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AsiaOne
7 days ago
- Business
- AsiaOne
Asean unveils strategic plan to integrate its economies, Asia News
KUALA LUMPUR — The Southeast Asian bloc Asean on Tuesday (May 27) announced an ambitious strategic plan that includes harmonising trade standards and greater financial integration in an effort to collectively become the world's fourth-largest economy. The five-year, 41-page plan for the 10-member Association of Southeast Asian Nations, released during a leaders' summit in Malaysia, calls for increased regional trade, freer movement of businesses and people, enhanced transparency and regulatory practices and sustainable mining, industry and farming policies to attract foreign investment. The plan said Asean countries — Indonesia, Thailand, Malaysia, Vietnam, the Philippines, Singapore, Cambodia, Laos, Myanmar and Brunei — must deepen their economic integration, pursue energy security, boost transport connectivity and strengthen supply chains. "Carrying on with business as usual will not suffice for this highly dynamic economic region," the plan said. "For Asean to become the fourth-largest global economy by 2045, countries in the region will need to deepen their economic integration and enhance their agility to address multifaceted challenges." The document identified several challenges for Asean's economic integration ranging from geopolitical tensions, shifting trade flows and technological transformation to climate change impacts and demographic shifts. Formed in 1967 initially as five members, Asean established an economic community in 2015 with the aim of integrating its economies and boosting the region's global standing. But despite rapid growth of its members economies in recent years and a collective GDP of US$3.8 trillion (S$4.9 trillion), integration has been slow, with huge differences in its members' economies, political systems, population sizes and development levels, and no central authority to ensure compliance with Asean agreements and initiatives. The strategic plan said Asean's Economic Community Council would be be responsible for implementing the strategies while the Asean secretariat would monitor implementation. The ongoing tariff war between the United States and China and steep US tariffs on Southeast Asian countries has created urgency for Asean to move towards regional integration faster, said Tricia Yeoh, Associate Professor of Practice at the University of Nottingham Malaysia. Yeoh said Asean countries must recognise the greater collective value of unified negotiations rather than pursuing bilateral agreements on their own. "Asean needs to demonstrate efficacy in order for it to remain relevant. If they can't even achieve negotiating over Myanmar or the code of conduct with China on the maritime issue, people will question Asean's purpose," she said, referring to two thorny political issues within the bloc. [[nid:718412]]
Free Malaysia Today
23-05-2025
- Business
- Free Malaysia Today
Asean must lead as US retreats from regional engagement, say experts
Experts say the Asean bloc must assert itself as a stabilising force amid shifting global alliances and waning US engagement. (AP pic) PETALING JAYA : With the US scaling back its regional engagement in favour of selective bilateral ties, experts say Asean must step up and position itself as a leading business destination and regional partner. Speaking to FMT, Tricia Yeoh from Nottingham University Malaysia said the current US administration has a markedly different approach compared to previous administrations. Tricia Yeoh. 'Asean cannot make the mistake of assuming that it is operating or negotiating with players who share the same values, principles or worldviews as previous administrations in DC,' she said. Denis Hew, senior fellow at the Lee Kuan Yew School of Public Policy, said signs of disengagement were already evident under the Joe Biden administration. 'The US was not able to conclude the Indo-Pacific Economic Framework it mooted two years ago. It sounded to me that they were not engaging fully. 'The current Donald Trump administration is becoming even more transactional,' he said. Diminished US involvement could push Asean closer to China, but Yeoh cautioned against an overreliance on Beijing. 'China is undergoing its own domestic economic challenges while it deals with the fallout over tariffs,' she said. Denis Hew. Hew, who previously led the Asia Pacific Economic Cooperation policy unit, said Asean's role in global supply chains means it must keep working with both the US and China. 'We need to make sure that there's a platform, such as Asean, for both superpowers to be able to talk and work together, so that they can strengthen their supply chains and look forward towards more economic growth,' he said. To retain influence, Hew called on Asean to work towards building a much more integrated economy to increase its appeal as the fourth-largest market globally. According to Yeoh, that means strengthening coordination among member states and setting clear priorities on trade, digital regulation and labour mobility. 'Asean should be the one taking the initiative, and making it clear that the US continues to need us as a stabilising force in the Asia-Pacific region,' she said. 'For security reasons alone, the US would need Southeast Asia, what more for other economic and geopolitical reasons.' Future economic risks With Washington also undermining global institutions like the World Trade Organization, Yeoh said Asean must brace for a more fragmented trade environment. 'Asean economies will need to anticipate that the US—which has long set the international standards on a multitude of fronts, including health and safety—may no longer be the ideal standard-bearer that we can look to reliably,' she said. She said it may fall on Asean to set new global standards, including in tech and artificial intelligence. Although both Washington and Beijing have publicly said they are not seeking to 'decouple' by deliberately pursuing an economic and technological separation, Yeoh said the risk of economic fragmentation remains. She also flagged concerns over the growing number of bilateral deals that come with strategic conditions attached. 'Part of the deal Malaysia wants to agree to with the US involves a tech diplomacy agreement that ensures certain tech which passes through Malaysia in the supply chain will not reach China,' she said. 'Countries in Asean will have to evaluate whether deals like these would be beneficial or detrimental in the long run, especially as regional integration initiatives like the Regional Comprehensive Economic Partnership and Asean-China FTA include China.' The 46th ASEAN Summit will take place in Kuala Lumpur on May 26-27, with Malaysia—this year's chair—advocating a unified regional response to US tariff actions. At the summit, leaders are expected to discuss how Asean can preserve its independence amid growing pressure to pick sides.
Free Malaysia Today
21-05-2025
- Business
- Free Malaysia Today
Malaysia key to unlocking Asean-China trade potential, say experts
Asean and China recently updated their free trade agreement to include new rules for emerging sectors, including the digital and green economies. PETALING JAYA : Malaysia's special relationship with China presents a unique opportunity to drive better regional economic outcomes, particularly as it leads Asean during a period of global economic uncertainty, analysts say. A recently updated Asean-China free trade agreement (ACFTA) now includes new rules for emerging sectors, including the digital and green economies. Denis Hew. 'It makes a lot of sense for us to upgrade the ACFTA to also cover the digital economy,' said Denis Hew, senior research fellow at the Lee Kuan Yew School of Public Policy. He said that beyond trade, the updated deal would allow for collaboration in digital skills training, science and tech partnerships, and broader innovation ecosystems that support small and medium enterprises in the region. 'China is a leader in emerging technologies. A perfect example is DeepSeek, where China has proved that you don't have to spend billions of dollars in investments for artificial intelligence. You see a lot of innovation happening in China,' said Hew. Tricia Yeoh. University of Nottingham Malaysia's Tricia Yeoh agreed, adding that China could also work with Asean to develop shared AI governance frameworks and regional programmes that mirror Europe's Erasmus+ programme, facilitating the exchange of digital talent between Asean and China. But Yeoh also told FMT more can be done, as China's investment into strengthening Asean's socio-economic architecture would benefit the republic as well. 'Malaysia, as Asean chair, should optimise this by negotiating a stronger, firmer deal that would benefit the entire bloc,' she said, adding that this includes co-financing renewable energy infrastructure and sustainable agriculture, as well as more resilient Asean supply chains. But she also warned that Asean must be prepared to assert itself, especially on sensitive issues like the South China Sea. 'China needs to support Asean centrality when it comes to dealing with the territorial waters issue, since its current actions are undermining trust throughout the region. 'Asean needs to be willing to put this on the table, and secure China's agreement so that both parties can arrive at a good deal,' she said. Yeoh proposed deeper maritime cooperation—including joint early-warning security systems and marine science research—as part of the broader trust-building process. Boosting economic resilience The ACFTA upgrade is one of the major deliverables under Malaysia's chairmanship, alongside the Asean Digital Economy Framework Agreement, set to be finalised later this year. Both Hew and Yeoh stressed that the updated ACFTA fits well into Asean's broader trade strategy, particularly as global trade governance falters. 'Many of the Asean+1 FTAs, including the one with China, were signed over a decade ago. Upgrading them, especially the ACFTA, helps expand regional supply chains and future-proofs Asean's economic integration,' said Hew. Like many other countries, Asean is increasingly turning to regional and bilateral agreements to protect its economic interests. 'We have agency here. We can strengthen our economic resilience through economic cooperation and integration. With the World Trade Organization currently quite dysfunctional, this is the only way to go in terms of facilitating greater trade and investment,' said Hew. The WTO oversees the global multilateral trading system, but its relevance has been questioned due to stalled trade negotiations and US criticism of its dispute settlement mechanism. Emphasising the importance of closer bilateral and regional cooperation, Yeoh said Asean must continue fostering deep ties and relations with other major international blocs such as the European Union, Latin America and Africa. 'These global ties will contribute to greater resilience when and if conflict grows, and there is even deeper economic uncertainty. The benefits are not just in terms of economics and trade, but also security and cultural aspects,' she said. Kuala Lumpur is set to host the upcoming Asean Summit on May 26 and 27. With US-China rivalry intensifying and global trade governance weakening, Asean leaders are expected to focus on strengthening strategic autonomy and economic resilience.
Free Malaysia Today
08-05-2025
- Politics
- Free Malaysia Today
Local elections offer cure for costly centralised governance, says academic
Tricia Yeoh from University of Nottingham Malaysia's School of Politics and International Relations with academic Andrew Harding at his book launch in Kuala Lumpur last night. KUALA LUMPUR : An academic has argued that the inefficiency and disengagement at the federal and state levels of government are more costly than the implementation of local elections. Andrew Harding, an Asian legal studies scholar, said local elections in Malaysia would introduce better checks and balances as local authorities would be subject to 'constitutional constraints'. 'By electing local officials, there are more opportunities to stop corruption, and the people can dismiss them from office – unlike appointed officials who answer to higher-ups in the system,' he said at the launch of his book, Territorial Governance in Southeast Asia, here last night. In his book, Harding, a constitutional law expert, also questioned whether democracy could truly exist without local elections and participation. Harding said that local elections would decentralise power from the federal and state governments, giving the people a stronger voice in national governance. He also called on the government to reinstate local elections, which were suspended in the 1960s and later replaced by a system of appointed heads, where state mayors of city councils and presidents of municipal and district councils are appointed by the state governments. In 2018, Pakatan Harapan proposed the revival of local elections as a pilot project. In December 2023, housing and local government minister Nga Kor Ming said reinstating local council elections was not a priority for the government.
Al Jazeera
17-04-2025
- Business
- Al Jazeera
Chinese president's tour of Asia a 'charm offensive' for trade
Quotable Chinese president's tour of Asia a 'charm offensive' for trade Tricia Yeoh, an associate professor at University of Nottingham Malaysia, talks about Chinese President Xi Jinping's visit to Malaysia and if the 'shockwaves' caused by US tariffs will subside.
