PETALING JAYA: Asean economic ministers will attend several government-to-government and private sector meetings laying the groundwork for the Asean-China free trade agreement (FTA) and the Regional Comprehensive Economic Partnership (RCEP), among others.
These meetings come under the umbrella of the 57th Asean Economic Ministers (AEM) Meeting and would see meetings among Asean ministers as well as dialogue partners, especially in the RCEP, a comprehensive FTA that would include not just Asean but also key partners across the Asia Pacific region.
International Trade and Industry Minister Tengku Datuk Seri Zafrul Abdul Aziz (pic) said at a media briefing last Friday that these meetings would leverage on Asean as a block mutually supporting each other in a global economy where industries have supply chains spanning different member countries.
The 57th AEM would be finalising several so-called “priority economic deliverables” such as the Asean Trade in Goods Agreement (ATIGA) that would lead to the signing of the second protocol to amend the ATIGA at the upcoming Asean summit next month, as well as the upgraded protocol of the Asean-China FTA and the substantial conclusion of the Asean Digital Economic Framework Agreement (DEFA).
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As an indication of how important DEFA can be to ordinary people in the region, the push for DEFA unlocks an estimated US$2 trillion (RM8.4 trillion) to Asean’s digital economy by 2030 as it supports the digital enablement of over 70 million small and medium enterprises (SMEs), or roughly 98% of business establishments.
Digitally enabled SMEs have the potential to access more opportunities and create more jobs throughout the Asean supply chain and can be described as a strategic blueprint for the region’s 680 million population to access an open, secure and inclusive digital future.
“A bigger market would give us a say globally,” Zafrul said.
He noted that harmonised regulations can better support economic growth in Asean and would be the grouping’s shield against global uncertainties and geopolitical tension.
“We need better integration in this region from a geopolitical point of view, and this includes how to trade, develop and grow together,” Zafrul pointed out.
“Peace and stability in this region make engagements among member countries easier, as we’re one family and our government leaders meet regularly that lead to more cooperation among neighbours,” he said, pointing to previous efforts by Malaysia as current Asean Chair to help bring down recent tensions between Cambodia and Thailand as well as the Myanmar conflict.
For this week, Zafrul and the Asean economic ministers have a busy schedule.
This would start with the Asean Geoeconomics Task Force, followed by the actual 57th AEM meeting on Tuesday.
Among other meetings, the RCEP ministers’ meeting and the Asean-EU business summit would take place this Thursday, while a series of consultations would be taking place on Friday with Canada, India and Russia.
