Latest news with #ASEANTradeinGoodsAgreement
BusinessToday
5 days ago
- Business
- BusinessToday
ASEAN Chairmanship, BRICS Engagement Key In Building Economic Resilience
Minister of Investment, Trade and Industry, Senator Tengku Datuk Seri Utama Zafrul Aziz, today delivered a keynote address at the PRAXIS 2025 Public Policy Conference, outlining Malaysia's strategy to navigate an increasingly volatile global landscape. Speaking on the theme 'From Fracture to Future,' the minister detailed how Malaysia's ASEAN Chairmanship and its new engagement with the BRICS bloc are key to building economic resilience and promoting sustainable growth. Tengku Zafrul highlighted several achievements and priorities under Malaysia's 2025 ASEAN Chairmanship, which he said is focused on deepening regional cooperation. Trade Agreements: Negotiations have been concluded to upgrade the ASEAN Trade in Goods Agreement (ATIGA) and the ASEAN-China Free Trade Area (ACFTA). These new agreements, expected to be signed in October, will expand cooperation into services, e-commerce, and SMEs. Digital Economy: The upcoming ASEAN Digital Economy Framework Agreement (DEFA) is a major priority, aiming to provide a comprehensive framework for a digital economy projected to reach USD2 trillion by 2030. Supply Chain: Malaysia has proposed the ASEAN Framework on Integrated Semiconductor Supply Chain (AFISS) to position Southeast Asia as a unified production base for microchips, promoting collaboration over competition among member states. New Partnerships: Malaysia successfully convened the first-ever ASEAN-GCC-China Summit, which could serve as a springboard for a future ASEAN-GCC Free Trade Agreement. The minister underscored that Malaysia's regional efforts mirror its national priorities of maintaining an open, transparent, and rules-based global trade order. BRICS Engagement: Tengku Zafrul announced that Malaysia was invited as a new Partner Country of BRICS, calling it a significant milestone. He framed this engagement as a forward-looking strategy to diversify partnerships and rebalance the global order, rather than an ideological move to disrupt it. Economic Non-Alignment: The minister firmly stated that Malaysia's policy is one of economic non-alignment. 'It is not in our interest to choose between [the United States and China] or decouple from either,' he said, emphasising that neutrality is Malaysia's strength. Bilateral Growth: He also pointed to recent agreements, including a Comprehensive Strategic Partnership with India and MoUs on semiconductors with Brazil, as examples of Malaysia's strategic outreach. Acknowledging challenges like regional disputes and trade tariffs, Tengku Zafrul outlined three key points for ASEAN to move from 'fracture to future.' Double Down on the ASEAN Way: Upholding the principles of non-alignment and dialogue with all like-minded partners. Continue Diversification and Integration: Leveraging the collective strength of ASEAN's 680-million strong market to 'tide us over' during this fractured era. Pursue National and Regional Reform: Emphasising the success of national reform plans like the New Industrial Master Plan (NIMP) 2030 and the upcoming 13th Malaysia Plan (13MP) as crucial for building a strong foundation for regional discussions. He concluded that Malaysia will not drift aimlessly in a turbulent global environment, but will 'anchor ourselves to our principles, chart a course through complexity, and embrace the boldness required to lead.'
Daily News Egypt
02-07-2025
- Business
- Daily News Egypt
Malaysia's 2025 ASEAN chair to focus on digital trade, regional integration
Malaysia's 2025 chairmanship of ASEAN will focus on strengthening regional integration and digital trade through concrete initiatives, the chairman of the ASEAN Business Advisory Council said. In an interview, Tan Sri Nazir Razak said Malaysia's leadership is expected to influence the region's development with initiatives that are part of a long-term strategy, including the ASEAN Community Vision 2045 and a five-year strategic development plan. He said these were essential for aligning long-term objectives with actionable measures. 'We have a five-year plan, but also within that there are specific targets for this year alone,' Razak said in an exclusive interview at the TV BRICS studio at the St. Petersburg International Economic Forum (SPIEF) in the Roscongress International Cooperation Area. He identified the upgrade of the ASEAN Trade in Goods Agreement (ATIGA) and the Digital Economic Framework Agreement as key initiatives. He described the digital framework as 'the first international legally binding agreement for digital business across the region.' Commenting on relations with Russia, Razak emphasised the long-standing diplomatic ties between the two countries, which began in 1967. He noted that the Malaysian prime minister has visited Russia twice and that recent visits have resulted in positive developments. Razak stressed the importance of deepening business ties through practical engagement and a detailed understanding of how trade operates under current global conditions. 'We need to increase trade between Malaysia and Russia as well as to increase investments both ways,' he stated.
See - Sada Elbalad
23-06-2025
- Business
- See - Sada Elbalad
Malaysia's ASEAN Сhairmanship in 2025 Set to Boost Regional Integration and Digital Trade
Yara Sameh Nazir Razak, Chairman of the ASEAN Business Advisory Council, stated that Malaysia's chairmanship of ASEAN in 2025 is expected to significantly influence the region's development trajectory, with a focus on both visionary goals and concrete initiatives, according to TV BRICS. He spoke about this in an exclusive interview at the TV BRICS studio in the Roscongress International Cooperation Area at St. Petersburg International Economic Forum ( SPIEF) 2025. Razak said that ASEAN has already launched the ASEAN Community Vision 2045 and a strategic development plan for the next five years – steps which he sees as essential for aligning long-term objectives with actionable measures. 'We have a five-year plan, but also within that there are specific targets for this year alone,' he said, listing initiatives such as the upgrade of ATIGA (ASEAN Trade in Goods Agreement) and the Digital Economic Framework Agreement – the first international legally binding agreement for digital business across the region. Commenting on relations with Russia, Razak emphasised the long-standing diplomatic ties between the two countries, which began in 1967. He noted that the Malaysian Prime Minister has visited Russia twice, and that recent visits have resulted in positive developments. Razak stressed the importance of deepening business ties through practical engagement and detailed understanding of how trade operates under current global conditions. 'We need to increase trade between Malaysia and Russia as well as to increase investments both ways,' he stated. read more Gold prices rise, 21 Karat at EGP 3685 NATO's Role in Israeli-Palestinian Conflict US Expresses 'Strong Opposition' to New Turkish Military Operation in Syria Shoukry Meets Director-General of FAO Lavrov: confrontation bet. nuclear powers must be avoided News Iran Summons French Ambassador over Foreign Minister Remarks News Aboul Gheit Condemns Israeli Escalation in West Bank News Greek PM: Athens Plays Key Role in Improving Energy Security in Region News One Person Injured in Explosion at Ukrainian Embassy in Madrid News China Launches Largest Ever Aircraft Carrier Sports Former Al Zamalek Player Ibrahim Shika Passes away after Long Battle with Cancer Lifestyle Get to Know 2025 Eid Al Adha Prayer Times in Egypt Videos & Features Tragedy Overshadows MC Alger Championship Celebration: One Fan Dead, 11 Injured After Stadium Fall Business Fear & Greed Index Plummets to Lowest Level Ever Recorded amid Global Trade War Arts & Culture Zahi Hawass: Claims of Columns Beneath the Pyramid of Khafre Are Lies News Flights suspended at Port Sudan Airport after Drone Attacks Videos & Features Video: Trending Lifestyle TikToker Valeria Márquez Shot Dead during Live Stream News Shell Unveils Cost-Cutting, LNG Growth Plan Technology 50-Year Soviet Spacecraft 'Kosmos 482' Crashes into Indian Ocean
Malaysia Sun
13-06-2025
- Business
- Malaysia Sun
ASEAN poised for major global economic role, but challenges remain, experts say
KUALA LUMPUR, June 13 (Xinhua) -- ASEAN could emerge as the world's fourth-largest economy in the coming decades, experts say, but the regional bloc must accelerate integration, strengthen institutions, and adapt to global shifts to realize this potential. Experts also urge ASEAN to act collectively to solidify its global presence. EMERGING INDUSTRY FUELING COMMON FUTURE "ASEAN, presently with an economic size of 3.8 trillion U.S. dollars, could become the fourth-largest economy on an aggregated basis but of a smaller world," said Mohd Munir Abdul Majid, chairman of CARI ASEAN Research and Advocacy, in a recent email interview with Xinhua. Mohd Munir, who is also president of the ASEAN Business Club and a senior fellow at LSE IDEAS, said technology -- particularly artificial intelligence (AI) in the services sector -- will drive future growth. He emphasized that ASEAN's access to technology should be guided by cost and technical quality. "E-commerce could be a key catalyst for intra-regional trade," Mohd Afzanizam Abdul Rashid, chief economist at Bank Muamalat Malaysia Berhad, said that a robust digital infrastructure, including telecommunications and smart devices, is essential. Mohd Afzanizam also highlighted the importance of logistics to ensure speedy delivery, which necessitates efficient warehousing systems. He further emphasized that payment systems, such as QR code networks, are crucial to support micro, small, and medium enterprises (MSMEs) in expanding into international markets. Oh Ei Sun, principal adviser at the Pacific Research Center of Malaysia, stated that ASEAN should prioritize high-tech sectors that offer greater value-added potential. However, he told Xinhua that traditional commodities like palm oil and petroleum would remain vital as the region catches up in advanced industries. ASEAN INTEGRATION PROGRESSING STEADILY ASEAN's economic integration has been advancing gradually, with a strong emphasis on consensus and free trade, experts say. "ASEAN's economic integration has progressed steadily rather than hastily, grounded in a consistent commitment to free trade," said Mohd Munir. According to him, ASEAN's journey began with the ASEAN Free Trade Area in 1992, followed by the launch of the ASEAN Economic Community (AEC). The process is now guided by the Kuala Lumpur Declaration on ASEAN 2045, adopted at the 46th ASEAN Summit in May. "There is a lot happening. Not fast enough or optimally, but in a clear direction," he noted, adding that ASEAN has progressed based on consensus to deepen integration and free trade. Li Yuqing, assistant professor of Institute for International and Area Studies of Tsinghua University, said ASEAN's updates to the ASEAN Trade in Goods Agreement enhance regional trade and deepen integration, supporting its goal of becoming the world's fourth-largest economy. "Above all, ASEAN is a peaceful region, which makes it a conducive location for foreign direct investment and business ventures that can come from across the globe," Mohd Afzanizam said, highlighting initiatives such as the Johor-Singapore Special Economic Zone as evidence of strengthening regional ties. INSTITUTIONAL REFORMS, STRATEGIC CLARITY NEEDED Despite progress, experts pointed out that ASEAN faces institutional limitations. Mohd Munir said the bloc's decision-making structure remains slow, and the secretariat is under-resourced, despite the ASEAN 2045 vision calling for strengthening. "The point ASEAN must realize is that there is an urgent need to develop its strategic options in a changing world. It has taken a slow and steady course on increasing intra-regional trade, labor mobility and institutional implementation, emphasizing always on consensus," he said. "But there are now big issues for decision-making that cannot follow that route." Mohd Afzanizam warned that non-tariff barriers remain a key obstacle, as member states often act to protect their domestic industries. "Continuous dialogue, both government-to-government and government-to-business, is vital to identify and bridge these gaps," he said. Oh echoed those concerns, urging ASEAN to address internal development disparities. "ASEAN should focus on eradicating the abject poverty amongst itself for the least developed member states, and escaping the middle-income trap for the developing member states," he added. CHINA TIES OFFER CHANCE FOR COOPERATION Experts believe ASEAN-China relations are entering a new phase, driven by growing investment and strategic collaboration. Mohd Munir noted that ASEAN-China relations have been close in trade and, increasingly, in investment. In the context of global trade tensions, it would be good to deepen that relationship for mutual benefit. "For China, ASEAN's economic integration provides a relatively stable regional trade environment, helping China manage external trade risks and enhance economic resilience and stability," Li mentioned. She also noted that integration makes ASEAN's investment environment more stable and transparent, enabling businesses to better access the ASEAN market and achieve more efficient resource allocation. ASEAN countries may deepen cooperation with China in infrastructure development, which would accelerate progress in the digital economy and green transition, Oh suggested. GREATER INFLUENCE AMID UNCERTAINTY Regardless of whether ASEAN becomes the fourth-largest economy, its current size already warrants greater global influence, as the bloc is urged to exercise its weight in global affairs. "ASEAN needs to be less reticent about asserting its influence and initiating new ideas in a world marked by global disorder," he added. "Deeper ASEAN economic integration would strengthen the bloc's bargaining power," Li said, adding that it would enhance its role as a regional coordinator and allow it to play a more significant role. Mohd Afzanizam said that the shift toward a multipolar world provides more platforms for diplomatic solutions rather than unilateral decisions, especially from a single superpower, which can be disruptive. "This should resonate well with ASEAN as the region has always been peaceful. Certainly, ASEAN would want to advocate this at the global arena which is a universally accepted value," he added.
Malaysia Sun
13-06-2025
- Business
- Malaysia Sun
Economic Watch: ASEAN poised for major global economic role, but challenges remain, experts say
KUALA LUMPUR, June 12 (Xinhua) -- ASEAN could emerge as the world's fourth-largest economy in the coming decades, experts say, but the regional bloc must accelerate integration, strengthen institutions, and adapt to global shifts to realize this potential. Experts also urge ASEAN to act collectively to solidify its global presence. EMERGING INDUSTRY FUELING COMMON FUTURE "ASEAN, presently with an economic size of 3.8 trillion U.S. dollars, could become the fourth-largest economy on an aggregated basis but of a smaller world," said Mohd Munir Abdul Majid, chairman of CARI ASEAN Research and Advocacy, in a recent email interview with Xinhua. Mohd Munir, who is also president of the ASEAN Business Club and a senior fellow at LSE IDEAS, said technology -- particularly artificial intelligence (AI) in the services sector -- will drive future growth. He emphasized that ASEAN's access to technology should be guided by cost and technical quality. "E-commerce could be a key catalyst for intra-regional trade," Mohd Afzanizam Abdul Rashid, chief economist at Bank Muamalat Malaysia Berhad, said that a robust digital infrastructure, including telecommunications and smart devices, is essential. Mohd Afzanizam also highlighted the importance of logistics to ensure speedy delivery, which necessitates efficient warehousing systems. He further emphasized that payment systems, such as QR code networks, are crucial to support micro, small, and medium enterprises (MSMEs) in expanding into international markets. Oh Ei Sun, principal adviser at the Pacific Research Center of Malaysia, stated that ASEAN should prioritize high-tech sectors that offer greater value-added potential. However, he told Xinhua that traditional commodities like palm oil and petroleum would remain vital as the region catches up in advanced industries. ASEAN INTEGRATION PROGRESSING STEADILY ASEAN's economic integration has been advancing gradually, with a strong emphasis on consensus and free trade, experts say. "ASEAN's economic integration has progressed steadily rather than hastily, grounded in a consistent commitment to free trade," said Mohd Munir. According to him, ASEAN's journey began with the ASEAN Free Trade Area in 1992, followed by the launch of the ASEAN Economic Community (AEC). The process is now guided by the Kuala Lumpur Declaration on ASEAN 2045, adopted at the 46th ASEAN Summit in May. "There is a lot happening. Not fast enough or optimally, but in a clear direction," he noted, adding that ASEAN has progressed based on consensus to deepen integration and free trade. Li Yuqing, assistant professor of Institute for International and Area Studies of Tsinghua University, said ASEAN's updates to the ASEAN Trade in Goods Agreement enhance regional trade and deepen integration, supporting its goal of becoming the world's fourth-largest economy. "Above all, ASEAN is a peaceful region, which makes it a conducive location for foreign direct investment and business ventures that can come from across the globe," Mohd Afzanizam said, highlighting initiatives such as the Johor-Singapore Special Economic Zone as evidence of strengthening regional ties. INSTITUTIONAL REFORMS, STRATEGIC CLARITY NEEDED Despite progress, experts pointed out that ASEAN faces institutional limitations. Mohd Munir said the bloc's decision-making structure remains slow, and the secretariat is under-resourced, despite the ASEAN 2045 vision calling for strengthening. "The point ASEAN must realize is that there is an urgent need to develop its strategic options in a changing world. It has taken a slow and steady course on increasing intra-regional trade, labor mobility and institutional implementation, emphasizing always on consensus," he said. "But there are now big issues for decision-making that cannot follow that route." Mohd Afzanizam warned that non-tariff barriers remain a key obstacle, as member states often act to protect their domestic industries. "Continuous dialogue, both government-to-government and government-to-business, is vital to identify and bridge these gaps," he said. Oh echoed those concerns, urging ASEAN to address internal development disparities. "ASEAN should focus on eradicating the abject poverty amongst itself for the least developed member states, and escaping the middle-income trap for the developing member states," he added. CHINA TIES OFFER CHANCE FOR COOPERATION Experts believe ASEAN-China relations are entering a new phase, driven by growing investment and strategic collaboration. Mohd Munir noted that ASEAN-China relations have been close in trade and, increasingly, in investment. In the context of global trade tensions, it would be good to deepen that relationship for mutual benefit. "For China, ASEAN's economic integration provides a relatively stable regional trade environment, helping China manage external trade risks and enhance economic resilience and stability," Li mentioned. She also noted that integration makes ASEAN's investment environment more stable and transparent, enabling businesses to better access the ASEAN market and achieve more efficient resource allocation. ASEAN countries may deepen cooperation with China in infrastructure development, which would accelerate progress in the digital economy and green transition, Oh suggested. GREATER INFLUENCE AMID UNCERTAINTY Regardless of whether ASEAN becomes the fourth-largest economy, its current size already warrants greater global influence, as the bloc is urged to exercise its weight in global affairs. "ASEAN needs to be less reticent about asserting its influence and initiating new ideas in a world marked by global disorder," he added. "Deeper ASEAN economic integration would strengthen the bloc's bargaining power," Li said, adding that it would enhance its role as a regional coordinator and allow it to play a more significant role. Mohd Afzanizam said that the shift toward a multipolar world provides more platforms for diplomatic solutions rather than unilateral decisions, especially from a single superpower, which can be disruptive. "This should resonate well with ASEAN as the region has always been peaceful. Certainly, ASEAN would want to advocate this at the global arena which is a universally accepted value," he added.
