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Yahoo
27-05-2025
- Business
- Yahoo
ASEAN unveils strategic plan to integrate its economies
By Danial Azhar, Ashley Tang KUALA LUMPUR (Reuters) -The Southeast Asian bloc ASEAN on Tuesday announced an ambitious strategic plan that includes harmonising trade standards and greater financial integration in an effort to collectively become the world's fourth-largest economy. The five-year, 41-page plan for the 10-member Association of Southeast Asian Nations, released during a leaders' summit in Malaysia, calls for increased regional trade, freer movement of businesses and people, enhanced transparency and regulatory practices and sustainable mining, industry and farming policies to attract foreign investment. The plan said ASEAN countries - Indonesia, Thailand, Malaysia, Vietnam, the Philippines, Singapore, Cambodia, Laos, Myanmar and Brunei - must deepen their economic integration, pursue energy security, boost transport connectivity and strengthen supply chains. "Carrying on with business as usual will not suffice for this highly dynamic economic region," the plan said. "For ASEAN to become the fourth-largest global economy by 2045, countries in the region will need to deepen their economic integration and enhance their agility to address multifaceted challenges." The document identified several challenges for ASEAN's economic integration ranging from geopolitical tensions, shifting trade flows and technological transformation to climate change impacts and demographic shifts. Formed in 1967 initially as five members, ASEAN established an economic community in 2015 with the aim of integrating its economies and boosting the region's global standing. But despite rapid growth of its members economies in recent years and a collective GDP of $3.8 trillion, integration has been slow, with huge differences in its members' economies, political systems, population sizes and development levels, and no central authority to ensure compliance with ASEAN agreements and initiatives. The strategic plan said ASEAN's Economic Community Council would be be responsible for implementing the strategies while the ASEAN secretariat would monitor implementation. The ongoing tariff war between the United States and China and steep U.S. tariffs on Southeast Asian countries has created urgency for ASEAN to move towards regional integration faster, said Tricia Yeoh, Associate Professor of Practice at the University of Nottingham Malaysia. Yeoh said ASEAN countries must recognise the greater collective value of unified negotiations rather than pursuing bilateral agreements on their own. 'ASEAN needs to demonstrate efficacy in order for it to remain relevant. If they can't even achieve negotiating over Myanmar or the code of conduct with China on the maritime issue, people will question ASEAN's purpose,' she said, referring to two thorny political issues within the bloc.
Yahoo
27-05-2025
- Business
- Yahoo
ASEAN leaders agree tariff deals with US should not harm members
By Danial Azhar KUALA LUMPUR (Reuters) -Southeast Asian leaders reached an understanding on Tuesday that any bilateral agreements they might strike with the United States on trade tariffs would not harm each others' economies, Malaysia's premier Anwar Ibrahim said. Anwar, the current chair of the Association of Southeast Asian Nations, said there was consensus during a leaders' summit in Kuala Lumpur that any deals negotiated with Washington would ensure the interests of the region as a whole were protected. The ASEAN meeting came at a time of global market volatility and slowing economic growth, and amid uncertainty over a trade war that has ensued since U.S. President Donald Trump's announcement of sweeping "Liberation Day" tariffs. Southeast Asia is among the regions hardest hit by the tariffs, with six of its countries facing levies of between 32% and 49% in July if negotiations on reductions fail. "While proceeding with bilateral negotiations ... the consensus rose to have some sort of understanding with ASEAN that decisions should not be at the expense of any other country," Anwar told a press conference. "So we will have to protect the turf of 650 or 660 million people," he said of ASEAN. With a combined gross domestic product of more than $3.8 trillion, ASEAN members are in a precarious position in relation to the United States, which is the biggest market for the region's exports, key drivers of its growth. Anwar said on Monday that he had written to Trump requesting a meeting on the tariffs between the United States and ASEAN. Anwar was speaking at the conclusion of the summit on Tuesday, which included an economic gathering of leaders of the ASEAN bloc, Gulf countries and China, which was represented by Premier Li Qiang. PEACE EFFORT ASEAN leaders also called for a temporary ceasefire in army-ruled Myanmar to be expanded nationwide, to enable warring sides to build trust and work towards convening dialogue after four years of turmoil. Myanmar has been in crisis since its military overthrew an elected civilian government in 2021, triggering pro-democracy protests that morphed into a widening rebellion, with more than 3.5 million people displaced, according to the United Nations. A devastating earthquake in March that killed more than 3,800 people led to a series of temporary ceasefires in affected areas, a truce that the military government has violated with continued air strikes and artillery attacks, according to data compiled by a conflict monitor and the United Nations. "We further called for the sustained extension and nationwide expansion of the ceasefire in Myanmar, as an initial step towards the cessation of violence," the ASEAN leaders said in a statement. "We encouraged all relevant stakeholders in Myanmar to build trust towards convening an inclusive national dialogue." Anwar hailed "significant" engagement steps on Myanmar on Monday after last month holding a closed-door meeting in Bangkok with junta chief Min Aung Hlaing and virtual talks with the shadow National Unity Government, which is aligned with rebel forces. On Tuesday, Anwar said ASEAN leaders had agreed that the path forward was to engage all sides in the Myanmar conflict. "Now we have gone to a stage where both parties are now in consultation, although at the lower key level," he said, stressing the need to extend and expand the ceasefire. His remarks come after Maris Sangiampongsa, the foreign minister of Thailand, Myanmar's neighbour, told Reuters he would propose broader international engagement with the junta, which has been ostracised by Western powers, with sanctions imposed on the generals. (Writing by Martin Petty; editing by Sophie Walker) Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
27-05-2025
- Business
- Yahoo
ASEAN leaders agree tariff deals with US should not harm members
By Danial Azhar KUALA LUMPUR (Reuters) -Southeast Asian leaders reached an understanding on Tuesday that any bilateral agreements they might strike with the United States on trade tariffs would not harm each others' economies, Malaysia's premier Anwar Ibrahim said. Anwar, the current chair of the Association of Southeast Asian Nations, said there was consensus during a leaders' summit in Kuala Lumpur that any deals negotiated with Washington would ensure the interests of the region as a whole were protected. The ASEAN meeting came at a time of global market volatility and slowing economic growth, and amid uncertainty over a trade war that has ensued since U.S. President Donald Trump's announcement of sweeping "Liberation Day" tariffs. Southeast Asia is among the regions hardest hit by the tariffs, with six of its countries facing levies of between 32% and 49% in July if negotiations on reductions fail. "While proceeding with bilateral negotiations ... the consensus rose to have some sort of understanding with ASEAN that decisions should not be at the expense of any other country," Anwar told a press conference. "So we will have to protect the turf of 650 or 660 million people," he said of ASEAN. With a combined gross domestic product of more than $3.8 trillion, ASEAN members are in a precarious position in relation to the United States, which is the biggest market for the region's exports, key drivers of its growth. Anwar said on Monday that he had written to Trump requesting a meeting on the tariffs between the United States and ASEAN. Anwar was speaking at the conclusion of the summit on Tuesday, which included an economic gathering of leaders of the ASEAN bloc, Gulf countries and China, which was represented by Premier Li Qiang. PEACE EFFORT ASEAN leaders also called for a temporary ceasefire in army-ruled Myanmar to be expanded nationwide, to enable warring sides to build trust and work towards convening dialogue after four years of turmoil. Myanmar has been in crisis since its military overthrew an elected civilian government in 2021, triggering pro-democracy protests that morphed into a widening rebellion, with more than 3.5 million people displaced, according to the United Nations. A devastating earthquake in March that killed more than 3,800 people led to a series of temporary ceasefires in affected areas, a truce that the military government has violated with continued air strikes and artillery attacks, according to data compiled by a conflict monitor and the United Nations. "We further called for the sustained extension and nationwide expansion of the ceasefire in Myanmar, as an initial step towards the cessation of violence," the ASEAN leaders said in a statement. "We encouraged all relevant stakeholders in Myanmar to build trust towards convening an inclusive national dialogue." Anwar hailed "significant" engagement steps on Myanmar on Monday after last month holding a closed-door meeting in Bangkok with junta chief Min Aung Hlaing and virtual talks with the shadow National Unity Government, which is aligned with rebel forces. On Tuesday, Anwar said ASEAN leaders had agreed that the path forward was to engage all sides in the Myanmar conflict. "Now we have gone to a stage where both parties are now in consultation, although at the lower key level," he said, stressing the need to extend and expand the ceasefire. His remarks come after Maris Sangiampongsa, the foreign minister of Thailand, Myanmar's neighbour, told Reuters he would propose broader international engagement with the junta, which has been ostracised by Western powers, with sanctions imposed on the generals. (Writing by Martin Petty; editing by Sophie Walker) Sign in to access your portfolio
Yahoo
26-05-2025
- Politics
- Yahoo
Southeast Asian leaders seek Myanmar peace progress, trade strategies
By Danial Azhar KUALA LUMPUR (Reuters) -Southeast Asia's leaders will try again when they meet on Monday to bring Myanmar's military government into talks to end a protracted civil war, and will seek ways to offset global trade uncertainty from U.S. President Donald Trump's tariff threats. After weekend ministerial meetings, government leaders of the Association of Southeast Asian Nations are expected to continue to discuss proposals on Myanmar at a summit on Monday and Tuesday in Kuala Lumpur. Myanmar has been in turmoil since its military overthrew the elected civilian government of Nobel laureate Aung San Suu Kyi in 2021, triggering pro-democracy protests that morphed into a widening rebellion that has taken over swathes of the country. Malaysia, this year's ASEAN chair, says it will continue speaking separately to the junta and to Myanmar's armed opposition groups to try to foster direct talks between the warring sides. "These negotiations need to be done many times so that an understanding can be built between each side," Malaysian Foreign Minister Mohamad Hasan told reporters after two meetings on the Myanmar conflict on Saturday, adding that he plans to visit Myanmar next month. The 10-member bloc's foreign ministers agreed to discuss a proposal for a permanent ASEAN envoy on Myanmar, Mohamad said. "We want to explore that," he said. "It's a matter of who is going to be the permanent special envoy, maybe on a three-year term." Myanmar junta chief Min Aung Hlaing has been excluded from the ASEAN summit since 2021 in response to the coup. Thailand's foreign minister said last week that at the summit his country would propose broader international engagement with Myanmar. Malaysian Prime Minister Anwar Ibrahim's closed-door meeting with Min Aung Hlaing in the Thai capital Bangkok last month, followed by online talks with the shadow National Unity Government a day later, has revived hope of dialogues for peace. The junta is pushing to hold an election later this year, which critics have widely derided as a sham to keep the military in power through proxies. ASEAN has so far struggled to implement a "Five-Point Consensus" peace plan unveiled months after the coup, and it has yet to discuss a common position on the junta's election plan. TARIFF TREMORS ASEAN leaders are expected to meet Chinese Premier Li Qiang on Tuesday, along with counterparts from Middle East countries. The talks come amid widespread global market volatility and slowing economic growth sparked by Trump's threats of U.S. trade tariffs. Six Southeast Asian countries targeted by his administration face much bigger-than-expected tariffs of between 32% and 49% in July, unless negotiations with Washington on reductions succeed. Philippine President Ferdinand Marcos Jr said ahead of the summit that ASEAN leaders would discuss and compare responses to the tariffs. "Concerning trade and specifically the tariff schedule imposed by the United States... we must find a way to find consensus amongst the disparate situations that the different member states are operating under," Marcos said. Marty Natalegawa, an Indonesian former foreign minister, said ASEAN should identify key principles to rally around to guide each member country's negotiations with the U.S. "Otherwise, there could be a risk of a lose-lose cycle in our own region," he said. Also up for discussion at the summit are disputes in the South China Sea, a conduit for about $3 trillion of annual ship-borne trade. China claims sovereignty over most of the waterway and has been involved in heated confrontations with ASEAN member the Philippines. Vietnam and Malaysia have also protested over the conduct of Chinese vessels in their exclusive economic zones, which Beijing says are operating lawfully in its waters.
Yahoo
28-04-2025
- Politics
- Yahoo
Malaysia court allows Attorney-General's application to appeal in jailed ex-PM's legal case
By Danial Azhar KUALA LUMPUR (Reuters) -Malaysia's top court on Monday granted the Attorney-General's application to appeal a ruling giving jailed former Prime Minister Najib Razak access to a document he says allows him to serve his remaining prison sentence under house arrest. Najib, imprisoned for his role in the multi-billion dollar 1MDB scandal, is pursuing a legal bid to compel authorities to confirm the existence of and execute a royal order that he said was issued last year as part of a pardon by the then king, entitling him to serve the remainder of his sentence at home. In a unanimous decision, a three-member Federal Court bench ruled that the Attorney-General could appeal a lower court's January ruling in favour of Najib's attempt to access the alleged document, with the case to be heard on July 1 and 2. The former premier had his 12-year sentence halved last year in a pardon by then-King Al-Sultan Abdullah Ahmad Shah. Najib said an "addendum order" to the pardon that granted him home detention was ignored by authorities. The former king's palace has issued a letter saying the document does exist, but Malaysia's law ministry said it has no record of it, its home minister has denied knowledge and Prime Minister Anwar Ibrahim has said "we did not hide anything". Najib was found guilty in 2020 of criminal breach of trust and abuse of power for illegally receiving funds misappropriated from a unit of state investor 1Malaysia Development Berhad. He is on trial for corruption in several other 1MDB-linked cases and denies wrongdoing.
