Latest news with #KualaLumpurDeclarationonASEAN2045
Malaysia Dateline
4 days ago
- Business
- Malaysia Dateline
ASEAN-GCC-China: Building resilient trilateral trade architecture
By DATUK PROF DR MOHD FAIZ ABDULLAH IF procrastination is the thief of time, then pussyfooting around the ASEAN-GCC-China Summit agenda might well be wanton heedlessness! Indeed, ASEAN must lead, not wait, because Malaysia is well positioned to set that agenda. While the Kuala Lumpur Declaration on ASEAN 2045 outlines an ambitious vision – a developed ASEAN that is the epicentre of growth in the Indo-Pacific – this aspiration won't come to pass in isolation. As Prime Minister Anwar Ibrahim said, ASEAN's journey 'is a story of cooperation across borders, dialogue across difference and hope across generations.' To rise as an engine of global growth hinges on how ASEAN diversifies its economic linkages, including with the GCC and China. The Joint Statement of the trilateral Summit and the ASEAN-GCC Joint Declaration on Economic Cooperation mark a significant step forward. Both documents lay the foundation for a convergence that could reshape the region's trade architecture and existing economic synergies, through three interconnected tracks: the ASEAN-China Free Trade Area (ACFTA) 3.0 Upgrade, the ASEAN-GCC FTA, and indirectly, the China-GCC FTA. Each agreement is progressing at a different pace. The ACFTA 3.0 is nearing completion, incorporating new-generation chapters on digital trade, competition, green economy and regulatory coherence. On the other hand, the China-GCC FTA, long under negotiation, is close to finalisation. Meanwhile, the ASEAN-GCC FTA is at the feasibility study stage while negotiations will be launched soon. It gives ASEAN and the GCC a rare opportunity to draw on the structure and substance of the other two negotiations and design an agreement that bridges the earlier two initiatives. The sequencing could, in fact, work tremendously in favour of ASEAN, positioning it as the central node in a new trade framework. What is often overlooked is that these are not discrete bilateral tracks. Rather, they weave a coherent structure connecting Southeast Asia, the Gulf and China, three of the world's most dynamic economic blocs. Such a scheme could lend further credence to the rules-based multilateral trading system, which, in Anwar's words, is being subjected to 'the onslaught of arbitrary imposition of trade restrictions.' It would also provide greater certainty and predictability for investors, and institutionalise ASEAN's centrality in the evolving global trade order. The economic logic is compelling and the numbers are convincing. The GCC was ASEAN's seventh-largest trading partner in 2022, with trade totalling USD130.7 billion, and is projected to grow at 30% annually. ASEAN-China trade surpassed USD722 billion in 2022, making China ASEAN's largest trading partner for the past 14 consecutive years. These relationships already run deep. What is missing is strategic coherence, something the trilateral FTA configuration could decisively address. Woven into such an arrangement must be substantial commitments in key growth sectors such as Islamic finance, digital economy, and renewable energy which offer mutual benefits and long-term dividends. Introducing them explicitly into such an FTA would mark a refreshing departure from conventional trade accords, not to mention create a more innovative partnership. Naturally, working together on currency settlements, cross-border payments, and sovereign wealth fund linkages could further strengthen financial resilience. Malaysia, as ASEAN Chair, has already taken the lead. We are pushing for the early conclusion of ACFTA 3.0, supporting a clear timeline for ASEAN-GCC FTA negotiations, while advancing the formation of a permanent mechanism that would co-ordinate the multiple trade tracks strategically. Additionally, setting up a regional business council could ensure private sector alignment, enabling businesses to benefit from this evolving topography. While some noted the absence of several GCC Heads of State at the Summit, the GCC was nonetheless robustly and adequately represented, underscoring institutional earnestness. Premier Li Qiang's attendance, meanwhile, is a clear signal of China's commitment. If a picture paints a thousand words, then the appearance of ASEAN leaders being flanked by GCC leaders, clad in traditional Arab attire, on one side and those from the Chinese side on the other, does make for amazing optics! Granted while faith may move mountains, looks alone won't. But add in the substantive discussions and professed undertakings, we are looking at a level of engagement that must perforce inspire ASEAN to seize the moment. The coming decade will not be shaped by more of the same. It will be shaped by those who can integrate across fault lines, build resilient frameworks, and champion multilateralism with a powerful sense of purpose. A trilateral trade architecture linking ASEAN, the GCC and China is not just about trade flows. It is a strategic bet on a more cohesive, rules-based and opportunity-rich regional order. The ball's in ASEAN's court. And Malaysia, as Chair, must hit it! * Writer is Chairman, Institute of Strategic and International Studies (ISIS) Malaysia
Malaysia Sun
29-05-2025
- Business
- Malaysia Sun
ASEAN leaders adopt Kuala Lumpur Declaration to guide next 20 years
The Kuala Lumpur Declaration on ASEAN 2045 is unveiled in Kuala Lumpur, Malaysia, May 26, 2025. /VCG The Kuala Lumpur Declaration on ASEAN 2045, a key document guiding the next 20 years of the Association of Southeast Asian Nations (ASEAN) grouping, was unveiled on Monday following its endorsement by ASEAN leaders gathered at the 46th ASEAN Summit in Kuala Lumpur. In his remarks following the signing ceremony of the declaration, Malaysian Prime Minister Anwar Ibrahim said the document would pave the way for the grouping's future direction, taking into account emerging challenges while putting sustainable and inclusive development at the forefront. "The future we seek must rest on foundations of sustainability and inclusion. ASEAN's integration must be genuinely people-centered. That means closing development gaps, raising standards of living and investing in the human spirit and potential of all our citizens," he said. "This shared blueprint gives shape to that belief. It is a vision anchored in realism, animated by resolve and made possible by trust," he added. Among the key decisions made under the declaration is the formal adoption of the ASEAN Community Vision (ACV) 2045 and its accompanying strategic plans across four pillars: political-security, economic, socio-cultural and connectivity. Meanwhile, the grouping's Secretary-General Kao Kim Hourn told a press briefing ahead of the summit that the ACV 2045 is meant to serve as a pragmatic 20-year strategic roadmap to guide the region's development amid global uncertainties. "These four strategic plans are designed to guide ASEAN on how to prioritize its work while upholding unity, solidarity and ASEAN centrality," he said, adding that the roadmap also recognizes the need to work closely with external partners, including dialogue, sectoral and global partners. "This document is forward-looking and strategic, acknowledging the shifts in geopolitics, digitalization, demographic change, climate risks and other pressing issues. It provides clarity on how ASEAN should navigate its future," he emphasized. Earlier, Malaysia's Foreign Ministry said in a statement that ASEAN aspires to be a prosperous single market with a highly skilled and inclusive workforce, productivity and innovation-driven growth, while incorporating sustainability across and along the value chain through the ASEAN Community Vision 2045. The ACV 2045 also promotes the use of local currencies for cross-border transactions to reduce the region's vulnerability to external volatility, enhancing disaster risk financing, and mitigating the risks or impact arising from climate change and environmental degradation, it said. "Through the new updated vision, ASEAN is expected to be a major player in the global economy and the fourth largest economy in the world, anchored on sustainable growth and good governance, empowered by advanced technologies and responsive to emerging opportunities," it added. Malaysia is the chair of ASEAN for 2025 and is hosting the ASEAN Summit and related summits under the theme "Inclusivity and Sustainability." Established in 1967, the grouping includes Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand and Vietnam. Source: CGTN
Malaysia Sun
27-05-2025
- Business
- Malaysia Sun
ASEAN leaders adopt Kuala Lumpur Declaration for next 20-year development
KUALA LUMPUR, May 27 (Xinhua) -- The Kuala Lumpur Declaration on ASEAN 2045, a key document guiding the next 20 years of the Association of Southeast Asian Nations (ASEAN) grouping, was unveiled here on Monday, following its endorsement by ASEAN leaders gathered at the 46th ASEAN Summit. In his remarks following the signing ceremony of the declaration, Malaysian Prime Minister Anwar Ibrahim said the document would pave the way for the grouping's future direction, taking into account emerging challenges while putting sustainable and inclusive development at the forefront. "The future we seek must rest on foundations of sustainability and inclusion. ASEAN's integration must be genuinely people-centered. That means closing development gaps, raising standards of living and investing in the human spirit and potential of all our citizens," he said. "This shared blueprint gives shape to that belief. It is a vision anchored in realism, animated by resolve and made possible by trust," he added. Among the key decisions made under the declaration is the formal adoption of the ASEAN Community Vision (ACV) 2045 and its accompanying strategic plans across four pillars, namely political-security, economic, socio-cultural, and connectivity. Meanwhile, the grouping's Secretary-General Kao Kim Hourn told a press briefing ahead of the summit that the ACV 2045 is meant to serve as pragmatic 20-year strategic roadmap to guide the region's development amid global uncertainties. "These four strategic plans are designed to guide ASEAN on how to prioritize its work while upholding unity, solidarity, and ASEAN centrality," he said, adding that the roadmap also recognizes the need to work closely with external partners, including dialogue, sectoral, and global partners. "This document is forward-looking and strategic, acknowledging the shifts in geopolitics, digitalization, demographic change, climate risks, and other pressing issues. It provides clarity on how ASEAN should navigate its future," he emphasized. Earlier, Malaysia's Foreign Ministry said in a statement that ASEAN aspires to be a prosperous single market with a highly-skilled and inclusive workforce, productivity and innovation-driven growth, while incorporating sustainability across and along the value chain through the ASEAN Community Vision 2045 (ACV 2045). The ACV 2045 also promotes the use of local currencies for cross-border transactions to reduce the region's vulnerability to external volatility, enhancing disaster risk financing, and mitigating the risks or impact arising from climate change and environmental degradation, it said. "Through the new updated vision, ASEAN is expected to be a major player in the global economy and the fourth largest economy in the world, anchored on sustainable growth and good governance, empowered by advanced technologies and responsive to emerging opportunities," it added. Malaysia is the chair of ASEAN for 2025, and is hosting the ASEAN Summit and related summits under the theme "Inclusivity and Sustainability." Established in 1967, the grouping includes Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand and Vietnam.
Malaysia Sun
26-05-2025
- Business
- Malaysia Sun
1st LD Writethru: ASEAN leaders adopt Kuala Lumpur Declaration for next 20-year development
KUALA LUMPUR, May 26 (Xinhua) -- The Kuala Lumpur Declaration on ASEAN 2045, a key document guiding the next 20 years of the Association of Southeast Asian Nations (ASEAN) grouping, was unveiled here on Monday, following its endorsement by ASEAN leaders gathered at the 46th ASEAN Summit. In his remarks following the signing ceremony of the declaration, Malaysian Prime Minister Anwar Ibrahim said the document would pave the way for the grouping's future direction, taking into account emerging challenges while putting sustainable and inclusive development at the forefront. "The future we seek must rest on foundations of sustainability and inclusion. ASEAN's integration must be genuinely people-centered. That means closing development gaps, raising standards of living and investing in the human spirit and potential of all our citizens," he said. "This shared blueprint gives shape to that belief. It is a vision anchored in realism, animated by resolve and made possible by trust," he added. Among the key decisions made under the declaration is the formal adoption of the ASEAN Community Vision (ACV) 2045 and its accompanying strategic plans across four pillars, namely political-security, economic, socio-cultural, and connectivity. Meanwhile, the grouping's Secretary-General Kao Kim Hourn told a press briefing ahead of the summit that the ACV 2045 is meant to serve as pragmatic 20-year strategic roadmap to guide the region's development amid global uncertainties. "These four strategic plans are designed to guide ASEAN on how to prioritize its work while upholding unity, solidarity, and ASEAN centrality," he said, adding that the roadmap also recognizes the need to work closely with external partners, including dialogue, sectoral, and global partners. "This document is forward-looking and strategic, acknowledging the shifts in geopolitics, digitalization, demographic change, climate risks, and other pressing issues. It provides clarity on how ASEAN should navigate its future," he emphasized. Earlier, Malaysia's Foreign Ministry said in a statement that ASEAN aspires to be a prosperous single market with a highly-skilled and inclusive workforce, productivity and innovation-driven growth, while incorporating sustainability across and along the value chain through the ASEAN Community Vision 2045 (ACV 2045). The ACV 2045 also promotes the use of local currencies for cross-border transactions to reduce the region's vulnerability to external volatility, enhancing disaster risk financing, and mitigating the risks or impact arising from climate change and environmental degradation, it said. "Through the new updated vision, ASEAN is expected to be a major player in the global economy and the fourth largest economy in the world, anchored on sustainable growth and good governance, empowered by advanced technologies and responsive to emerging opportunities," it added. Malaysia is the chair of ASEAN for 2025, and is hosting the ASEAN Summit and related summits under the theme "Inclusivity and Sustainability." Established in 1967, the grouping includes Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand and Vietnam.
Hans India
26-05-2025
- Business
- Hans India
ASEAN leaders adopt Kuala Lumpur Declaration for next 20-year development
The Kuala Lumpur Declaration on ASEAN 2045, a key document guiding the next 20 years of the Association of Southeast Asian Nations (ASEAN) grouping, was unveiled here on Monday, following its endorsement by ASEAN leaders gathered at the 46th ASEAN Summit. In his remarks following the signing ceremony of the declaration, Malaysian Prime Minister Anwar Ibrahim said the document would pave the way for the grouping's future direction, taking into account emerging challenges while putting sustainable and inclusive development at the forefront. "The future we seek must rest on foundations of sustainability and inclusion. ASEAN's integration must be genuinely people-centered. That means closing development gaps, raising standards of living and investing in the human spirit and potential of all our citizens," he said. "This shared blueprint gives shape to that belief. It is a vision anchored in realism, animated by resolve and made possible by trust," he added. Among the key decisions made under the declaration is the formal adoption of the ASEAN Community Vision (ACV) 2045 and its accompanying strategic plans across four pillars, namely political-security, economic, socio-cultural, and connectivity. Meanwhile, the grouping's Secretary-General Kao Kim Hourn told a press briefing ahead of the summit that the ACV 2045 is meant to serve as pragmatic 20-year strategic roadmap to guide the region's development amid global uncertainties. "These four strategic plans are designed to guide ASEAN on how to prioritize its work while upholding unity, solidarity, and ASEAN centrality," he said, adding that the roadmap also recognises the need to work closely with external partners, including dialogue, sectoral, and global partners. "This document is forward-looking and strategic, acknowledging the shifts in geopolitics, digitalization, demographic change, climate risks, and other pressing issues. It provides clarity on how ASEAN should navigate its future," he emphasised. Earlier, Malaysia's Foreign Ministry said in a statement that ASEAN aspires to be a prosperous single market with a highly-skilled and inclusive workforce, productivity and innovation-driven growth, while incorporating sustainability across and along the value chain through the ASEAN Community Vision 2045 (ACV 2045), Xinhua news agency reported. The ACV 2045 also promotes the use of local currencies for cross-border transactions to reduce the region's vulnerability to external volatility, enhancing disaster risk financing, and mitigating the risks or impact arising from climate change and environmental degradation, it said. "Through the new updated vision, ASEAN is expected to be a major player in the global economy and the fourth largest economy in the world, anchored on sustainable growth and good governance, empowered by advanced technologies and responsive to emerging opportunities," it added. Malaysia is the chair of ASEAN for 2025, and is hosting the ASEAN Summit and related summits under the theme 'Inclusivity and Sustainability'. Established in 1967, the grouping includes Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand and Vietnam.
