KUALA LUMPUR: The Asean Trade in Goods Agreement (ATIGA) and other regional agreements will be upgraded this year under Malaysia's chairmanship, strengthening cross-border trade,” says Satvinder Singh.
Speaking at the Asean Economic Opinion Leaders Conference: Outlook for 2025, the Deputy Secretary-General of ASEAN for Economic Communitysaid the ATIGA agreement will be "modernised" to address sustainability issues required in the global supply chain.
"We are looking into allowing freer movement of goods to support remanufacturing global supply chains," he said, adding this is critical for every industry.
"Every industry must account for a global value supply chain where you ensure 40% of the value chain is circular and recycled. We are preparing the whole ecosystem in Asean under the upgraded ATIGA for more transparent remanufacturing," he said at the conference in Menara MITI on Wednesday (Jan 8).
"We are ensuring that as global supply chains find new homes, everyone is looking beyond China for alternatives," he added.
Therefore, he said Asean is giving businesses stronger reasons to come to the region as rules will be adjusted.
"We are making it happen sooner than the World Trade Organisation," he said, adding the region will be more competitive with this change.
"We are announcing it this year. We are the first region in the world to have clear rules supporting circularity in global supply chains," he added.
He said issues like tariffs and trade dispute resolutions will also be addressed.
"We are also trying to see if, other than arbitration, we can use mediation as a form of dispute management in our region," he said.
The Asean Trade in Services Agreement is another agreement set for an upgrade.
Star Media Group is an exclusive media partner of the conference.
Also present were Star Media Group (SMG) Bhd group chief executive officer Chan Seng Fatt, SMG chief business officer Lydia Wang, and SMG chief content officer Datin Paduka Esther Ng.
