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BusinessToday
6 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
South China Morning Post
29-05-2025
- Business
- South China Morning Post
Asean's ambitious 2045 plan faces Trump tariffs and implementation woes
Members of the Asean bloc have laid out an ambitious plan to become the world's fourth-largest economy by 2045, but analysts warn the region must first overcome deep-rooted trade barriers, domestic implementation woes and a shifting global trade order. Advertisement Released on Tuesday during the Association of Southeast Asian Nations summit in Kuala Lumpur, the five-year strategy to achieve the economic goal aims to boost regional integration and better address complex issues. 'Carrying on with business as usual will not suffice for this highly dynamic economic region,' the statement said. 'For Asean to become the fourth-largest global economy by 2045, countries in the region will need to deepen their economic integration and enhance their agility to address multifaceted challenges.' The plan's announcement, which called for increased energy security, transport security, and strengthened supply chains, came after the bloc finalised negotiations on an upgraded Asean Trade in Goods Agreement (ATIGA) on Monday. First implemented in 2010, ATIGA removed tariffs on 98.6 per cent of goods traded among member states. The upgraded version – expected to be signed in October – aims to further boost intra-Asean trade by eliminating remaining duties and removing non-tariff barriers, such as complex customs procedures and licensing rules. Advertisement ATIGA is one of three major agreements that form the foundation of the Asean free-trade area, which seeks to lower trade barriers and build a unified regional market.
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.
