Latest news with #ASEANDigitalEconomyFrameworkAgreement
Malaysian Reserve
28-05-2025
- Business
- Malaysian Reserve
ASEAN reaffirms unity and centrality as key to regional peace and prosperity
by FARAH SOLHI ASEAN member countries have reaffirmed their stance of practising unity and centrality as the key to regional peace, stability and prosperity After the conclusion of the 46th ASEAN Summit on May 27, the association collectively stated that it remained committed to being a reliable economic partner to all, that will continue to advance its regional economic integration while strengthening and expanding its existing economic partnerships. Apart from this, the association members will continue to seek opportunities for economic cooperation with new partners that are anchored in mutual respect, shared values and a common goal of peace and prosperity. 'We stand ready to work constructively with all partners to advance and support a resilient, inclusive and rules-based multilateral trading system for the benefit of our people and economies. 'We stress our strongest resolve to stand together, as ASEAN, in safeguarding the region's economic stability, resilience and long-term growth trajectory,' they said in a joint statement. They also emphasised that unilateral and retaliatory trade actions are counterproductive and risk exacerbating global economic fragmentation, especially when these actions create indirect impacts on ASEAN. The members have instructed their respective officials to monitor the potential risk of trade diversion and to engage with partners through established platforms to seek constructive solutions, while remaining committed to a peaceful and constructive resolution through consultative dialogue, mutual respect and adherence to international law. These are in line with the fundamental principles under the Treaty of Amity and Cooperation in South-East Asia. 'To this end, we reaffirm ASEAN's commitment towards regional unity, economic stability and practical cooperation in navigating external challenges,' they said in the statement. ASEAN is also committed to maintaining an open and secure trade flow, as well as working with partners to strengthen supply chains resilience and promote sustainable development, in recognising that business certainties and resilient supply chains are crucial for global economic stability and recovery. The member countries also adopted several shared commitments to strengthen ASEAN's resilience by deepening intra-regional trade and investment, including by accelerating priority initiatives such as the ASEAN Digital Economy Framework Agreement (DEFA) and the upgrade of the ASEAN Trade in Goods Agreement (ATIGA). They expressed confidence that these efforts will reinforce regional integration, boost business certainty and competitiveness, and ensure ASEAN remains cohesive, agile and responsive to emerging challenges. 'We affirm shared resolve to leverage, modernise and upgrade ASEAN Plus One Free Trade Agreements (FTAs) and the Regional Comprehensive Economic Partnership Agreement (RCEP) in mitigating the risk of global trade uncertainties and supply chain disruptions, while ensuring they remain modern, comprehensive, inclusive, whilst, in parallel, strengthen and boost intra-ASEAN trade and investment, and responsive to 21st-century economic realities.' ASEAN is also committed to intensify its economic engagements by deepening cooperation with external partners and expanding engagement with new and emerging partners, including region-to-region linkages such as with the Gulf Cooperation Council (GCC). 'Together, these efforts will reinforce ASEAN's resilience, expand and enhance economic opportunities, and secure its position as a dynamic and forward-looking hub of global trade and investment,' the member countries added. ASEAN will also enhance its internal coordination, making full use of existing cross-sectoral mechanisms and the newly established ASEAN Geoeconomic Task Force. To this end, the association had tasked relevant ministers to monitor the current global economic challenges and to coordinate as appropriate for a strategic and coherent ASEAN response. It has also avowed to undertake timely and targeted domestic measures to mitigate the impact of high tariffs, including safeguards to support the region's industries and workers more broadly, especially those who are vulnerable to trade disruptions. 'At the same time, we will work collectively to ensure that ASEAN is well prepared to embrace future, transformative change that drives innovation, foster resilience and enhance regional competitiveness. 'In doing so, we are determined to ensure that no one is left behind in our journey towards a more inclusive, sustainable and digitally empowered ASEAN.' ASEAN, which stands for the Association of South-East Asian Nations, also reiterated resolute pledge to upholding the multilateral trading system, as it underscores the importance of predictable, transparent, inclusive, free, fair, sustainable and rules-based multilateral trading system with the World Trade Organisation (WTO) at its core. The bloc is ready to engage constructively with WTO members to advance necessary reforms and ensure that the global trading system remains predictable, transparent, non-discriminatory, open and capable of addressing contemporary challenges. 'As the ASEAN Economic Community (AEC) Blueprint 2025 enters its final phase, we reaffirm our unwavering commitment to delivering and advancing a bold and forward-looking ASEAN Community Vision 2045. 'We are determined to leverage the full benefit of our economic integration to reinforce regional resilience and act collectively in the face of external disruptions, including unilateral trade measures that threaten the integrity and stability of the global trading system.' The member states also acknowledged the ASEAN Outlook on the Indo-Pacific (AOIP) as a vital instrument and primary framework that guides ASEAN's engagement of all its partners with openness, inclusivity, transparency and resilience in accordance with international law. The 46th ASEAN Summit took place on May 26 and 27 at the Kuala Lumpur Convention Centre (KLCC) alongside the second ASEAN-Gulf Cooperation Council (GCC) Summit and the inaugural ASEAN-GCC-China Summit.
The Sun
27-05-2025
- Business
- The Sun
ASEAN members to monitor trade diversion risk, engage constructively with partners amid global uncertainty
KUALA LUMPUR: ASEAN leaders, in a united response to rising global economic and trade uncertainties, have directed relevant officials to monitor the risk of trade diversion and engage constructively with partners through established platforms. According to the ASEAN Leaders' Statement released at the conclusion of the 46th ASEAN Summit, member states reaffirmed their commitment to resolving trade issues through peaceful, consultative dialogue grounded in mutual respect and international law, consistent with the Treaty of Amity and Cooperation in Southeast Asia. 'To this end, we reaffirm ASEAN's commitment towards regional unity, economic stability and practical cooperation in navigating external challenges,' the statement said. Gathering in Kuala Lumpur on May 26, 2025, ASEAN leaders acknowledged the escalation of unilateral actions such as tariffs and trade restrictions, and the increasing risk of global economic fragmentation. They stressed the bloc's strongest resolve to safeguard regional economic stability, resilience and long-term growth, while calling out the counterproductive nature of retaliatory trade actions that could further impact ASEAN economies. In a joint call to action, ASEAN leaders outlined a series of commitments, starting with strengthening ASEAN's internal trade and investment. These efforts include fast-tracking key initiatives such as the ASEAN Digital Economy Framework Agreement (DEFA) and the upgrade of the ASEAN Trade in Goods Agreement (ATIGA), aimed at boosting business certainty and competitiveness. The bloc also committed to modernising ASEAN Plus One Free Trade Agreements (FTAs) and the Regional Comprehensive Economic Partnership (RCEP), while intensifying economic cooperation with existing and new partners. This includes region-to-region linkages such as with the Gulf Cooperation Council (GCC). 'We are determined to secure ASEAN's position as a dynamic and forward-looking hub of global trade and investment,' the leaders said. Internally, ASEAN pledged to enhance coordination by making full use of cross-sectoral mechanisms and the newly established ASEAN Geoeconomic Task Force. Relevant ministers were tasked with closely monitoring global economic conditions and coordinating strategic ASEAN-wide responses. In managing immediate impacts of high tariffs, the statement noted the need for targeted domestic measures, including safeguards to support industries and vulnerable workers ASEAN also aims to prepare for future transformative changes that drive innovation and competitiveness without leaving anyone behind. The bloc reaffirmed its firm support for the multilateral trading system, underscoring the importance of fair, inclusive, rules-based trade with the World Trade Organisation (WTO) at its core. 'ASEAN expressed readiness to engage with WTO members to pursue reforms and maintain a system that is transparent and capable of addressing modern challenges,' according to the statement. Meanwhile, with the ASEAN Economic Community (AEC) Blueprint 2025 nearing completion, the leaders pledged to advance the ASEAN Community Vision 2045, leveraging economic integration to reinforce resilience and confront external disruptions such as unilateral trade measures. The statement also reaffirmed ASEAN's Outlook on the Indo-Pacific (AOIP) as the region's guiding framework for partnerships, emphasising ASEAN centrality, openness, and adherence to international law. 'As we approach the 60th anniversary of ASEAN in 2027, ASEAN unity and centrality remain key to regional peace, stability and prosperity,' the leaders said. Despite global uncertainties, ASEAN remains committed to being a reliable economic partner to all, continuing efforts to deepen integration, strengthen existing ties and forge new economic partnerships based on shared values and mutual prosperity.
The Sun
27-05-2025
- Business
- The Sun
ASEAN to watch trade shifts, maintain global engagement
KUALA LUMPUR: ASEAN leaders, in a united response to rising global economic and trade uncertainties, have directed relevant officials to monitor the risk of trade diversion and engage constructively with partners through established platforms. According to the ASEAN Leaders' Statement released at the conclusion of the 46th ASEAN Summit, member states reaffirmed their commitment to resolving trade issues through peaceful, consultative dialogue grounded in mutual respect and international law, consistent with the Treaty of Amity and Cooperation in Southeast Asia. 'To this end, we reaffirm ASEAN's commitment towards regional unity, economic stability and practical cooperation in navigating external challenges,' the statement said. Gathering in Kuala Lumpur on May 26, 2025, ASEAN leaders acknowledged the escalation of unilateral actions such as tariffs and trade restrictions, and the increasing risk of global economic fragmentation. They stressed the bloc's strongest resolve to safeguard regional economic stability, resilience and long-term growth, while calling out the counterproductive nature of retaliatory trade actions that could further impact ASEAN economies. In a joint call to action, ASEAN leaders outlined a series of commitments, starting with strengthening ASEAN's internal trade and investment. These efforts include fast-tracking key initiatives such as the ASEAN Digital Economy Framework Agreement (DEFA) and the upgrade of the ASEAN Trade in Goods Agreement (ATIGA), aimed at boosting business certainty and competitiveness. The bloc also committed to modernising ASEAN Plus One Free Trade Agreements (FTAs) and the Regional Comprehensive Economic Partnership (RCEP), while intensifying economic cooperation with existing and new partners. This includes region-to-region linkages such as with the Gulf Cooperation Council (GCC). 'We are determined to secure ASEAN's position as a dynamic and forward-looking hub of global trade and investment,' the leaders said. Internally, ASEAN pledged to enhance coordination by making full use of cross-sectoral mechanisms and the newly established ASEAN Geoeconomic Task Force. Relevant ministers were tasked with closely monitoring global economic conditions and coordinating strategic ASEAN-wide responses. In managing immediate impacts of high tariffs, the statement noted the need for targeted domestic measures, including safeguards to support industries and vulnerable workers ASEAN also aims to prepare for future transformative changes that drive innovation and competitiveness without leaving anyone behind. The bloc reaffirmed its firm support for the multilateral trading system, underscoring the importance of fair, inclusive, rules-based trade with the World Trade Organisation (WTO) at its core. 'ASEAN expressed readiness to engage with WTO members to pursue reforms and maintain a system that is transparent and capable of addressing modern challenges,' according to the statement. Meanwhile, with the ASEAN Economic Community (AEC) Blueprint 2025 nearing completion, the leaders pledged to advance the ASEAN Community Vision 2045, leveraging economic integration to reinforce resilience and confront external disruptions such as unilateral trade measures. The statement also reaffirmed ASEAN's Outlook on the Indo-Pacific (AOIP) as the region's guiding framework for partnerships, emphasising ASEAN centrality, openness, and adherence to international law. 'As we approach the 60th anniversary of ASEAN in 2027, ASEAN unity and centrality remain key to regional peace, stability and prosperity,' the leaders said. Despite global uncertainties, ASEAN remains committed to being a reliable economic partner to all, continuing efforts to deepen integration, strengthen existing ties and forge new economic partnerships based on shared values and mutual prosperity.
Korea Herald
26-05-2025
- Business
- Korea Herald
MYEG and SGTraDex Forge Strategic Partnership to Enhance Malaysia-Singapore Digital Trade Connectivity
KUALA LUMPUR, Malaysia, May 26, 2025 /PRNewswire/ -- MY E.G. Services Berhad ("MYEG"), Malaysia's leading e-government and digital services provider, today signed a Memorandum of Understanding ("MoU") with Singapore Trade Data Exchange Services Pte. Ltd. ("SGTraDex"), Singapore's digital infrastructure for trade data exchange. The strategic partnership seeks to enable both parties to collaboratively facilitate seamless, digital cross-border trade between Malaysia and Singapore, setting a new standard for digital trade connectivity in the ASEAN region. Signed at the ASEAN-GCC-China CEO Roundtable hosted by the ASEAN Business Advisory Council ("ASEAN-BAC"), the MoU underscores the deepening partnership between Malaysia and Singapore in advancing digital economic cooperation. This collaboration reflects a shared vision to develop interoperable, cross-border digital solutions and serves as a foundation toward broader regional integration across ASEAN. Under the terms of the agreement, MYEG's Zetrix and SGTraDex will explore the technical integration of their respective platforms to enable a secure and interoperable channel for the exchange of trade-related data. The collaboration aims to catalyse the transition from paper-based to digital trade flows, including the use of verifiable electronic records, aligned with the region's push for trade facilitation and supply chain resilience. "This partnership signals a new era for trade digitalisation in ASEAN," said Dato' Fadzli Shah, Co-Founder of Zetrix. "By aligning Malaysia's and Singapore's trusted digital infrastructure, we're creating the building blocks for a digitally unified ASEAN, one that reduces friction, enhances trust, and accelerates growth." "Our collaboration with MYEG reflects SGTraDex's commitment to fostering open and trusted digital trade. By aligning efforts with close partners like Malaysia, we are taking steps toward greater interoperability and connectivity, which will contribute to more inclusive digital growth across the region," said Mr. Tan Chin Hwee, Chairman of SGTraDex. The collaboration supports the ASEAN Digital Economy Framework Agreement ("DEFA"), and complements broader efforts to enable mutual recognition of Digital ID, electronic trade documents, and regulatory credentials across borders. With blockchain technologies such as MYEG's Zetrix Layer-1 chain and frameworks like TradeTrust on SGTraDex, immutability and traceability of verified information exchanged between governments and enterprises is ensured, fostering greater transparency and security in cross-border transactions. SGTraDex is a public-private digital utility founded by Singapore's Infocomm Media Development Authority ("IMDA") alongside a banking, trade and logistics industry consortium including Advario, DBS, Jurong Port, OCBC, ONE, PIL, PSA, Standard Chartered, Trafigura, and UOB. The initiative plays a critical role in digitising logistics and trade finance by interconnecting data silos across the supply chain. Through this partnership, both parties will explore new B2B and B2B2G flows, and co-develop services tailored for cross-border use cases. The MoU outlines areas of collaboration including: The partnership is expected to serve as a launchpad for wider regional integration, including with China and the Gulf Cooperation Council ("GCC") countries. By leveraging Malaysia's and Singapore's leadership in digital infrastructure and policy, the partnership is poised to reinforce the broader vision of ASEAN as a digitally interconnected economic bloc; strengthening the region's digital infrastructure by facilitating secure, inclusive, and efficient trade. About MY E.G. Services Berhad ("MYEG") MYEG is Malaysia's premier digital services company. Having commenced operations in 2000 as the flagship e-government services provider, MYEG continues to play a leading role in driving technological change in the region, bringing a diverse and complete range of innovations spanning the online delivery of major government services to a variety of commercial offerings in the areas of immigration, automotive and financial services, among others. Committed to staying firmly at the forefront of the global digital revolution, MYEG has embraced the potential of blockchain technology to enhance all aspects of life and is actively pioneering its adoption across the region through its Layer 1 platform Zetrix. Besides its home market, MYEG's presence spans other key regional markets such as mainland China, Philippines and Hong Kong SAR. About SGTraDex Launched on 1 June 2022, the Singapore Trade Data Exchange ("SGTraDex") is a digital utility that facilitates the sharing of data between supply chain ecosystem partners, streamlining information flows through a common data highway where data can be shared in a trusted, secure and inclusive manner. SGTraDex is a public-private partnership founded by IMDA, PSA, Trafigura, DBS, Jurong Port, OCBC, ONE, Advario, PIL, Standard Chartered and UOB. Their proprietary technology aims to resolve pain points in supply chain ecosystems including a heavy reliance on a paper-based system which lacks efficiency, transparency, and sustainability. The move to digitalise information will increase productivity and build supply chain resilience. New efficiencies and opportunities will be unlocked when ecosystem partners can collaborate to achieve a shared visibility of the end-to-end supply chain.
Barnama
25-05-2025
- Business
- Barnama
Malaysia Hopes Upgraded ATIGA Will Further Liberalise Southeast Asia's Financial Services Sector
Investment, Trade and Industry Minister Tengku Datuk Seri Zafrul Abdul Aziz speaks to the Malaysian National News Agency (BERNAMA) during the 46th ASEAN Summit at the Kuala Lumpur Convention Centre (KLCC) today. -- fotoBERNAMA (2025) COPYRIGHT RESERVED By Karina Imran KUALA LUMPUR, May 25 (Bernama) -- Malaysia is hopeful the upgraded ASEAN Trade in Goods Agreement (ATIGA) will help to liberalise further the region's financial services sector, Investment, Trade and Industry Minister Tengku Datuk Seri Zafrul Abdul Aziz said. The enhanced agreement, which is expected to be signed in October this year, will go beyond trade in goods to include critical services sectors such as energy, communications and financial services, he told Bernama here today in an exclusive interview. 'These sectors are all, understandably, (where) each country will have its position when it comes to investments in strategic sectors,' he said. He said non-tariff barriers (NTBs), particularly in financial services and banking, continue to impede trade within ASEAN. 'In trade, more or less, we have liberalised already, but investment in strategic sectors will take flexibility for ASEAN countries to understand each other's position, especially when most countries also have to think of their strategic national interests,' he said. In addition, Tengku Zafrul said the ASEAN Digital Economy Framework Agreement (DEFA), which is expected to be concluded by the end of 2025, will be a more inclusive trade ecosystem. 'Intra-ASEAN trade is at 20 per cent to 24 per cent. I don't believe that we can't do more. That's why the upgraded ATIGA is important and we also have the DEFA that we want to conclude, which will be more inclusive,' he said. As for NTBs in ASEAN, there are always countries that put in their positions when it comes to protecting their markets and industries, and financial services are one of them.
