Latest news with #ASEANComprehensiveRecoveryFramework
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
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.
