states remain relevant, agile and responsive to emerging and unforeseen future developments. As such, the AEC Strategic Plan from 2026–2030 adopts a five-year timeframe,' the Ministry of Investment, Trade and Industry (MITI) said in a document on the strategic plan. Although a 10-year timeframe provides a broader and long-term perspective for guiding ASEAN's economic integration, the implementation of the AEC Blueprint 2025 during the 2016–2025 period highlighted the need for greater flexibility and responsiveness amid fast-changing geopolitical shift and economic condition, the ministry said. 'A decade-long review cycle can limit the AEC's ability to recalibrate priorities in response to continuously evolving political and economic landscape,' it said in the frequently asked questions (FAQ) document released here. During a pre-media briefing earlier, MITI Minister Tengku Datuk Seri Zafrul Aziz described the economic blueprint as timely, highlighting three pertinent points, namely increasing intra-trade between member states, ASEAN openness extending beyond traditional trading partners and readiness of members towards reforms. While continuing the region's integration efforts, MITI said, the new plan introduces several notable enhancements that differentiate it from its predecessor, including consideration of megatrends, reframing regional economic integration, elevated role of micro, small and medium enterprises (MSMEs) as drivers of economic growth, and stronger emphasis on digital and technology transformation. 'The AEC Strategic Plan 2026–2030 reflects a heightened level of ambition in driving ASEAN's digital and technological transformation. It adopts a more integrated and strategic approach, treating digitalisation not as a standalone issue, but as a cross-cutting enabler of growth, competitiveness, and resilience across all sectors. 'The plan places strong emphasis on strengthening regional digital infrastructure, expanding digital connectivity, and fostering innovation as key drivers of ASEAN's future economy. This forward-looking agenda positions ASEAN to lead and compete effectively in an increasingly digital global landscape,' the ministry said. Furthermore, with negotiations on the Digital Economy Framework Agreement (DEFA) expected to be finalised by the year-end, it can be considered as a landmark agreement as it is the world's first regional digital economy agreement. As for MSMEs, MITI said that given their significant presence across ASEAN economies, the plan positions them not only as beneficiaries of integration, but also as active drivers of sectoral cooperation, innovation and the internationalisation of regional products and services. 'This marks a shift toward a more strategic and growth-oriented role for MSMEs in ASEAN's economic future,' MITI said. As for people of ASEAN, MITI said the plan would provide them with access to more competitive products and services that are affordable, accessible, high-quality and aligned with sustainability principles, supported by seamless and secure digital payments. 'They will enjoy broader employment opportunities across ASEAN member states, empowered to make well-informed choices as consumers with better access to accurate product information and stronger redress mechanisms to address issues with goods and services,' it said. The economic blueprint, adopted by ASEAN Leaders today, is a comprehensive roadmap incorporating six strategic goals, 44 objectives and 192 strategic measures. It was developed through a comprehensive consultative process involving all AEC sectoral bodies and inputs from other ASEAN Community Pillars, and also derived from consultations with 315 stakeholders' representatives from businesses, academia, civil society, parliamentarians and more. A region-wide public survey involving 7,568 respondents from ASEAN member states and Timor-Leste was also conducted for this purpose. The strategic plan is one of four strategic plans under the broader ASEAN Community Vision 2045.
The Sun
26-05-2025
- Business
- The Sun
Solidarity drives ASEAN economic goals under AEC plan
KUALA LUMPUR: The continuous solidarity among ASEAN members is both exemplary and the strongest point in moving the region's economic agenda further forward in mapping out the ASEAN Economic Community (AEC) Strategic Plan 2026-2030, more so amid rising protectionism and current challenges to the world trading order. Satvinder Singh, ASEAN Deputy Secretary-General for AEC, said regional solidarity was clearly evident in their discussions on economic plans at the secretariat. 'The solidarity to move the economic agenda forward is unbelievable (which is why) we are progressing massively in the AEC outcomes,' he said at a pre-event briefing on the AEC Strategic Plan 2026-2030 recently. According to Satvinder, ASEAN's solidarity is all the more timely as it navigates a dynamic global environment dictated by geopolitical and demographic shifts, technological advancements and urgent calls for sustainability. The plan launched today is a comprehensive roadmap incorporating six strategic goals, 44 objectives and 192 strategic measures. It forms part of the overall ASEAN Community Vision 2045 (ACV 2045), which was adopted by the ASEAN Leaders at the 46th ASEAN Summit today. Asked how progress of the strategic plan would be monitored, he said scorecards and quarterly reporting will be among methods used by the ASEAN Secretariat based in Jakarta to monitor the progress of member states and ensure the smooth implementation of initiatives. More importantly than implementation are the outcomes of AEC initiatives and thereafter the highest level being impact evaluations, he said. There would be comparisons between member countries in measuring the extent of their implementation – countries that have done so and those which have not. 'We have a scorecard that will be reported during meetings so that the relevant countries would know what to do, but it's all still internal,' he said. The five-year economic blueprint charts ASEAN's aspiration of becoming the world's fourth-largest economy from fifth currently, while setting the direction for regional integration, competitiveness and resilience at a time that foretells significant global changes. It builds on the AEC Blueprint 2025 and responds to long-term trends such as digitalisation, climate change, shifting trade dynamics and demographic transitions. The plan is one of four strategic plans under the broader ACV 2045.
The Sun
26-05-2025
- Business
- The Sun
Solidarity is ASEAN's key strength in advancing economic agenda under AEC Strategic Plan
KUALA LUMPUR: The continuous solidarity among ASEAN members is both exemplary and the strongest point in moving the region's economic agenda further forward in mapping out the ASEAN Economic Community (AEC) Strategic Plan 2026-2030, more so amid rising protectionism and current challenges to the world trading order. Satvinder Singh, ASEAN Deputy Secretary-General for AEC, said regional solidarity was clearly evident in their discussions on economic plans at the secretariat. 'The solidarity to move the economic agenda forward is unbelievable (which is why) we are progressing massively in the AEC outcomes,' he said at a pre-event briefing on the AEC Strategic Plan 2026-2030 recently. According to Satvinder, ASEAN's solidarity is all the more timely as it navigates a dynamic global environment dictated by geopolitical and demographic shifts, technological advancements and urgent calls for sustainability. The plan launched today is a comprehensive roadmap incorporating six strategic goals, 44 objectives and 192 strategic measures. It forms part of the overall ASEAN Community Vision 2045 (ACV 2045), which was adopted by the ASEAN Leaders at the 46th ASEAN Summit today. Asked how progress of the strategic plan would be monitored, he said scorecards and quarterly reporting will be among methods used by the ASEAN Secretariat based in Jakarta to monitor the progress of member states and ensure the smooth implementation of initiatives. More importantly than implementation are the outcomes of AEC initiatives and thereafter the highest level being impact evaluations, he said. There would be comparisons between member countries in measuring the extent of their implementation – countries that have done so and those which have not. 'We have a scorecard that will be reported during meetings so that the relevant countries would know what to do, but it's all still internal,' he said. The five-year economic blueprint charts ASEAN's aspiration of becoming the world's fourth-largest economy from fifth currently, while setting the direction for regional integration, competitiveness and resilience at a time that foretells significant global changes. It builds on the AEC Blueprint 2025 and responds to long-term trends such as digitalisation, climate change, shifting trade dynamics and demographic transitions. The plan is one of four strategic plans under the broader ACV 2045.
The Sun
25-05-2025
- Business
- The Sun
AEC Blueprint makes significant stride with implementation rate at a commendable 97%
KUALA LUMPUR: The ASEAN Economic Community (AEC) Blueprint 2025's implementation rate stands at a commendable 97 per cent, comprising 75 per cent completed measures and 22 per cent currently in progress, said Investment, Trade and Industry Minister Tengku Zafrul Abdul Aziz. The AEC Blueprint 2025 has served as the strategic roadmap for building a highly integrated and cohesive ASEAN economy, promoting inclusive and innovation-led growth, and deepening regional connectivity and competitiveness, he said. 'Through the Blueprint, ASEAN has made significant strides in areas such as trade liberalisation, investment facilitation, MSME (micro, small and medium enterprise) development, digital transformation, and sustainable economic initiatives,' he said after chairing the 25th ASEAN Economic Community (AEC) Council Meeting here in conjunction with the 46th ASEAN Summit. The AEC Council is ASEAN's key coordinating body overseeing the work of the various sectors under the ASEAN Economic Community Pillar. Tengku Zafrul said this impressive 97 per cent implementation rate not only demonstrates ASEAN's collective commitment to economic integration but also reinforces the region's ability to respond to global uncertainties in a cool, calm and calculated manner. 'The key learnings and progress under the AEC Blueprint 2025 will serve as a solid foundation for the development of the AEC Strategic Plan 2026–2030, which will chart the region's next phase of economic growth and transformation,' he said. In this context, the year 2025 marks another pivotal milestone for ASEAN, as it prepares to launch the AEC Strategic Plan 2026–2030, the successor to the AEC Blueprint 2025. 'This forward-looking document will be launched as part of the ASEAN Compendium with the overarching ASEAN Community Vision 2045 at the 46th ASEAN Summit. Tomorrow (May 26) we will witness the signing of the Kuala Lumpur Declaration,' Tengku Zafrul said. He said the AEC Council reaffirmed support and commitment to the effective implementation of the AEC Strategic Plan, which will guide ASEAN's post-2025 economic integration agenda. 'The AEC Council also looks forward to the Regional Socialisation of the AEC Strategic Plan that will be held on June 12, 2025, in Kuala Lumpur. This session will serve as a key multi-stakeholder platform to socialise and share the economic benefits of the AEC Strategic Plan,' he said. The AEC Council also discussed and reaffirmed support to facilitating and accelerating Timor-Leste's accession to the required ASEAN's Economic Agreements (AEAs), as outlined in the roadmap adopted by Leaders in 2023. 'As Chair, Malaysia expressed that Timor-Leste's accession is a priority for our chairmanship in 2025. We shared our strong view that Timor-Leste's entry as ASEAN's 11th member state will further strengthen our region's economic growth and potential,' he said. The council also continued its exchange on the economic outlook and continuing uncertainties due to the volatile geo-economic situation and their likely impact to the region, said Tengku Zafrul. Taking note of the outcomes of the special ASEAN Economic Ministers (AEM) and the special AEM-Dialogue Partner consultations, as well as the first ASEAN Geoeconomics Task Force meeting on May 16, 2025, the council acknowledged the need for collective action to respond to and address disruptive global trade policies. The meeting was attended by Malaysia's Deputy Minister of Investment, Trade and Industry Liew Chin Tong; Brunei's Minister of Finance and Economy II Datuk Awang Mohd Amin Liew Abdullah; Cambodia's Minister of Commerce Cham Nimul; Vietnam's Minister of Industry and Trade Nguyen Hong Dien; Indonesian Trade Minister Budi Santoso; and Lao Minister of Industry and Commerce Malaithong Kommasith. Other representatives who attended the meeting included Department of Trade and Industry Undersecretary Allan B. Gepty (Philippines), Deputy Prime Minister Gan Kim Yong (Singapore), Minister of Commerce Pichai Naripthaphan (Thailand) and Deputy Prime Minister Francisco Kalbuadi Lay (Timor-Leste). The 46th ASEAN Summit, being held under Malaysia's 2025 chairmanship themed 'Inclusivity and Sustainability', also marks Malaysia's fifth time chairing the regional bloc.
