Latest news with #AseanEconomicCommunity
New Straits Times
3 days ago
- Business
- New Straits Times
Asean to align laws on AI, cybercrime and cross-border disputes
KUALA LUMPUR: Asean countries are set to align their legal frameworks in key areas such as artificial intelligence, cybercrime and cross-border commercial disputes. A joint statement on this will be signed at the upcoming Asean Law Forum in Kuala Lumpur. The statement will reflect the region's collective commitment to addressing emerging legal challenges, particularly in the digital era, said Minister in the Prime Minister's Department (Law and Institutional Reform) Datuk Seri Azalina Othman Said. "This joint statement is very significant because it shows that Asean countries — particularly our law ministries, justice departments and legal agencies — are ready to work closely on shared legal concerns," she said at the forum's soft launch here. She said the agreement will cover a broad range of transnational legal themes, including international arbitration and mediation,cross-border insolvency, online safety and cybercrime, AI in legal practice, criminal and commercial law reform and business and human rights. Azalina said international arbitration and mediation, in particular, are becoming key mechanisms to resolve commercial disputes among Asean businesses and governments. "So when Asean countries do business with each other — whether involving companies or governments — and disputes arise, they can turn to international mediation or arbitration platforms. "These are among the key subjects that I hope will be included in the joint statement and signed collectively by all Asean nations, aligning their respective domestic legal frameworks and ensuring applicability within Malaysia." Azalina said the forum is expected to serve as a platform for Asean members to share best practices and move towards common legal approaches, especially in areas where the region faces similar challenges. "On AI, for example, all Asean countries are grappling with the same issues. That's why we need aligned or at least consistent legal frameworks to ensure effective implementation and protection." The Asean Law Forum 2025, scheduled to be held at the Kuala Lumpur Convention Centre from Aug 19 to 21, is themed "Enhancing access to justice in the Asean Economic Community: Bridging legal cooperation for inclusive growth in the digital age."
Bangkok Post
10-07-2025
- Business
- Bangkok Post
Call for deeper integration in Asean as tariffs menace
Southeast Asian nations have taken steps to deepen economic integration within Asean and broaden collaboration with other regional groupings amid ongoing global uncertainty and disruptions from US tariffs, says Gan Kim Yong, Singapore's deputy prime minister and minister for trade and industry. "Businesses must be prepared for exports to the US to cost more in that market. We cannot bet on the possibility that tariffs will go away. Given its rising fiscal deficit, tariffs will increasingly be an important source of tax revenue for the US government," said Mr Gan. "Therefore, exports to the US will result in more costly products for some time to come." He said businesses must also be prepared for greater scrutiny over their production and supply chains, potentially setting up separate lines for exports to the US. The US will likely extend preferential tariffs on imports of steel, vehicles and pharmaceuticals, said Mr Gan. Companies selling materials or components that are used by businesses in other countries that export to the US should expect similar requirements to be placed on them, he said. "In addition to differentiating their product and supply chains, companies must diversify into new markets, even new products and services," said Mr Gan. "There is a concerted effort among like-minded partners to preserve an open global trade environment, but we must be prepared for a more protectionist landscape ahead of us." In order to build a more resilient Asean Economic Community, he said Asean has moved to deepen economic integration within the region. The group recently concluded negotiations on upgrading the Asean Trade in Goods Agreement by enhancing collective commitments on non-tariff measures, as well as improving trade facilitation and transparency on areas such as customs proceedings. Negotiations on the Asean digital economy framework agreement have begun, targeting a conclusion by year-end, aligning digital rules and standards as well as promoting interoperability of digital systems such as digital identities and payment systems, Mr Gan told a regional conference co-hosted by United Overseas Bank (UOB). Asean also wants to broaden collaboration with partners and other trading groups, such as the Gulf Cooperation Council (GCC), including the possibility of establishing a free trade agreement between Asean and the GCC, he said. "We are also working on a dialogue between Asean and the Comprehensive and Progressive Agreement for Trans-Pacific Partnership [CPTPP], which we hope will pave the way for Asean and the CPTPP to collaborate on areas of mutual interest, such as the digital economy, trade facilitation and supply chains," said Mr Gan. Together with dialogue partners such as Australia, New Zealand, China and Japan, Asean is exploring how to enhance and expand the Regional Comprehensive Economic Partnership, he said. Asean is committed to strengthening the rules-based organisational trading system, with the World Trade Organization (WTO) at its core. "WTO remains an important institution and a foundation to build a better global rules-based trade architecture," said Mr Gan. "While the system is not perfect, Asean is committed to working together to strengthen the WTO and the global trading system." Wee Ee Cheong, deputy chairman and chief executive of UOB Group, said Asean member countries have committed to enhancing intra-Asean trade flows from the current level of less than 30%. "Trade remains a critical economic driver for Asean," he said. "Small businesses are the backbone of the Asean economy. Every global shift requires these small firms to adapt their business models to better compete."
The Sun
13-06-2025
- Business
- The Sun
Asean's ambition of becoming world's fourth biggest economy by 2030 well within reach: Tengku Zafrul
KUALA LUMPUR: Asean's ambition to become the world's fourth-largest economy by 2030 is well within reach, provided the region sustains an annual gross domestic product (GDP) growth rate between 4% and 5%. Investment, Trade and Industry Minister Tengku Datuk Seri Zafrul Tengku Abdul Aziz highlighted the region's robust growth prospects at the official launch of the Asean Economic Community (AEC) Strategic Plan today. 'Our economists have thoroughly analysed the growth projections for all Asean economies under current conditions, and we are confident that the targets are indeed achievable,' he said. Tengku Zafrul noted that the Asean Secretariat projects regional GDP growth at 4.7% for 2025, as presented at the latest Asean Economic Ministers' Meeting. 'But things are very dynamic. It depends on the global economic situation. The IMF (International Monetary Fund) will also produce their forecast of global growth,' he said, stressing the need for vigilance amid shifting external factors. Tengku Zafrul emphasised the AEC Strategic Plan's role in keeping Asean's policies current and responsive to evolving business needs and emerging challenges. 'As the first instalment of this long-term vision, the plan serves as a comprehensive roadmap that outlines a clear and actionable path forward,' he said. The plan has been carefully crafted to implement the economic aspects of the Asean Community Vision 2045, leveraging the region's vast opportunities and potential. A key pillar of the plan is the establishment of a forward-looking digital economic framework, which is expected to double Asean's digital economy to US$2 trillion (RM4.5 trillion) by 2030. The focus on digital transformation, alongside sustained economic integration and resilience, positions Asean to not only achieve its growth targets but also to strengthen its global influence. On the domestic front, Tengku Zafrul sees positive signals from foreign investors in Malaysia, with no indication of existing investors withdrawing their commitments despite ongoing global uncertainties. 'So far, no existing investors have expressed any intention to exit Malaysia. They remain committed to their investments, and no cancellations have been announced.' However, he observed that new investors are adopting a more cautious, 'wait and see' approach, influenced by heightened geopolitical tensions – particularly between the United States and China – and broader global volatility. Looking ahead, Tengku Zafrul said his trade negotiations in Washington on June 18 will focus on reducing tariffs on Malaysian exports. 'The negotiations are essentially to address the current tariff structure, where the US has imposed a 24% tariff on Malaysia. Our first goal is to bring that down.' The second objective is to identify key sectors where Malaysia believes tariffs should be reduced even below the 10% floor, targeting industries important to both Malaysian exporters and the US economy. In April, the US government announced new tariff measures affecting more than 60 countries, including Malaysia. The implementation of these tariffs has been paused for 90 days to allow room for negotiations.
The Sun
12-06-2025
- Business
- The Sun
Asean's ambition of being world's fourth biggest economy by 2030 well within reach: Tengku Zafrul
KUALA LUMPUR: Asean's ambition to become the world's fourth-largest economy by 2030 is well within reach, provided the region sustains an annual gross domestic product (GDP) growth rate between 4% and 5%. Investment, Trade and Industry Minister Tengku Datuk Seri Zafrul Tengku Abdul Aziz highlighted the region's robust growth prospects at the official launch of the Asean Economic Community (AEC) Strategic Plan today. 'Our economists have thoroughly analysed the growth projections for all Asean economies under current conditions, and we are confident that the targets are indeed achievable,' he said. Tengku Zafrul noted that the Asean Secretariat projects regional GDP growth at 4.7% for 2025, as presented at the latest Asean Economic Ministers' Meeting. 'But things are very dynamic. It depends on the global economic situation. The IMF (International Monetary Fund) will also produce their forecast of global growth,' he said, stressing the need for vigilance amid shifting external factors. Tengku Zafrul emphasised the AEC Strategic Plan's role in keeping Asean's policies current and responsive to evolving business needs and emerging challenges. 'As the first instalment of this long-term vision, the plan serves as a comprehensive roadmap that outlines a clear and actionable path forward,' he said. The plan has been carefully crafted to implement the economic aspects of the Asean Community Vision 2045, leveraging the region's vast opportunities and potential. A key pillar of the plan is the establishment of a forward-looking digital economic framework, which is expected to double Asean's digital economy to US$2 trillion (RM4.5 trillion) by 2030. The focus on digital transformation, alongside sustained economic integration and resilience, positions Asean to not only achieve its growth targets but also to strengthen its global influence. On the domestic front, Tengku Zafrul sees positive signals from foreign investors in Malaysia, with no indication of existing investors withdrawing their commitments despite ongoing global uncertainties. 'So far, no existing investors have expressed any intention to exit Malaysia. They remain committed to their investments, and no cancellations have been announced.' However, he observed that new investors are adopting a more cautious, 'wait and see' approach, influenced by heightened geopolitical tensions – particularly between the United States and China – and broader global volatility. Looking ahead, Tengku Zafrul said his trade negotiations in Washington on June 18 will focus on reducing tariffs on Malaysian exports. 'The negotiations are essentially to address the current tariff structure, where the US has imposed a 24% tariff on Malaysia. Our first goal is to bring that down.' The second objective is to identify key sectors where Malaysia believes tariffs should be reduced even below the 10% floor, targeting industries important to both Malaysian exporters and the US economy. In April, the US government announced new tariff measures affecting more than 60 countries, including Malaysia. The implementation of these tariffs has been paused for 90 days to allow room for negotiations.
Free Malaysia Today
12-06-2025
- Business
- Free Malaysia Today
Investors hesitant amid global economic concerns, says Tengku Zafrul
Investment, trade and industry minister Tengku Zafrul Aziz said it is becoming increasingly difficult to make projections on investments. (Bernama pic) KUALA LUMPUR : Foreign investors are taking a cautious approach towards new investments in Malaysia due to global economic uncertainties, investment, trade and industry minister Tengku Zafrul Aziz said today. He warned that attracting new investors would be challenging in the current climate, noting that while existing investors in Malaysia remained committed, newcomers were showing hesitation. 'Those who have committed have not pulled out. But the ones that have not committed are now thinking (whether to invest or not),' he told reporters during the regional launch of the Asean Economic Community Strategic Plan 2026–2030. He also said it was becoming increasingly difficult to make projections on investments. 'When we have discussions with companies, we understand their concerns. Many (investors) are adopting a wait-and-see approach due to the dynamic geopolitical situation, especially between the US and China. 'New companies looking to invest want to assess the global situation first,' Tengku Zafrul added. When asked about Malaysia's RM89 billion in approved investments in the first quarter of the year – up 3.7% from the same period last year – Tengku Zafrul said it was 'pleasantly surprising' given typical first-quarter sluggishness. 'In terms of foreign investment, it is almost 70% of the investment. And at the same time, we see that the biggest sector is services, especially the digital economy,' he added. Tengku Zafrul is expected to travel to Washington on June 18 to continue negotiations over the US tariffs imposed on Malaysian goods. He said the Malaysian government hopes to persuade Washington to reduce import duties for certain sectors to below 10%. 'We also want to ensure that our local companies exporting to the US – especially in sectors such as furniture and downstream palm oil – are taken into account,' Tengku Zafrul said, adding that these sectors 'are not really in competition' with American industries.
