Latest news with #AseanEconomicCommunityCouncil
Malaysian Reserve
26-05-2025
- Business
- Malaysian Reserve
ASEAN Power Grid MoA to be signed in October
By FARAH SOLHI THE ASEAN Power Grid (APG) Memorandum of Agreement (MoA) is scheduled to be signed this October, after the successful conclusion on its enhanced MoA's negotiation at the 25th Asean Economic Community Council (AECC) meeting today. Investment, Trade and Industry Minister Tengku Datuk Seri Zafrul Abdul Aziz told reporters that the APG, which would be signed at the 43rd Ministers on Energy Meeting (AMEM), is a strategic initiative in strengthening ASEAN's regional energy security, connectivity, and sustainability. 'In this context, we also welcomed ongoing work towards the establishment of the APG Financing Facility Framework, which will enhance cross-border flows of foreign direct investments (FDIs) and new funding opportunities for regional energy-related projects. 'The AEC Council also expressed full support for the convening of a joint meeting between ASEAN's Energy, Finance, and Economic Ministers in August,' he said. The enhanced APG MoA was among the 11 matters deliberated in the meeting, attended by ASEAN member states and Timor Leste today. Tengku Zafrul further highlighted several other matters raised during the meeting including Malaysia's success in completing two out of 18 Priority Economic Deliverables (PED) this year, which were the full conclusion of the ASEAN-China Free Trade Area (ACFTA) 3.0 Upgrade Negotiations and the ASEAN Trade in Goods Agreement (ATIGA) upgrade. Both upgraded agreements are scheduled to be signed at the sidelines of the upcoming 47th ASEAN Leaders' Summit in October this year, he said. 'We remain confident that these milestones will serve as pivotal enablers for ASEAN's sustained growth and competitiveness. 'The successful conclusion of these negotiations is expected to enhance the region's economic integration and generate significant economic benefits for ASEAN, as we continue to navigate an increasingly volatile global economic landscape. 'In particular, ATIGA — long regarded as the cornerstone of ASEAN's economic integration — will now feature forward-looking and commercially meaningful provisions aimed at further boosting regional trade, enhancing supply chain resilience, and promoting deeper economic integration within ASEAN,' he said. Tengku Zafrul added that the council also welcomed the full completion of Laos' 2024 PEDs which marked the successful adoption of the Roadmap on Digital Trade Standards as this milestone reflects the continued commitment in advancing the ASEAN's digital economy agenda. He also highlighted the progress of AEC Blueprint 2025 progress, as it is in its final year of completion. 'The overall implementation rate stands at a commendable 97%, comprising 75% completed measures and 22% currently in progress, as of April. The Blueprint has played a pivotal role in shaping ASEAN's economic architecture over the past decade. 'It has served as the strategic roadmap for building a highly integrated and cohesive ASEAN economy, promoting inclusive and innovation-led growth, and deepening regional connectivity and competitiveness,' he said. He added that through the Blueprint, ASEAN has made significant strides in areas such as trade liberalisation, investment facilitation, micro, small and medium enterprise (MSME) development, digital transformation, and sustainable economic initiatives. 'This impressive 97% implementation rate not only demonstrates ASEAN's collective commitment to economic integration but also reinforces the region's ability to respond to global uncertainties in a cool, calm and calculated manner,' he added. The key learnings and progress under the AEC Blueprint 2025, he further said, will serve as a solid foundation for the development of the AEC Strategic Plan 2026–2030, which will chart the region's next phase of economic growth and transformation. Tengku Zafrul added that the bloc is prepared to launch the successor to the Blueprint, which is the AEC Strategic Plan 2026–2030, which will be launched as part of the Compendium with the overarching ASEAN Community Vision 2045 at the 46th ASEAN Summit on May 26. 'The AEC Council reaffirmed support and commitment to the effective implementation of the AEC Strategic Plan, which will guide ASEAN's post-2025 economic integration agenda. 'We also look forward to the Regional Socialisation of the AEC Strategic Plan, which will be held on June 12. This session will serve as a key multi-stakeholder platform to socialise and share the economic benefits of the AEC Strategic Plan,' he said.
![[UPDATED] Mohamad: Asean supportive, but Timor-Leste must show commitment](/_next/image?url=https%3A%2F%2Fassets.nst.com.my%2Fimages%2Farticles%2FASEAN_SUMMIT_2025_4390f12d6dfb40c0a76c3e875564fa21_1748162813.jpg&w=3840&q=100)
![[UPDATED] Mohamad: Asean supportive, but Timor-Leste must show commitment](/_next/image?url=https%3A%2F%2Fassets.nst.com.my%2Fassets%2FNST-Logo%402x.png%3Fid%3Db37a17055cb1ffea01f5&w=48&q=75){kind=small}
New Straits Times
25-05-2025
- Business
- New Straits Times
[UPDATED] Mohamad: Asean supportive, but Timor-Leste must show commitment
KUALA LUMPUR: Timor-Leste must work "doubly hard" to secure full membership in Asean, including adopting the necessary guidelines related to Asean legal instruments under the Asean Foreign Ministers' (AFM) framework. Foreign Minister Datuk Seri Mohamad Hasan said that while the economic bloc is keen to assist Timor-Leste, the country must also demonstrate its own commitment. "We will do our best to facilitate Timor-Leste's accession, because the majority of us (in Asean) want to see the country as part of the family. Now, Timor-Leste must work hard to fulfil and comply with the instruments (under the AFM framework), and we will try our best to assist them," he said. Mohamad said Malaysia, as Asean Chairman, has proposed that Timor-Leste be admitted into the economic bloc as its newest member this year, despite the country not yet having fulfilled all 84 of the bloc's legal instruments. He said Malaysia sees it as important for Timor-Leste to become part of the Asean family, and that the country should be given several years to meet all the legal instruments required for full compliance. "There are still many legal instruments that Timor-Leste must adopt, and from what we have seen, the number has been reduced from 84 to 66 — most of which fall under the purview of the Asean Economic Community Council. "At the same time, we are also exploring proposals that, if full compliance is not yet possible, Timor-Leste could be allowed to join first with a timeline set to fulfil the remaining conditions later," he said. He also said Asean will now begin undertaking their respective domestic legal procedures with the aim of finalising Timor-Leste's accession process by the 47th Asean Summit and Related Summits in October 2025. This, he said, follows the adoption of the Addendum to the Southeast Asia Nuclear Weapon-Free Zone (SEANWFZ) Treaty and its deposit with Thailand as the Depositary State. Meanwhile, asked about claims that the Philippines was blocking Timor-Leste's accession to Asean, Mohamad briefly said such claims were merely rumours. "Do not listen to rumours — there is no truth to it."
