Latest news with #ASEANTradeinGoodsAgreement
Malaysian Reserve
7 days ago
- 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.
Nikkei Asia
26-05-2025
- Business
- Nikkei Asia
ASEAN agrees to lower barriers to boost regional trade
KUALA LUMPUR -- Southeast Asian leaders are pushing to deepen economic integration at a regional summit that began Monday, approving an upgraded trade agreement and endorsing a new long-term vision in their first meeting since Washington announced sweeping tariffs in April. In an effort to mitigate geopolitical risks, the bloc has just concluded negotiations on an upgraded ASEAN Trade in Goods Agreement (ATIGA), set to be formally signed at the annual October summit. The revised deal aims to lower remaining tariffs and remove non-tariff barriers to improve trade flows among member states.
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.
Barnama
25-05-2025
- Business
- Barnama
Conclusion Of ATIGA Upgrade Talks Shows ASEAN Commitment To Seamless, Resilient Economy
KUALA LUMPUR, May 25 - - Singapore Deputy Prime Minister Gan Kim Yong, who is also the Trade and Industry Minister at the 25th ASEAN Economic Community Council (AECC) in Kuala Lumpur Convention Centre (KLCC) today. By Nur Ashikin Abdul Aziz SINGAPORE, May 25 (Bernama) -- The conclusion of the ASEAN Trade in Goods Agreement (ATIGA) upgrade negotiations on Sunday demonstrates the bloc's commitment to building a more seamless and resilient economic region, said Singapore's Deputy Prime Minister Gan Kim Yong. Gan, who also serves as Minister for Trade and Industry, said it also reflects ASEAN's commitment to preserving a rules-based trading environment to better support business operations in the region amidst an uncertain global economic climate. 'Singapore was pleased to Chair and work with our ASEAN partners to successfully conclude the ATIGA Upgrade negotiations,' he said in a Ministry of Trade and Industry (MTI) statement on Sunday. The negotiations were concluded at the 25th ASEAN Economic Community Council (AECC) Meeting in Kuala Lumpur, which Gan attended. As the next step, ASEAN Member States have agreed to sign the upgraded ATIGA at the 47th ASEAN Summit in October 2025. Businesses stand to benefit from an improved regional ecosystem for the flow of goods within ASEAN when the upgraded ATIGA comes into force, according to MTI. Meanwhile, Gan said that Singapore will continue to work with ASEAN and global partners to secure long-term growth, competitiveness, and shared prosperity, as the bloc deepens region-to-region cooperation and harnesses opportunities in digitalisation and sustainability. 'ASEAN's focus on digitalisation, sustainability and expanding global cooperation ensures our region remains open, connected, and future-ready,' he added.
BusinessToday
25-05-2025
- Business
- BusinessToday
Region Must Shift From 'BAU' And Adopt Bold Strategies In Tackling Trade Changes
At today's (25 May) 25th ASEAN Economic Community (AEC) Council Meeting, Deputy Minister Liew Chin Tong, chairing the meeting, emphasised the urgency for ASEAN to shift from a 'business-as-usual' approach and adopt bold, forward-looking strategies to weather ongoing geopolitical uncertainties, particularly in light of rising U.S. tariffs and global trade disruptions. 'ASEAN's centrality, neutrality and unity are our greatest strengths. We must build on our diversity and shared commitment to navigate this volatile global landscape,' said Liew. Key Achievements and Announcements Among the significant outcomes was the successful adoption of the Roadmap on Digital Trade Standards , a major economic deliverable led by Laos for 2024. Malaysia also announced the completion of two of its 18 Priority Economic Deliverables (PEDs) for 2025: The conclusion of the ASEAN-China Free Trade Area (ACFTA) 3.0 Upgrade Negotiations. The upgraded ASEAN Trade in Goods Agreement (ATIGA). Both trade agreements are expected to be formally signed at the upcoming 47th ASEAN Leaders' Summit in October 2025, also to be held in Kuala Lumpur. 'These trade upgrades will be pivotal for strengthening intra-ASEAN supply chain resilience and deepening regional integration,' said Liew. Additionally, the Council concluded negotiations on the Enhanced Memorandum of Agreement for the ASEAN Power Grid (APG), a strategic project to boost regional energy security and sustainability. A financing framework is also in the works to attract foreign direct investments into energy-related infrastructure. Blueprint Implementation Nears Completion The meeting also revealed that implementation of the AEC Blueprint 2025—ASEAN's strategic roadmap for economic integration—has reached an impressive 97%. The Blueprint, launched a decade ago, has driven substantial gains in trade liberalisation, MSME development, and digital transformation across the region. Building on that momentum, the Council is preparing to launch the next phase: the ASEAN Economic Community Strategic Plan 2026–2030. The plan will be unveiled alongside the broader ASEAN Community Vision 2045 during this year's summit. Timor-Leste's Entry, Geopolitical Pressures Top Agenda The Council reaffirmed its support for Timor-Leste's accession to ASEAN, calling it a priority under Malaysia's 2025 Chairmanship. Timor-Leste's entry, leaders said, would enhance regional dynamism and inclusivity. The Council also discussed the rising impact of global trade tensions and protectionist policies, following outcomes from recent ASEAN Economic Ministers meetings and the inaugural ASEAN Geoeconomics Task Force meeting held earlier this month. 'The current climate calls for collective action, strategic autonomy, and coordinated policy response. ASEAN must stay united in defending its socio-economic interests,' Liew added. The Council will next turn its attention to the Regional Socialisation of the AEC Strategic Plan on 12 June 2025 in Kuala Lumpur—a session aimed at engaging multi-stakeholders and highlighting the plan's broader economic benefits. As ASEAN's economic stewards prepare to chart the next decade, Malaysia's leadership is steering the bloc toward a future of deeper integration, resilience, and inclusive growth. Related
