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The Star
26-05-2025
- Business
- The Star
Trade upgrade coming for Asean
Warm welcome: Tengku Zafrul standing alongside fellow AECC ministers before chairing the 25th AECC meeting. — Bernama Expansion of China and regional deals to be signed in October KUALA LUMPUR: Asean has concluded the upgrade of two existing trade agreements, expected to be signed at the 47th Asean Summit in October, says Tengku Datuk Seri Zafrul Abdul Aziz. The Investment, Trade and Industry Minister said such was the result of upgraded negotiations on the Asean-China Free Trade Area (ACFTA) 3.0 and the Asean Trade in Goods Agreement (Atiga). 'I am pleased to report that two of our priority economic deliverables for 2025 have been concluded. Both agreements are scheduled to be signed in October. 'We remain confident that these milestones will serve as pivotal enablers for Asean's sustained growth and competitiveness,' he said after chairing the 25th Asean Economic Community Council (AECC) meeting yesterday. Tengku Zafrul said the successful conclusion of these negotiations are expected to enhance the region's economic integration and generate significant economic benefits for Asean as it navigates an increasingly volatile global economic landscape. He said Atiga, long regarded as the cornerstone of Asean's economic integration, will feature forward-looking and commercially meaningful provisions aimed at further boosting regional trade, enhancing supply chain resilience and promoting deeper economic integration. Tengku Zafrul also said the AECC meeting concluded negotiations on the enhanced memorandum of agreement on the Asean Power Grid (APG) initiative and it is scheduled to be signed at the 43rd Asean Ministers on Energy meeting in October. He also welcomed the establishment of APG financing facility network, which will enhance cross-border flows of foreign direct investments and new funding opportunities for regional energy-related projects. On the Asean Economic Community Blueprint 2025, Tengku Zafrul said the blueprint has an overall implementation rate of 97%. 'This year marks another pivotal milestone for Asean, as we prepare to launch the successor to the AEC Blueprint, which is the Asean Economic Community (AEC) Strategic Plan 2026-2030,' he added. The AEC Strategic Plan 2026-2030 will be launched today.
The Star
25-05-2025
- Business
- The Star
Singapore PM Wong to attend Asean Summit in Kuala Lumpur from Monday (May 26), his first regional meet since taking office
SINGAPORE (The Straits Times/ANN): Singapore Prime Minister and Minister for Finance Lawrence Wong will travel to Kuala Lumpur from Monday (May 26) to attend the 46th Asean Summit and related meetings, the first regional gathering he will attend since the 2025 General Election. The Prime Minister's Office (PMO) said in a statement on May 25 that this will be the first of two summits hosted by Malaysia as the 2025 Asean chair. Themed 'Inclusivity and Sustainability', the summit comes at a time of heightened geopolitical tensions and economic uncertainties, with regional leaders expected to discuss ways to strengthen Asean's unity and resilience. Ahead of the summits in Kuala Lumpur, Asean economic ministers concluded negotiations to upgrade the Asean Trade in Goods Agreement (Atiga) at a meeting of the Asean Economic Community Council (AECC). The Ministry of Trade and Industry said in a statement on May 25 that the move would create an improved regional ecosystem for flows of goods within Asean and benefit businesses. The negotiations were chaired by Singapore, and an agreement is expected to be signed in October 2025 at the 47th Asean Summit. Deputy Prime Minister Gan Kim Yong had represented Singapore at the AECC meeting, which also discussed issues related to the digital economy, sustainability and finance, and deepening cooperation with other regions. Speaking about the Atiga upgrade negotiations, DPM Gan, who is also Trade and Industry Minister, said: 'This demonstrates Asean's commitment to building a more seamless and resilient economic region, as well as to preserve a rules-based trading environment to better support businesses' operations in the Asean region amidst an uncertain global economic climate.' Meanwhile, this Asean summit will be PM Wong's first since he led the PAP to victory in the May 3 election, where the party secured 65.57 per cent of the popular vote. This follows the announcement of a new Cabinet line-up on May 23, which PM Wong said would ensure continuity and renewal for Singapore's Government as it embarks on the next chapter of leadership. Key issues on the Asean agenda include efforts to deepen economic integration, strengthen regional security and tap new growth areas such as the digital and green economies. These discussions build on recent efforts, such as the Asean Digital Economy Framework Agreement negotiations and plans for a regional power grid, to bolster the region's competitiveness and ensure that growth is shared more broadly. The Asean leaders will reaffirm their commitment to the regional group's integration and community building efforts, noted PMO. The leaders will discuss ways to continue promoting a free, open and inclusive regional architecture within Asean and with its external partners. 'They will also discuss strengthening Asean's resilience by making intra-Asean trade more seamless and tapping new growth areas like the digital and green economies,' PMO added. The South-east Asian leaders are expected to discuss the impact of trade tariffs imposed by US President Donald Trump in April, which have disrupted global markets and created uncertainties for the trade-reliant economies of the 10-member Asean bloc. Deputy Prime Minister and Minister for Trade and Industry Gan Kim Yong said on May 16 that Singapore is working to strengthen Asean cooperation and boost trade and supply chain resilience, following a special meeting of Asean economic ministers on April 10. Negotiations to upgrade the Asean Trade in Goods Agreement (Atiga), a key free trade agreement for the region, are expected to be completed by the end of May. The Atiga was signed in 2009 and entered into force a year later. DPM Gan, who is chairing the latest round of negotiations to upgrade the agreement, said the upgrade would further lower tariffs and remove non-tariff barriers to facilitate trade among Asean members. This would demonstrate Asean's commitment to deepening integration and strengthening cooperation. PMO said the Asean leaders will also discuss ways to expand the grouping's engagement with external partners, especially the Gulf Cooperation Council (GCC) and China at the 2nd Asean-GCC Summit and the Asean-GCC-China Summit. Both of these meetings will take place on Tuesday (May 27). The Asean-GCC Summit, which brings together the regional grouping and the Gulf states, was last held in October 2023 in Riyadh, Saudi Arabia. It marked the first-ever gathering between Asean and the GCC, setting the stage for expanded cooperation in energy, trade and sustainability. PM Wong will be accompanied by his wife, Mrs Wong, and Foreign Minister Vivian Balakrishnan during the trip, said PMO. During PM Wong's absence, DPM Gan will be the Acting Prime Minister on 25 and 26 May. On May 27, Coordinating Minister for National Security and Minister for Home Affairs K. Shanmugam will be the Acting Prime Minister. - The Straits Times/ANN
Straits Times
25-05-2025
- Business
- Straits Times
PM Wong to attend Asean Summit in Kuala Lumpur from May 26 to 27
It will be PM Lawrence Wong's first Asean Summit since leading the PAP to victory in the May 3 election. ST PHOTO: SHINTARO TAY PM Wong to attend Asean Summit in Kuala Lumpur from May 26 to 27 SINGAPORE – Prime Minister and Minister for Finance Lawrence Wong will travel to Kuala Lumpur from May 26 to 27 to attend the 46th Asean Summit and related meetings, the first regional gathering he will attend since the 2025 General Election. The Prime Minister's Office (PMO) said in a statement on May 25 that this will be the first of two summits hosted by Malaysia as the 2025 Asean chair. Themed 'Inclusivity and Sustainability', the summit comes at a time of heightened geopolitical tensions and economic uncertainties, with regional leaders expected to discuss ways to strengthen Asean's unity and resilience. Ahead of the summits in Kuala Lumpur, Asean economic ministers concluded negotiations to upgrade the Asean Trade in Goods Agreement (Atiga) at a meeting of the Asean Economic Community Council (AECC). The Ministry of Trade and Industry said in a statement on May 25 that the move would create an improved regional ecosystem for flows of goods within Asean and benefit businesses. The negotiations were chaired by Singapore, and an agreement is expected to be signed in October 2025 at the 47th Asean Summit. Deputy Prime Minister Gan Kim Yong had represented Singapore at the AECC meeting, which also discussed issues related to the digital economy, sustainability and finance, and deepening cooperation with other regions. Speaking about the Atiga upgrade negotiations, DPM Gan, who is also Trade and Industry Minister, said: 'This demonstrates Asean's commitment to building a more seamless and resilient economic region, as well as to preserve a rules-based trading environment to better support businesses' operations in the Asean region amidst an uncertain global economic climate.' Meanwhile, this Asean summit will be PM Wong's first since he led the PAP to victory in the May 3 election, where the party secured 65.57 per cent of the popular vote. This follows the announcement of a new Cabinet line-up on May 23, which PM Wong said would ensure continuity and renewal for Singapore's Government as it embarks on the next chapter of leadership. Key issues on the Asean agenda include efforts to deepen economic integration, strengthen regional security and tap new growth areas such as the digital and green economies. These discussions build on recent efforts, such as the Asean Digital Economy Framework Agreement negotiations and plans for a regional power grid, to bolster the region's competitiveness and ensure that growth is shared more broadly. The Asean leaders will reaffirm their commitment to the regional group's integration and community building efforts, noted PMO. The leaders will discuss ways to continue promoting a free, open and inclusive regional architecture within Asean and with its external partners. 'They will also discuss strengthening Asean's resilience by making intra-Asean trade more seamless and tapping new growth areas like the digital and green economies,' PMO added. The South-east Asian leaders are expected to discuss the impact of trade tariffs imposed by US President Donald Trump in April, which have disrupted global markets and created uncertainties for the trade-reliant economies of the 10-member Asean bloc. Deputy Prime Minister and Minister for Trade and Industry Gan Kim Yong said on May 16 that Singapore is working to strengthen Asean cooperation and boost trade and supply chain resilience, following a special meeting of Asean economic ministers on April 10. Negotiations to upgrade the Asean Trade in Goods Agreement (Atiga), a key free trade agreement for the region, are expected to be completed by the end of May. The Atiga was signed in 2009 and entered into force a year later. DPM Gan, who is chairing the latest round of negotiations to upgrade the agreement, said the upgrade would further lower tariffs and remove non-tariff barriers to facilitate trade among Asean members. This would demonstrate Asean's commitment to deepening integration and strengthening cooperation. PMO said the Asean leaders will also discuss ways to expand the grouping's engagement with external partners, especially the Gulf Cooperation Council (GCC) and China at the 2nd Asean-GCC Summit and the Asean-GCC-China Summit. Both of these meetings will take place on May 27. The Asean-GCC Summit, which brings together the regional grouping and the Gulf states, was last held in October 2023 in Riyadh, Saudi Arabia. It marked the first-ever gathering between Asean and the GCC, setting the stage for expanded cooperation in energy, trade and sustainability. PM Wong will be accompanied by his wife, Mrs Wong, and Foreign Minister Vivian Balakrishnan during the trip, said PMO. During PM Wong's absence, DPM Gan will be the Acting Prime Minister on 25 and 26 May. On May 27, Coordinating Minister for National Security and Minister for Home Affairs K. Shanmugam will be the Acting Prime Minister. Join ST's WhatsApp Channel and get the latest news and must-reads.
Yahoo
25-05-2025
- Business
- Yahoo
Tengku Zafrul: Asean wraps up Atiga upgrade talks, to sign expanded free trade pact in October
KUALA LUMPUR, May 25 — Members of the Association of South-east Asian Nations (Asean) today concluded negotiations for an expanded Asean Trade in Goods Agreement (Atiga), a move it said would bolster the existing free trade pact and beef up trade within the bloc. Minister of Investment, Trade and Industry Datuk Seri Tengku Zafrul Abdul Aziz said the agreement is expected to be signed in October, together with the third upgraded Asean-China Free Trade pact. Details of the new trade agreements were not disclosed, but Zafrul said Atiga, for example, would have 'forward-looking and meaningful' provisions to deepen economic integration and boost 'supply chain resilience'. 'Both agreements are expected to be signed on the sidelines of the 47th Asean Summit in October 2025 here in Kuala Lumpur,' he told a press conference after concluding the AECC meeting this morning. 'We remain confident that these milestones will serve as a pivotal enabler for Asean's sustained growth and competitiveness.' MORE TO COME
Malay Mail
25-05-2025
- Business
- Malay Mail
Tengku Zafrul: Asean wraps up Atiga upgrade talks, to sign expanded free trade pact in October
KUALA LUMPUR, May 25 — Members of the Association of South-east Asian Nations (Asean) today concluded negotiations for an expanded Asean Trade in Goods Agreement (Atiga), a move it said would bolster the existing free trade pact and beef up trade within the bloc. Minister of Investment, Trade and Industry Datuk Seri Tengku Zafrul Abdul Aziz said the agreement is expected to be signed in October, together with the third upgraded Asean-China Free Trade pact. Details of the new trade agreements were not disclosed, but Zafrul said Atiga, for example, would have 'forward-looking and meaningful' provisions to deepen economic integration and boost 'supply chain resilience'. 'Both agreements are expected to be signed on the sidelines of the 47th Asean Summit in October 2025 here in Kuala Lumpur,' he told a press conference after concluding the AECC meeting this morning. 'We remain confident that these milestones will serve as a pivotal enabler for Asean's sustained growth and competitiveness.' MORE TO COME
