KUALA LUMPUR: Asean and United States officials are set to discuss trade and investment issues during the Asean Economic Ministers (AEM) meeting on Wednesday (Sept 24), says Tengku Datuk Seri Zafrul Abdul Aziz (pic).
The Investment, Trade and Industry Minister said the Trade and Investment Framework Agreement (Tifa) will be brought up during the AEM-USTR (US trade representative) Consultation that will take place tomorrow afternoon.
“Tifa is something that we want to raise. The fact that all Asean economic ministers and USTR is here, shows that Asean and the US value each other’s relationship when it comes to trade and investment,” said Tengku Zafrul during a press conference after the AEM meeting on Tuesday (Sept 23).
Tengku Zafrul also said the AEM-USTR Consultation will see the presence of the US-Asean Business Council giving a presentation.
“We are also preparing for the next Asean Summit in October and also in preparation for the Asean-US meeting with US President Donald Trump,” he added.
Tifa is an agreement between the US and Asean to enhance trade and investment.
The US has been Asean’s second largest trading partner and largest source of foreign direct investment (FDI).
Tengku Zafrul said Asean will continue to uphold the principles of multilateralism and a rules-based trading system, with the World Trade Organisation (WTO) at its core.
“Asean believes in centrality and neutrality. We will continue to engage the US,” he added.
At the same time, Tengku Zafrul said that Asean will have a dialogue with member states of the Comprehensive and Progressive Trans-Pacific Partnership (CPTPP) agreement on Nov 20 this year.
“We will discuss some potential collaboration there,” he said, adding that the meetings with CPTPP member states will begin with the Senior Officials level.
In earlier meetings yesterday, Tengku Zafrul had said Asean is exploring engagement with new trading blocs, including with member states of the CPTPP.
The CPTPP is a free trade agreement (FTA) signed in 2018 by 11 Pacific Rim countries, including Malaysia.
The agreement removes tariffs among its member states, which includes Peru, Singapore, Japan, Chile, New Zealand, Vietnam and the United Kingdom.
The CPTPP came about after Trump, in his first tenure as the US President in 2017, pulled the US out of the Trans-Pacific Partnership (TPP) agreement.
Meanwhile, Tengku Zafrul said the 57th AEM meeting will see over 20 meetings organised this week.
Tengku Zafrul also said the AEM meeting yesterday included the 28th Afta meeting, the signing of the Asean Framework Agreement on Competition (Afac), the 28th Asean Investment Area (AIA) council meeting and the 23rd AEM-Asean Business Advisory Council (BAC) consultation.
“Given the turbulent geopolitical and geoeconomic landscape, our collaborative platform of Asean has never been more timely and important, particularly when our trading landscape is fragmenting fast.
“But, through past and current challenges, Asean has always been guided by the spirit of centrality since 1967.
“This week’s event focuses on charting Asean’s course as we face a new global order,” he said.
Tengku Zafrul also said that to revive intra-regional trade, Asean will sign the upgraded Asean Trade in Goods Agreement (Atiga) in the Asean Summit in October this year.
“There will be new elements to address emerging issues, including remanufactured goods, trade and environment, trade and humanitarian crisis situations and supply chain connectivity.
“The upgraded Atiga reflects Asean’s commitment to a rules-based multilateral trading system,” said Tengku Zafrul.
At the same time, Tengku Zafrul said the AEM took note of progress made in the negotiations for the Digital Economic Framework Agreement (Defa).
“Defa will double Asean’s digital economy by 2030,” he added.
Tengku Zafrul also said among issues discussed was on the upgrade of the Asean-China FTA, which is slated to be finalised during the Asean Summit in October.
“Also discussed was Asean’s EV implementation roadmap,” he added.
The 47th Asean Summit is scheduled to take place in Oct 26 to 28.
