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Malaysian Reserve
4 days ago
- Business
- Malaysian Reserve
ASEAN reaffirms unity and centrality as key to regional peace and prosperity
by FARAH SOLHI ASEAN member countries have reaffirmed their stance of practising unity and centrality as the key to regional peace, stability and prosperity After the conclusion of the 46th ASEAN Summit on May 27, the association collectively stated that it remained committed to being a reliable economic partner to all, that will continue to advance its regional economic integration while strengthening and expanding its existing economic partnerships. Apart from this, the association members will continue to seek opportunities for economic cooperation with new partners that are anchored in mutual respect, shared values and a common goal of peace and prosperity. 'We stand ready to work constructively with all partners to advance and support a resilient, inclusive and rules-based multilateral trading system for the benefit of our people and economies. 'We stress our strongest resolve to stand together, as ASEAN, in safeguarding the region's economic stability, resilience and long-term growth trajectory,' they said in a joint statement. They also emphasised that unilateral and retaliatory trade actions are counterproductive and risk exacerbating global economic fragmentation, especially when these actions create indirect impacts on ASEAN. The members have instructed their respective officials to monitor the potential risk of trade diversion and to engage with partners through established platforms to seek constructive solutions, while remaining committed to a peaceful and constructive resolution through consultative dialogue, mutual respect and adherence to international law. These are in line with the fundamental principles under the Treaty of Amity and Cooperation in South-East Asia. 'To this end, we reaffirm ASEAN's commitment towards regional unity, economic stability and practical cooperation in navigating external challenges,' they said in the statement. ASEAN is also committed to maintaining an open and secure trade flow, as well as working with partners to strengthen supply chains resilience and promote sustainable development, in recognising that business certainties and resilient supply chains are crucial for global economic stability and recovery. The member countries also adopted several shared commitments to strengthen ASEAN's resilience by deepening intra-regional trade and investment, including by accelerating priority initiatives such as the ASEAN Digital Economy Framework Agreement (DEFA) and the upgrade of the ASEAN Trade in Goods Agreement (ATIGA). They expressed confidence that these efforts will reinforce regional integration, boost business certainty and competitiveness, and ensure ASEAN remains cohesive, agile and responsive to emerging challenges. 'We affirm shared resolve to leverage, modernise and upgrade ASEAN Plus One Free Trade Agreements (FTAs) and the Regional Comprehensive Economic Partnership Agreement (RCEP) in mitigating the risk of global trade uncertainties and supply chain disruptions, while ensuring they remain modern, comprehensive, inclusive, whilst, in parallel, strengthen and boost intra-ASEAN trade and investment, and responsive to 21st-century economic realities.' ASEAN is also committed to intensify its economic engagements by deepening cooperation with external partners and expanding engagement with new and emerging partners, including region-to-region linkages such as with the Gulf Cooperation Council (GCC). 'Together, these efforts will reinforce ASEAN's resilience, expand and enhance economic opportunities, and secure its position as a dynamic and forward-looking hub of global trade and investment,' the member countries added. ASEAN will also enhance its internal coordination, making full use of existing cross-sectoral mechanisms and the newly established ASEAN Geoeconomic Task Force. To this end, the association had tasked relevant ministers to monitor the current global economic challenges and to coordinate as appropriate for a strategic and coherent ASEAN response. It has also avowed to undertake timely and targeted domestic measures to mitigate the impact of high tariffs, including safeguards to support the region's industries and workers more broadly, especially those who are vulnerable to trade disruptions. 'At the same time, we will work collectively to ensure that ASEAN is well prepared to embrace future, transformative change that drives innovation, foster resilience and enhance regional competitiveness. 'In doing so, we are determined to ensure that no one is left behind in our journey towards a more inclusive, sustainable and digitally empowered ASEAN.' ASEAN, which stands for the Association of South-East Asian Nations, also reiterated resolute pledge to upholding the multilateral trading system, as it underscores the importance of predictable, transparent, inclusive, free, fair, sustainable and rules-based multilateral trading system with the World Trade Organisation (WTO) at its core. The bloc is ready to engage constructively with WTO members to advance necessary reforms and ensure that the global trading system remains predictable, transparent, non-discriminatory, open and capable of addressing contemporary challenges. 'As the ASEAN Economic Community (AEC) Blueprint 2025 enters its final phase, we reaffirm our unwavering commitment to delivering and advancing a bold and forward-looking ASEAN Community Vision 2045. 'We are determined to leverage the full benefit of our economic integration to reinforce regional resilience and act collectively in the face of external disruptions, including unilateral trade measures that threaten the integrity and stability of the global trading system.' The member states also acknowledged the ASEAN Outlook on the Indo-Pacific (AOIP) as a vital instrument and primary framework that guides ASEAN's engagement of all its partners with openness, inclusivity, transparency and resilience in accordance with international law. The 46th ASEAN Summit took place on May 26 and 27 at the Kuala Lumpur Convention Centre (KLCC) alongside the second ASEAN-Gulf Cooperation Council (GCC) Summit and the inaugural ASEAN-GCC-China Summit.
Malaysian Reserve
5 days ago
- Health
- Malaysian Reserve
Sultan of Brunei resting in IJN, Anwar confirms
by FARAH SOLHI BRUNEI'S Sultan Hassanal Bolkiah (picture) is 'feeling a bit tired' and is currently resting at the National Heart Institution (IJN), Prime Minister Datuk Seri Anwar Ibrahim confirms. This follows a recent rumour circulating social media platforms saying that he is hospitalised in Kuala Lumpur. The Sultan arrived in Kuala Lumpur on May 25, leading Brunei's delegation to the 46th ASEAN Summit. A source told Reuters that he was hospitalised between the Asean-GCC and Asean-GCC-China summit. His presence alongside the delegation underscores the country's strong commitment to regional cooperation, where at the previous Summit held in October last year, Sultan Hassanal highlighted pressing matters including climate change issues. Malaysia, in chairing ASEAN for the fifth time, adopts the theme of 'Inclusivity and Sustainability' in reflecting its commitment to foster a united, resilient and forward-looking ASEAN community. The Summit, held on May 26 and 27 at Kuala Lumpur Convention Centre also featured the 2nd ASEAN-Gulf Cooperation Council (GCC) Summit and the inaugural ASEAN-GCC-China Summit.
Malaysian Reserve
5 days ago
- Politics
- Malaysian Reserve
Kuwait crown prince urges global action to end Israeli aggression
by FARAH SOLHI THE international community must uphold its legal and moral responsibilities and exert the necessary pressure to stop the aggression of Israel occupation on Palestinians, to ensure international protection for the civilians, said Crown Prince of Kuwait Sheikh Sabah Khaled Al-Hamad Al-Sabah. Leading the Gulf Cooperation Council (GCC) delegation at the second ASEAN-GCC Summit today, he reaffirmed the bloc's position on Palestinian cause and supports the right of Palestinian to establish an independent state. 'We also renew our call for the resumption of a serious and credible peace process based on international resolutions and the Arab Peace Initiative. We commend ASEAN's position in supporting the legitimate rights of the Palestinian people and defending their just cause. 'Regarding the situation in Syria, the GCC welcomes the positive developments on the ground and affirms support for all efforts aimed at achieving security and stability, preserving Syria's sovereignty and territorial integrity, and enabling the Syrian people to regain safety and prosperity,' he said in his opening remarks delivered at the summit this morning on behalf of Amir of the State of Kuwait Shaikh Meshal Al Ahmad Al Jaber Al Sabah. Apart from the continuing humanitarian crisis in Gaza, Sheikh Sabah Khaled said the significance of the ASEAN-GCC Summit represents the inter-bloc foundational station toward strengthening cooperation between both sides. He added that it is a reflection of the blocs' historical relations and a renewal of their collective commitment to build a strategic partnership based on shared interests and the principles of international law, while promoting inclusive and sustainable development for the peoples 'The first Riyadh Summit (in Saudi Arabia) between both sides, held on Oct 20, 2023, was a successful beginning to map out a comprehensive cooperation framework. 'We aim to build upon this momentum, guided by the ASEAN-GCC Strategic Partnership Framework 2024-2028, which serves as a roadmap for institutionalising this partnership and transforming it into practical mechanisms capable of achieving tangible progress. 'In the political and security domains, we reaffirm our commitment to constructive dialogue, mutual understanding, respect for sovereignty and non-interference in internal affairs — all essential for enhancing regional and international stability,' he said. Sheikh Sabah Khaled also called for strengthening cooperation in combating terrorism, extremism and organised crime, thud enhancing intelligence sharing and improving crisis response capabilities. The GCC also proposed to designate 2026 as the Year of Cultural Convergence between the GCC and ASEAN, with cultural weeks, forums and art exhibitions to be held. 'Additionally, we propose celebrating ASEAN Day in a GCC country and GCC Cultural Day in an ASEAN country, to fulfil our shared cultural aspirations. 'We also call for joint youth and women empowerment initiatives in the next action plan, through training programmes, skill-building and entrepreneurship projects that reflect the ambitions of the new generations in our two regions,' he said. Sheikh Sabah Khaled stressed that the true success of the summit is not measured solely by declarations, but by the implementation of initiatives and the translation of shared aspirations into concrete actions. On behalf of GCC, he proposed the establishment of a high-level follow-up mechanism under the supervision of both Secretariats, tasked with preparing regular progress reports on the implementation of the summit's outcomes, to enhance effectiveness and sustainability. 'Finally, we look forward to ASEAN's participation in Expo 2030, which will be hosted in Riyadh. This will be a global opportunity to present a new model of sustainable partnerships, future technologies, and economic and cultural openness,' he said. Earlier, Prime Minister Datuk Seri Anwar Ibrahim, in chairing ASEAN in the summit said today's discussions and deliberations are crucial in ensuring the two bloc's partnership remains dynamic, responsive and impactful. He added that ASEAN and GCC have the means and responsibility to rise as anchors of stability and engines of future growth. The ASEAN-GCC Summit, which serves as a platform to enhance inter-bloc cooperation, held its first edition in 2023 in Riyadh. The GCC will also participate in another summit with ASEAN and China later today. The summits are held in conjunction with the 46th ASEAN Summit at the Kuala Lumpur Convention Centre (KLCC).
Malaysian Reserve
5 days ago
- Business
- Malaysian Reserve
ASEAN-GCC relationship key in enhancing international collaboration
by FARAH SOLHI THE ASEAN-Gulf Cooperation Council (GCC) relationship is key in enhancing international collaboration, in building resilience and securing sustainable prosperity for their people, said Prime Minister (PM) Datuk Seri Anwar Ibrahim. With GCC being ASEAN's seventh largest trading partner (US$130.7 billion [RM571.16 billion in 2023), Anwar said the growing investment between the two blocs reflects confidence in their relationship. 'As I've referred to last night (May 26), ASEAN happens to be the most peaceful region, economically vibrant and dynamic. 'GCC, as I've also said, had made the major paradigm shift from a gloomy desert culture to a vibrant, promising, dynamic economy with the latest state-of-the-art new technology, digital and artificial-intelligence (AI) expertise,' he said today. He further said that discussions and deliberations held at the second ASEAN-GCC Summit will be crucial in ensuring the two bloc's partnership remains dynamic, responsive and impactful. Anwar added that ASEAN-GCC has the means and responsibility to rise as anchors of stability and engines of future growth. 'I look forward to a meaningful exchange of views that will pave the way for tangible initiatives under our growing and enduring partnership. 'In our experience, this summit is quite extraordinary as it is able to bring not only ASEAN leaders but also the most dynamic GCC countries into this region to work together, continuously building on trust through cooperation and friendship,' he said. The Crown Prince of Kuwait Sheikh Sabah Khaled Al-Hamad Al-Sabah, who led the bloc's delegates to the summit, said the bloc anticipates the total trading volume inter-bloc could increase to an average of 30%, reaching US$180 billion by 2026. He added that the investment potential between both sides is vast, and the growth in ASEAN-GCC trade, along with rising Gulf investments in Asian markets, reflects mutual confidence and deepening economic integration. 'We therefore emphasise the importance of continuing to strengthen cooperation in economic, trade, investment and technical fields. 'We look forward to achieving positive outcomes in the ongoing negotiations for a free trade agreement (FTA) between both sides, which will boost investment opportunities and support regional supply chains,' he said in his opening remarks delivered on behalf of Amir of the State of Kuwait Shaikh Meshal Al Ahmad Al Jaber Al Sabah. Sheikh Sabah Khaled added that the two bloc's partnership is vital as the 16 nations combined represent an immense economic and human power, with a combined GDP approaching US$6 trillion and a population of approximately 740 million people. 'We look positively and with optimism at the achievements since the first summit and stress the importance of continuing to build upon them. We must explore new horizons that align with global developments, particularly in AI and cyber security. 'In the political and security domains, we reaffirm our commitment to constructive dialogue, mutual understanding, respect for sovereignty and non-interference in internal affairs — all essential for enhancing regional and international stability,' he added. The ASEAN-GCC Summit, which serves as a platform to enhance inter-bloc cooperation, held its inaugural edition in 2023.
Malaysian Reserve
6 days ago
- 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.
