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Free Malaysia Today
3 days ago
- Business
- Free Malaysia Today
Of Asean 2045, trade shifts, and Myanmar moves
Southeast Asian leaders met in Kuala Lumpur over two days for the 46th Asean Summit and related summits. KUALA LUMPUR : Southeast Asia took centre stage this week as leaders gathered for a rare convergence of three back-to-back summits – the 46th Asean Summit, the 2nd Asean-Gulf Cooperation Council (GCC) Summit, and the inaugural Asean-GCC-China Summit. From long-term roadmaps and economic resilience plans to deepening strategic alliances, the message was clear: Asean is laying the groundwork to future-proof the region. Prime Minister Anwar Ibrahim, chairing the 46th summit, warned that the very foundations of Asean were being tested by rising protectionism, the ongoing Myanmar crisis, and a fragmented global order. 'It is the sense of centrality and our conviction to forge our own future that will enable us to stay ahead of the curve,' he said in his opening remarks. From stalemate to strategy on Myanmar Asean's credibility continues to be challenged by the prolonged civil war in Myanmar, and this year's summit signalled a potential pivot in approach. For the first time, Asean foreign ministers broached the idea of appointing a permanent special envoy to Myanmar, moving away from the current rotating system that has struggled to yield results. Thomas Daniel of ISIS told FMT this showed that Asean was 'finally recognising the need to move beyond its ad hoc approach', though much would depend on how the envoy's role was defined. 'Asean has always demonstrated flexibility between principles and pragmatism, and the same ought to apply to how it approaches Myanmar; but there is no excuse for inaction,' Daniel said. A tripartite push for closer cooperation The 2nd Asean-GCC Summit reinforced growing Gulf interest in Southeast Asia, with both sides pledging to expand cooperation in trade, investment and energy. Two-way trade between Asean and the GCC is expected to hit US$180 billion (RM757 billion) by 2032, a figure that Julia Roknifard of Taylor's University described as a 'steady and incremental rise'. 'It is clear that the GCC is looking to trade and invest with safer bets than the US or European Union over the long-term,' she told FMT. On the ongoing Asean-GCC free trade agreement talks, Roknifard said 'Asean could see significant investment inflows', particularly if the Gulf states broadened their focus beyond energy and into key sectors for Asean's growth. The momentum carried into the first-ever Asean-GCC-China Summit, where Chinese premier Li Qiang pledged, in his opening remarks, to bring 'powerful momentum' to the partnership described as 'one plus one plus one is greater than three'. 'As China's differences with the US and the West persist, it understandably reaches out more proactively to Southeast Asia and the Global South, both of which have traditionally been close to China,' Oh Ei Sun of the Singapore Institute of International Affairs told FMT. Navigating turbulences better together Capping off the summit, Asean leaders unveiled the Kuala Lumpur Declaration on 'Asean 2045: Our Shared Future' – a forward-looking vision to steer the region through the next two decades of disruption and opportunity. 'We underscore the importance of enhancing Asean's resilience and promoting collective, efficient, effective and innovative responses to regional and global challenges and future shocks,' it reads – a rallying cry to secure the region's future. A five-year action plan was also adopted to boost regional trade, facilitate freer movement of goods and people, and attract foreign investment through regulatory reforms in industries such as mining, agriculture and manufacturing. In a separate joint statement, the leaders also pledged to upgrade the bloc's Asean+1 free trade deals and the Regional Comprehensive Economic Partnership (RCEP), a strategic shield against rising external headwinds and an effort to anchor the region firmly in the global economy. Together, these moves signal Asean's determination to not just survive global disruptions, but to shape the future with confidence, cohesion, and purpose.
CNA
4 days ago
- Business
- CNA
Jeffrey Siow to join task force on US tariffs, Desmond Lee to step off after Cabinet changes
SINGAPORE: The Singapore Economic Resilience Taskforce (SERT) announced changes to its line-up on Tuesday (May 27). Acting Minister for Transport and Senior Minister of State for Finance Jeffrey Siow will join the taskforce, while Minister for Education Desmond Lee will leave SERT. Newly-elected Singapore Business Federation (SBF) chairman Teo Siong Seng will also replace former chairman Lim Ming Yan as the SBF representative. The changes will take effect immediately, said the SBF, the Ministry of Trade and Industry, the National Trades Union Congress (NTUC) and Singapore National Employers Federation (SNEF) in a joint media release. All other members of SERT will remain the same. The task force was formed in April to help businesses and workers tide through tariffs imposed by the United States. Chaired by Deputy Prime Minister and Minister for Trade and Industry Gan Kim Yong, the task force comprises seven other members: The task force's composition was adjusted following the recent Cabinet and SBF council appointments, Mr Gan said. 'SERT's mandate remains unchanged. We will continue to work with our tripartite partners to help our businesses and workers navigate the current uncertainties in global trade,' he added.
Malay Mail
16-05-2025
- Business
- Malay Mail
Singapore DPM: Asean set to conclude Atiga talks by month's end to lower tariffs, remove trade barriers
SINGAPORE, May 16 — Negotiations to upgrade the Asean Trade in Goods Agreement (ATIGA), chaired by Singapore, are nearing completion and expected to conclude by the end of this month, said Singapore Deputy Prime Minister Gan Kim Yong. Gan, who is also the Minister for Trade and Industry, said the move reflects Asean's strong commitment to deeper integration and regional cooperation. He said the upgrade seeks to further lower tariffs and remove non-tariff barriers to facilitate trade among Asean member countries. 'We are close to concluding the negotiation of ATIGA. This is an important step forward that will signal to the world that we continue to want to be able to work with one another, we continue to trade with one another and we continue to push ahead with Asean integration,' he told a media doorstop on Friday. He noted that there is also discussion among Asean members on the possibility of strengthening partnerships with other organisations such as the European Union and the Gulf Cooperation Council (GCC). Gan who is also the chair of the Singapore Economic Resilience Taskforce (SERT) also reiterated Singapore's commitment to deepening its partnership with like-minded partners, especially Asean, as part of the country's long-term approach to navigating uncertainties and enhancing economic resilience following the US tariffs. He said Singapore would continue to strengthen and deepen partnerships, including through the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) and the Regional Comprehensive Economic Partnership (RCEP), to open up more opportunities. Meanwhile, Gan said Singapore is currently focusing its negotiations with the US on sectoral tariffs, such as pharmaceuticals, as Washington is not likely to back down on the 10 per cent baseline tariffs it has set on most countries, including Singapore. He said the negotiations include potential concession for Singapore or preferential tariffs—possibly even zero tariffs—for pharmaceutical exports to the US. Gan noted that since US imports to Singapore already enjoy zero tariffs, the United States is likely to focus on facilitating smoother trade flows and enhancing the security of supply chains. The US had previously announced its intention to introduce tariffs on sectors such as pharmaceuticals and semiconductors. Meanwhile, Gan said the outlook remains uncertain for Singapore and the global economy despite positive developments from the US-China trade talks. 'What will happen at the end of the 90 days is still a big question mark, it is yet to be known, and whether the negotiations with the other countries will progress smoothly, whether they will eventually settle at a level that is mutually agreeable and workable is something yet to be seen,' he said. — Bernama
