Latest news with #regionalcooperation
South China Morning Post
3 days ago
- Business
- South China Morning Post
Asean's ambitious 2045 plan faces Trump tariffs and implementation woes
Members of the Asean bloc have laid out an ambitious plan to become the world's fourth-largest economy by 2045, but analysts warn the region must first overcome deep-rooted trade barriers, domestic implementation woes and a shifting global trade order. Advertisement Released on Tuesday during the Association of Southeast Asian Nations summit in Kuala Lumpur, the five-year strategy to achieve the economic goal aims to boost regional integration and better address complex issues. 'Carrying on with business as usual will not suffice for this highly dynamic economic region,' the statement 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 plan's announcement, which called for increased energy security, transport security, and strengthened supply chains, came after the bloc finalised negotiations on an upgraded Asean Trade in Goods Agreement (ATIGA) on Monday. First implemented in 2010, ATIGA removed tariffs on 98.6 per cent of goods traded among member states. The upgraded version – expected to be signed in October – aims to further boost intra-Asean trade by eliminating remaining duties and removing non-tariff barriers, such as complex customs procedures and licensing rules. Advertisement ATIGA is one of three major agreements that form the foundation of the Asean free-trade area, which seeks to lower trade barriers and build a unified regional market.
Al Bawaba
4 days ago
- Business
- Al Bawaba
Iranian President visits Oman to push regional diplomacy
Published May 27th, 2025 - 05:27 GMT During the visit, the two countries are expected to sign a series of bilateral agreements. Discussions will also address broader regional issues, including joint efforts to promote peace and stability in the Gulf and the wider Middle East. ALBAWABA- Iranian President Masoud Pezeshkian arrived in the Sultanate of Oman on Tuesday for a two-day official visit to strengthen bilateral relations and enhance regional cooperation. Also Read Pakistani PM Shehbaz Sharif visits Iran after Turkey trip His Highness Sayyid Shihab bin Tariq welcomed him at the airport, alongside other senior Omani officials. The visit follows a pattern of deepening ties between the two nations, including Sultan Haitham's historic visit to Tehran two years ago and the late Iranian President Ebrahim Raisi's trip to Muscat. Pezeshkian is scheduled to meet privately with Sultan Haitham bin Tarik at Al Alam Palace. This will be followed by a high-level joint session between Iranian and Omani delegations, focusing on cooperation across trade, maritime affairs, infrastructure, and regional diplomacy. An official reception ceremony was held at Al Alam Palace on Tuesday in honour of President Dr Masoud Pezeshkian of the Islamic Republic of Iran, on the occasion of his official visit to the Sultanate of Oman. Upon the arrival of the Iranian President's motorcade at the… — Oman Observer 🇴🇲 (@OmanObserver) May 27, 2025 Key members of President Pezeshkian's cabinet, including Foreign Minister Abbas Araqchi, Defense Minister Brigadier-General Aziz Nasirzadeh, and ministers responsible for labor, trade, and justice, are accompanying him. Also Read Iran won't stop uranium enrichment to reach agreement with US During the visit, the two countries are expected to sign a series of bilateral agreements. Discussions will also address broader regional issues, including joint efforts to promote peace and stability in the Gulf and the wider Middle East. President Pezeshkian has called on regional nations to unite in confronting Israel's ongoing military operations in Gaza, which he condemned as "criminal behavior." The visit underscores Iran's diplomatic push for a coordinated regional response. So far, Oman has already facilitated five rounds of backchannel talks between Iran and the United States to revive a nuclear agreement to replace the 2015 deal that U.S. President Donald Trump abandoned. © 2000 - 2025 Al Bawaba (
Washington Post
5 days ago
- Business
- Washington Post
ASEAN opens summit with Gulf nations and China amid US tariffs threat
KUALA LUMPUR, Malaysia — A regional association of Southeast Asian nations is set to hold a three-way summit Tuesday with China and six Gulf countries in what officials called an effort to bolster economic resilience as they grapple with global volatility and U.S. tariffs. Malaysian Prime Minister Anwar Ibrahim, opening a summit in Malaysia's capital Kuala Lumpur between the 10-member Association of Southeast Asian Nations and the Gulf Cooperation Council, said a stronger ASEAN-GCC relationship would be key to enhancing interregional collaboration, building resilience and securing sustainable prosperity.
Malay Mail
6 days ago
- Business
- Malay Mail
Singapore PM arrives in KL for Asean Summit
SEPANG, May 26 — Singapore Prime Minister Lawrence Wong arrived here today to attend the 46th Asean Summit and Related Summits, which will begin tomorrow at the Kuala Lumpur Convention Centre (KLCC). Wong, who landed at the Kuala Lumpur International Airport (KLIA Terminal 1) at 8.57 pm on a commercial flight, was warmly received at the Bunga Raya Complex by Science, Technology and Innovation Minister Chang Lih Kang. Upon arrival, Wong inspected a guard of honour mounted by 28 officers and personnel from the First Battalion Royal Ranger Regiment (Ceremonial). The 46th Asean Summit will be held on May 26 and 27, concurrently with two key high-level meetings – the 2nd Asean-Gulf Cooperation Council (GCC) Summit and the inaugural Asean-GCC-China Summit. The 46th Asean Summit, held under Malaysia's 2025 Chairmanship theme 'Inclusivity and Sustainability', will bring together leaders from Asean member states to discuss regional issues and chart the future direction of Asean cooperation. — Bernama
Malay Mail
6 days ago
- Business
- Malay Mail
As Malaysia assumes chairmanship this year, what is the Asean Summit and why does it matter?
KUALA LUMPUR, May 26 — Malaysia is again hosting the pivotal Asean Summit this year, leading as chairman amid global volatility fuelled by populist trade policies and the reemergence of protectionism. The 46th edition of the summit will be held in the capital city from today to Wednesday, where hundreds of top dignitaries from the nine South-east Asian member states, gulf nations and China are expected to attend in what could be the platform's most important meeting to date. What is the Asean Summit about? The Asean Summit is the highest policy-making body within the Association of South-east Asian Nations. A biannual meeting, the summit is where leaders of member countries gather to discuss key issues related to the region's economic, political, security, and socio-cultural development. By next year, Asean will be half a century old. The first Asean summit was held in Bali, Indonesia, in 1976, which led to agreements such as the Treaty of Amity and Cooperation in South-east Asia, which laid the foundation for regional economic cooperation and peaceful co-existence. Asean leaders gather for a family photo with US President Barack Obama (5th left) after a US-Asean meeting at the Asean Summit in Kuala Lumpur November 21, 2015. — Reuters pic What are the summit's major milestones? Malaysia last chaired Asean in 2015, when then US President Barack Obama attended as part of his administration's efforts to counter China's growing influence in the region. Analysts saw the visit as proof of Asean's significance among the international community. Among other notable achievements of the summits were the signing of the Asean Free Trade Area and the Asean Regional Forum. The former was seen as instrumental in unlocking the region's economic potential by facilitating the free movement of goods and services. In 2005, the group held its first meeting with major economic powers from the eastern hemisphere — Japan, South Korea, China, India, Australia and New Zealand. It was dubbed the East Asia Summit, further underlining Asean's importance in the world. Prime Minister Datuk Seri Anwar Ibrahim strikes the gong to officially launch Asean 2025 at the Ministry of Finance in Putrajaya August 6, 2024. — Picture by Sayuti Zainudin Why is the 2025 Asean Summit important? Malaysia's chairmanship of the grouping comes at a critical juncture, as major political shifts in the west are forcing a global reset in power alignments and trade. Asean members are among countries that have been hit hard by US President Donald Trump's so-called 'Liberation Day' tariffs. These were part of a wave of protectionist measures introduced during his presidency, including steep import taxes on steel, aluminium and Chinese goods, aimed at reducing trade deficits and reshoring American industry. Analysts said this year's summit could pave the way for stronger trade alliances among gulf countries and China that will rely less on the west, especially the US market. Some member nations are also seeing this year's meeting as a window to discuss China's claim to the South China Sea, a thorny issue that had many times threatened relations between the region and Beijing. Prime Minister Datuk Seri Anwar Ibrahim and his government, on the other hand, said Malaysia's chairmanship provides an opportunity to showcase the country's leadership strength on the world stage. Anwar had indicated at various times that he wants to turn the ten-nation group into an effective platform for deeper dialogues and possibly elevate Asean's soft power. Malaysia's tenth prime minister has said Asean under Putrajaya's stewardship will prioritise energy and connectivity amid the region's bid to become a digital economy powerhouse.
