Latest news with #HIDAYATHHISHAM
Malaysian Reserve
3 days ago
- Business
- Malaysian Reserve
Tengku Zafrul urges ASEAN to focus on resilience, digital trade
By HIDAYATH HISHAM BUSINESSES must now incorporate resilience, agility and adaptability into their long-term strategies to navigate global supply chain disruptions. Investment, Trade and Industry Minister Tengku Datuk Seri Utama Zafrul Tengku Abdul Aziz said the increasingly volatile global landscape — driven by geopolitical tension — demands that regional cooperation play a central role in ensuring supply chain continuity. 'In today's globalised economy, supply chain disruptions resulting from geopolitical tensions have become the norm. Businesses must now plan for resilience, agilit and adaptability,' he said during the Supply Chain City Malaysia groundbreaking ceremony in Bandar Bukit Raja, Klang on Thursday. Tengku Zafrul said under Malaysia's leadership, ASEAN is poised to tackle key challenges such as digital transformation, climate change and ongoing recovery from global crises. He said Malaysia is working with its ASEAN counterparts to implement the ASEAN Comprehensive Recovery Framework (ACRF) — aimed at enabling a robust and sustainable economic recovery across the region. One of the core priorities under ACRF is strengthening the ASEAN Single Window (ASW), a trade facilitation platform that integrates and streamlines customs and clearance procedures across member states. 'By reducing bureaucracy and improving trade efficiency, the ASW will play a pivotal role in strengthening regional supply chains and boosting intra-ASEAN trade, which currently accounts for nearly 25% of total ASEAN trade,' he said. Malaysia is also pushing for the ASEAN Digital Economy Framework Agreement (DEFA), which aims to harmonise digital trade regulations and accelerate cross-border e-commerce adoption across the region. 'This initiative will not only enhance digital connectivity but also create new opportunities for businesses and consumers across ASEAN,' he added. Tengku Zafrul said the government remains committed to fostering stronger partnerships within ASEAN, citing the recently concluded ASEAN–GCC–China Summit as a key example of regional coordination. 'This summit sent a clear message to the world, that ASEAN is open for business and we are ready to lead in building a more resilient and interconnected global economy,' he said. He also mentioned ASEAN's growing significance in global trade, noting its combined GDP of over US$3.6 trillion (RM15.26 trillion) and population of more than 680 million people. 'As the world's fifth-largest economy, ASEAN is a critical player in the global supply chain, accounting for nearly 7% of global trade,' he added. Tengku Zafrul said the Supply Chain City Malaysia reflects Malaysia's aspirations to elevate its logistics industry through automation, artificial intelligence (AI)-driven systems and sustainable growth, while enhancing trade efficiency and connectivity across the region.
Malaysian Reserve
6 days ago
- Business
- Malaysian Reserve
Malaysia, Indonesia, Thailand commit to US$39b in infrastructure projects
By HIDAYATH HISHAM MALAYSIA, Indonesia and Thailand have announced US$39 billion (RM165.3 billion) worth of infrastructure and physical connectivity projects under the Indonesia-Malaysia-Thailand Growth Triangle (IMT-GT), aimed at driving regional development. Prime Minister Datuk Seri Anwar Ibrahim said the large-scale investments reflect a shared commitment by the three countries to deliver inclusive and sustainable economic transformation. 'Infrastructure, with US$39 billion worth of physical and connectivity projects across our three countries,' he said during the 16th IMT-GT Summit at the Kuala Lumpur Convention Centre (KLCC) on May 27. The initiative focuses on cross-border development in sectors such as tourism, halal products, agro-industry and micro, small and medium enterprises (MSMEs). Anwar added that climate change remains a core concern, as it continues to affect the livelihoods and well-being of communities across the subregion. He also thanked Thailand for taking swift steps to approve key border projects, including the Rantau Panjang crossing and the Golok River bridge, which are now progressing smoothly. Earlier in the session, the three countries signed the IMT-GT Framework of Cooperation on Customs, Immigration and Quarantine (FOC CIQ). The agreement was signed by Economy Minister Datuk Seri Rafizi Ramli, Indonesia's Coordinating Minister for Economic Affairs Airlangga Hartarto, and Thailand's Deputy Finance Minister Julapan Amornvivat.
Malaysian Reserve
6 days ago
- Business
- Malaysian Reserve
ASEAN adopts KL Declaration, reaffirms centrality and long-term goals
By HIDAYATH HISHAM ASEAN member states have adopted the Kuala Lumpur Declaration on the 10th Anniversary of the Establishment of the ASEAN Community, renewing their collective commitment to deepen integration and advance the region's shared future. The Foreign Affairs Ministry (Wisma Putra) said the declaration was endorsed during the 46th ASEAN Summit on May 26, 2025, in Kuala Lumpur. 'We pledge to continue working together in the maintenance and promotion of peace, security, and stability, as well as further development and growth in the region, to ensure that the ASEAN Community continues to thrive and remains adaptive and responsive to the impacts and inherent opportunities of existing and future megatrends,' it said in a statement. The declaration outlines nine key commitments, including the strengthening of ASEAN centrality, enhanced cooperation with external partners, deeper economic integration, and improved coordination across sectors and pillars. Wisma Putra also highlighted the need for a forward-looking agenda to respond to rapid change, including challenges related to climate, technology, and evolving power dynamics. 'We reaffirm our commitment to the ASEAN Community's next phase through ASEAN 2045: Our Shared Future, which is people-centred, sustainable, dynamic, and resilient, with an inclusive, rules-based, and economically vibrant framework,' it said. Member states agreed to integrate the experiences of ASEAN 2025 into future plans, and to build a more cohesive regional identity with inclusive and equitable development.
Malaysian Reserve
6 days ago
- Politics
- Malaysian Reserve
ASEAN leaders call for full implementation of Five-Point Consensus in Myanmar
by HIDAYATH HISHAM ASEAN leaders have reaffirmed that the Five-Point Consensus remains the bloc's primary reference in resolving the crisis in Myanmar and called for its implementation in full and without delay. In a joint statement issued during the 46th ASEAN Summit in Kuala Lumpur, the leaders expressed concern over the worsening conflict and humanitarian conditions in the country, further compounded by the March 28 earthquake. 'We reiterate that the Five-Point Consensus remains the main reference to address the political crisis in Myanmar, and it should be implemented in its entirety to help the people of Myanmar achieve an inclusive and durable peaceful resolution that is Myanmar-owned and Myanmar-led,' the statement reads. ASEAN leaders acknowledged recent declarations of temporary ceasefires by Myanmar's military authorities and other parties, but stressed that these efforts must be expanded and sustained nationwide. They urged all sides to halt violence against civilians, stop attacks on public infrastructure, and commit to restraint in order to establish a safer environment for humanitarian aid and inclusive national dialogue. ASEAN also called for the timely and transparent delivery of humanitarian assistance without discrimination, and said this must be guided by recent needs assessments carried out by ASEAN-Emergency Response and Assessment Team (ASEAN-ERAT) and the ASEAN Coordinating Centre for Humanitarian Assistance on Disaster Management (AHA Centre). The statement encourages all stakeholders to build trust through sustained engagement, with the aim of launching a comprehensive national dialogue consistent with the Five-Point Consensus. 'We reaffirmed our continued support for the work of the ASEAN Chair, including through the Special Envoy, in the full and effective implementation of the Five-Point Consensus,' it said. ASEAN also welcomed international support, particularly from the United Nations, in helping the region facilitate a Myanmar-owned and Myanmar-led political solution. ASEAN leaders called to strengthen cooperation within the bloc, its partners, neighbouring countries and the UN, especially in managing the wider impacts of the crisis, including the surge in transnational crimes such as trafficking and online scams.
Malaysian Reserve
6 days ago
- Business
- Malaysian Reserve
Malaysia, the Philippines to explore new cooperation in tourism, investment
by HIDAYATH HISHAM MALAYSIA and the Philippines are looking to expand bilateral cooperation beyond trade, with new opportunities identified in the tourism and investment sectors Philippine coordinator for the Brunei-Indonesia-Malaysia-the Philippines East ASEAN Growth Area (BIMP-EAGA), Leo Tereso Magno, said trade volumes between the two countries will also be enhanced following high-level meetings at the 46th ASEAN Summit. 'The Philippines will host the ASEAN Summit next year, and we have strengthened trade since 1994 when we established BIMP-EAGA. 'So what we hope for is that the relationship between Malaysia and the Philippines will be further improved — not just in trade, but also in investment and tourism,' he said. He described Malaysia as an important regional partner and player in South-East Asia across trade, investment and tourism. Magno also mentioned that the ASEAN Summit serves as a timely platform to raise pressing regional concerns, including discussions on recent tariff measures by the US. Earlier, Philippine President Ferdinand Marcos Jr said stronger collaboration among BIMP-EAGA members has laid the foundation for more inclusive, sustainable and innovation-driven growth.
