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Free Malaysia Today
27-05-2025
- Business
- Free Malaysia Today
Small, pragmatic steps best for Asean integration, says Nazir
Asean-BAC chairman Nazir Razak speaking to FMT during the 46th Asean Summit and related summits in Kuala Lumpur. KUALA LUMPUR : Asean should focus on practical, incremental steps rather than grand ambitions to strengthen regional economic integration, says Asean Business Advisory Council (Asean-BAC) chair Nazir Razak. Speaking to FMT on the sidelines of the 46th Asean Summit and related summits here, Nazir said he was initially inspired by the bold aspirations laid out in the Asean Charter when it was adopted in 2007. But over time, he came to believe that a more modest and targeted approach would work best for the region. 'We thought that when Asean grows up, we'd want to be like the European Union, but it's not the right model for us,' he said. 'Asean works best when you don't go for giant, ambitious leaps and achieve very little. Instead, you go for concrete, small steps and move forward progressively.' Nazir's remarks come amid growing global uncertainty, with rising protectionism and the threat of tariffs which the US began introducing in April. Businesses across the region have raised concerns about mounting barriers to trade and investment, and are calling on governments to present clear plans for navigating geopolitical rifts, particularly those forcing companies to choose between US and Chinese markets. 'I think the world now accepts that completely unfettered free markets are no longer a reality, and we accept that within Asean, we all have our domestic political priorities,' Nazir said. 'There will be restrictions, (but) those are accepted now, more than ever.' Still, he said that negotiating the right trade deals, including with the US on non-tariff barriers, was an important strategy to address these risks. 'It's a question of negotiating the right deals, and even in the case of Malaysia-US relations, there are conversations around the various non-tariff measures and how to bring them down,' he said. These restrictions and pressures have also prompted Asean members to rethink their reliance on traditional partners and explore more intra-Asean trade and South-South cooperation. In terms of strengthening the regional economy, Nazir said Asean was becoming a very attractive destination, especially given the changing world order. He urged businesses to diversify their markets, particularly as traditional partners like the US begin imposing new trade barriers. 'We have all taken for granted that we've got this big US market, and perhaps because of that, we have not fully explored other opportunities,' he said. 'Not just China, but also India, the Gulf Cooperation Council and other areas of the South.' While governments can help pave the way through diplomacy and trade agreements, he said that 'ultimately it's up to the private sector to go and search for new markets as one closes'.
Malay Mail
26-05-2025
- Business
- Malay Mail
Asean must trade more with itself, Anwar tells bloc's business council
KUALA LUMPUR, May 26 — Prime Minister and Chair of the South-east Asian bloc, Datuk Seri Anwar Ibrahim, has directed the Asean Business Advisory Council (Asean-BAC) to submit concrete proposals to boost intra-Asean trade, which currently accounts for only about 20 per cent of the grouping's total trade. He noted that his counterparts had expressed a shared desire to unlock the region's full economic potential, underscoring the opportunity to significantly expand intra-Asean trade. 'Proposals have been made by Presidents and Prime Ministers, and there is actually no reason why the extent of our inter-Asean trade and investments is still limited at this stage, as the potential is enormous. 'So please come up with some very specific proposals on how we can compel policymakers to accept some recommendations,' he said in his opening remarks at the Asean Leaders' Interface with Representative of the Asean Business Advisory Council (Aseab-BAC) here today. Anwar, who is also the finance minister, said the Asean-BAC would also be present at all Asean meetings as a standard procedure to express their views and provide suggestions. Heads of State present included Brunei Darussalam Sultan Hassanal Bolkiah; Indonesia President Prabowo Subianto; Cambodia Prime Minister Hun Manet; Laos Prime Minister Sonexay Siphandone; Vietnam Prime Minister Pham Minh Chinh; Philippines President Ferdinand Marcos Jr; Singapore Prime Minister Lawrence Wong; and Thailand Prime Minister Paetongtarn Shinawatra. Also in attendance were Timor-Leste Prime Minister Xanana Gusmao, as observer, and Asean Secretary-General Kao Kim Hourn. This year marks Malaysia's fifth time chairing the regional bloc, having previously held the Asean Chairmanship in 1977, 1997, 2005 and 2015. In conjunction with the summit, two pivotal high-level engagements — the 2nd Asean-GCC Summit and the inaugural Asean-GCC-China Summit — will also be convened, serving as strategic platforms to advance regional and inter-regional cooperation. — Bernama
