Latest news with #AseanEconomicMinisters'Meeting
The Sun
2 days ago
- 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
3 days ago
- 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.
Yahoo
10-04-2025
- Business
- Yahoo
‘Nothing is certain about Trump's tariffs': Malaysia welcomes US pause, remains wary of uncertainty, stresses Asean unity, says Tengku Zafrul
KUALA LUMPUR, April 10 — Investment, Trade and Industry Minister Datuk Seri Tengku Zafrul Abdul Aziz today said that Malaysia welcomes the United States' latest changes to its tariff policy but remains cautious amid ongoing uncertainty, particularly over its implications for global trade and Asean. In a Facebook post ahead of chairing the Asean Economic Ministers' Meeting, Tengku Zafrul said the recent US decision to delay tariff hikes for many countries while increasing pressure on China will likely be among key topics at the meeting. 'Nothing is certain about Trump's tariffs, other than uncertainty!' he wrote, noting that such unpredictability raises questions about the direction of global trade and its impact on Asean. He said Malaysia is actively assessing the implications of the changes and remains committed to cooperating with Asean partners to reduce disruptions, strengthen regional economic resilience, and promote a balanced and stable trade environment. 'Asean unity and regional economic integration will be more important than ever, and we welcome support from friends who share this vision and want to see us all succeed,' he said. Tengku Zafrul stressed that Malaysia remains an open trade and investment partner to all countries, including China and the United States. He also reaffirmed Malaysia's commitment to finding mutually beneficial trade solutions with the US and said the country would continue its strategy of diversifying trade and exploring new markets. 'As a vigilant step against current uncertainties, we will also deepen ties with existing markets and increase efforts in the country's economic reform agenda,' he said. 'Our priority is to navigate this ever-changing landscape while protecting our country's economic prosperity,' he added. His remarks follow US President Donald Trump's recent announcement pausing planned tariff hikes on most countries for 90 days, a move aimed at calming jittery markets after a period of volatility. However, Trump also intensified tariffs on China, raising them to 125 per cent and citing Beijing's 'lack of respect' in trade dealings. While defending the decision as necessary flexibility, Trump said he had been closely monitoring nervous market reactions and bond performance before choosing to delay the tariff increases, but reaffirmed his intent to secure trade deals with all countries, including China. Trump had earlier announced on April 3 that the US would impose a baseline 10 per cent tariff on all countries, with higher duties for certain nations. The Asean Indochina countries were the most affected by the tariffs, with Cambodia facing a combined baseline and retaliatory duty of 49 per cent, followed by Laos at 48 per cent, Vietnam at 46 per cent, and Myanmar at 44 per cent. Thailand was hit with a 36 per cent tariff, Indonesia 32 per cent, Brunei and Malaysia both 24 per cent, the Philippines 17 per cent, and Singapore faced a baseline tariff of 10 per cent.
