Latest news with #Summits
New Straits Times
17 hours ago
- Business
- New Straits Times
Anwar looks to deepen ties with new South Korean president
KUALA LUMPUR: Prime Minister Datuk Seri Anwar Ibrahim has congratulated Lee Jae-myung on his election as South Korea's new president, calling it a turning point for the nation. Lee was declared president earlier today after winning a snap election, taking the helm of a country deeply divided following his predecessor's failed attempt to declare martial law. In a statement, Anwar said South Korea had emerged from a period of intense political contest and scrutiny with resilience and democratic resolve. "The people have spoken for renewal: of trust, of institutions, and of national purpose," he said in a Facebook post. Anwar said he looked forward to working with President Lee to deepen ties in trade, technology, peace, security and people-to-people exchanges. He noted that Malaysia-South Korea relations were elevated to a Strategic Partnership in November 2024 — a milestone reflecting both countries' shared ambitions. He hopes that Asean would take on a more prominent role in Seoul's regional outlook. "As chairs of Asean and Apec respectively in 2025, Malaysia and the Republic of Korea are well placed to lead impactful regional initiatives. In a time of global flux, deeper partnership between Southeast Asia and South Korea will be indispensable to us all," he said. Anwar added that he looked forward to meeting President Lee in Kuala Lumpur this October for the Asean-led Summits, and again in Gyeongju for the Apec Economic Leaders' Meeting. "Malaysia wishes him wisdom and success in the journey ahead," he said.
The Star
26-05-2025
- Business
- The Star
Address long-standing trade barriers, Asean members told
PETALING JAYA: Economists are calling for Asean countries to address long-standing barriers that hinder economic integration among member states. Despite close and strong cooperation, the situation can be improved by addressing key regulatory hurdles and inconsistent financial systems. ALSO READ: Asean leaders assemble in KL today for key summit, related meetings Economist Geoffrey Williams said there are still many trade barriers among Asean countries, especially for small and medium businesses (SMEs). "Asean needs to establish a framework to identify regulatory barriers across all areas and begin a process to systematically remove them or to harmonise regulations at the lowest cost," he said, when contacted yesterday. Malaysia, as Asean Chair is the host of 46th Asean Summit and Related Summits. Wisma Putra is taking the lead in organising these summits under Malaysia's Asean chairmanship this year with the theme 'Inclusivity and Sustainability'. Two other high-level meetings – the 2nd Asean-Gulf Cooperation Council (GCC) Summit and the Asean-GCC-China Economic Summit – will also be held. Williams said there are still many constraints on simple issues such as setting up businesses, bank accounts and even payment transfers. "So harmonising regulations on payment transfers, reducing transaction costs and building common platforms for e-payments is essential. "Even issues related to the free movement of workers are underdeveloped as Asean members protect their own labour markets," added Williams ALSO READ: Asean-GCC-China model will help forge inclusive, sustainable future, says Anwar Asean countries, said Williams, are still very different in terms of economic development, political systems and the economic self-interests of each country and this holds back closer integration. "Tourism provides a good model because private sector driven business models make travel, accommodation and currency exchange easy. "So integration is not impossible if it is market driven but it is proving difficult if it is government driven," he explained. He said Asean cannot follow the integration model of the EU for example because that is government driven but it can follow a market driven integration model using technology platforms and e-commerce which avoid brick-and-mortar business models and move online. "An Asean-wide digital nomad visa would be a good idea and would be attractive for the region as a whole while reducing competition between countries. "Another Asean-wide entrepreneur visa would also be helpful in reducing costs, especially for the non-Asean business community allowing foreign investors to move easily around the 10-member states," he argued. Centre for Market Education chief executive officer Carmelo Ferlito said forcing cashless can become a burden if a person needs to have an app in each country, but instead such initiative can be linked with a local bank account. "I travel often to Indonesia and I struggled with their cashless system, which must be linked to a local bank. "Some places do not accept any other form of payment. "So I think having more integration is good but in reality it is better to increase options rather than reducing them," said the economist. He also said that abolishing barriers to entry was much more effective rather than thinking about cashless. "Good infrastructure and fast procedures, this is what travellers want. Cashless is an option but not a game changer. More tourism or travel affects the generality of the economy," said Ferlito. At a special media briefing on May 21, Prime Minister Datuk Seri Anwar Ibrahim outlined a bold strategic vision for Asean's next phase of growth, emphasising stronger economic integration, trade expansion and cross-border energy connectivity as key pillars under Malaysia's Asean chairmanship this year. Responding to questions on the direction of the regional bloc amid growing global geopolitical competition, Anwar said Malaysia is determined to drive Asean beyond its traditional role as a neutral platform towards becoming a more cohesive, values-driven force in the Indo-Pacific. "As part of our thrust this year, we are focusing on strengthening Asean's cohesiveness, increasing economic interest and trade, and boosting investments among member countries," he said.
Time of India
25-05-2025
- Business
- Time of India
East Timor could join ASEAN bloc by October: Minister
East Timor is a step closer to fulfilling its longstanding wish to join the Southeast Asian regional bloc and could become its 11th member state by October, Malaysia's foreign minister said on Sunday. Mohamad Hasan said on the sidelines ahead of an Association of Southeast Asian Nations (ASEAN) summit in Kuala Lumpur that Dili "has made meaningful progress in implementing a roadmap" for it to join. East Timor is one of the world's poorest countries and some concerns remain around whether it could participate meaningfully in ASEAN's development agenda. However, the bloc's foreign ministers voiced "strong support for Timor-Leste's full membership in ASEAN, particularly in its efforts to fulfil the remaining criteria", Mohamad told a news conference, using the country's Portuguese name. The top Malaysian diplomat did not give details on issues still outstanding but full membership could be granted at ASEAN's next regional meeting in October, chaired this year by Malaysia. ASEAN member states will "now begin undertaking their respective domestic legal procedure with a view to finalise Timor-Leste's accession process by the 47th ASEAN Summit and Related Summits in October, hopefully", Mohamad said. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Villas For Sale in Dubai Might Surprise You Villas in Dubai | Search Ads Get Info Undo East Timor is the youngest country in Southeast Asia, having gained independence from Indonesia in 2002 after 24 years of occupation. Its president, Jose Ramos-Horta, has long campaigned for ASEAN membership and an application was first submitted by the former Portuguese colony of around 1.3 million people in 2011. Dili was granted observer status to the regional body in 2022 but its full membership has been delayed by various challenges. East Timor is grappling with high levels of inequality, malnourishment and unemployment and remains heavily reliant on oil, with little diversification into other sectors. It also faces challenges in infrastructure development and human resource capacity, seen as critical for effective participation in ASEAN's economic community.
GMA Network
25-05-2025
- Business
- GMA Network
Timor-Leste could join ASEAN bloc by October —minister
Timor-Leste is the youngest country in Southeast Asia, having gained independence from Indonesia in 2002 after 24 years of occupation. Yasuyoshi Chiba/ AFP KUALA LUMPUR — Timor-Leste is a step closer to fulfilling its longstanding wish to join the Southeast Asian regional bloc and could become its 11th member state by October, Malaysia's foreign minister said on Sunday. Mohamad Hasan said on the sidelines ahead of an Association of Southeast Asian Nations (ASEAN) summit in Kuala Lumpur that Dili "has made meaningful progress in implementing a roadmap" for it to join. Timor-Leste, also known as East Timor, is one of the world's poorest countries and some concerns remain around whether it could participate meaningfully in ASEAN's development agenda. However, the bloc's foreign ministers voiced "strong support for Timor-Leste's full membership in ASEAN, particularly in its efforts to fulfil the remaining criteria," Mohamad told a news conference. The top Malaysian diplomat did not give details on issues still outstanding but full membership could be granted at ASEAN's next regional meeting in October, chaired this year by Malaysia. ASEAN member states will "now begin undertaking their respective domestic legal procedure with a view to finalize Timor-Leste's accession process by the 47th ASEAN Summit and Related Summits in October, hopefully," Mohamad said. Timor-Leste is the youngest country in Southeast Asia, having gained independence from Indonesia in 2002 after 24 years of occupation. Its president, Jose Ramos-Horta, has long campaigned for ASEAN membership and an application was first submitted by the former Portuguese colony of around 1.3 million people in 2011. Dili was granted observer status to the regional body in 2022 but its full membership has been delayed by various challenges. Timor-Leste is grappling with high levels of inequality, malnourishment and unemployment and remains heavily reliant on oil, with little diversification into other sectors. It also faces challenges in infrastructure development and human resource capacity, seen as critical for effective participation in ASEAN's economic community. — AFP
Business Times
25-05-2025
- Business
- Business Times
East Timor could join Asean bloc by October: minister
[KUALA LUMPUR] East Timor is a step closer to fulfilling its longstanding wish to join the South-east Asian regional bloc and could become its 11th member state by October, Malaysia's foreign minister said on Sunday (May 25). Mohamad Hasan said on the sidelines ahead of an Association of Southeast Asian Nations (Asean) summit in Kuala Lumpur that Dili 'has made meaningful progress in implementing a roadmap' for it to join. East Timor is one of the world's poorest countries and some concerns remain around whether it could participate meaningfully in Asean's development agenda. However, the bloc's foreign ministers voiced 'strong support for Timor-Leste's full membership in Asean, particularly in its efforts to fulfil the remaining criteria', Mohamad told a news conference, using the country's Portuguese name. The top Malaysian diplomat did not give details on issues still outstanding but full membership could be granted at Asean's next regional meeting in October, chaired this year by Malaysia. Asean member states will 'now begin undertaking their respective domestic legal procedure with a view to finalise Timor-Leste's accession process by the 47th Asean Summit and Related Summits in October, hopefully', Mohamad said. A NEWSLETTER FOR YOU Friday, 8.30 am Asean Business Business insights centering on South-east Asia's fast-growing economies. Sign Up Sign Up East Timor is the youngest country in South-east Asia, having gained independence from Indonesia in 2002 after 24 years of occupation. Its president, Jose Ramos-Horta, has long campaigned for Asean membership and an application was first submitted by the former Portuguese colony of around 1.3 million people in 2011. Dili was granted observer status to the regional body in 2022 but its full membership has been delayed by various challenges. East Timor is grappling with high levels of inequality, malnourishment and unemployment and remains heavily reliant on oil, with little diversification into other sectors. It also faces challenges in infrastructure development and human resource capacity, seen as critical for effective participation in Asean's economic community. AFP
