KUALA LUMPUR: The signing of the Asean Framework Agreement on Competition (Afac) reflects the regional grouping’s commitment to upholding fairness, transparency and integrity in its markets, says Investment, Trade and Industry Minister Tengku Datuk Seri Zafrul Abdul Aziz (pic).
He said that competition policy is not just about regulating businesses, but about empowering people, ensuring that consumers enjoy greater prices at fair prices, allowing businesses to compete on merit, and letting innovation flourish in an open and transparent environment.
“By signing the Afac, Asean is making a firm commitment to a regional framework that ensures fairness, transparency and accountability in our markets," he said in his opening remarks at the Afac signing during the Asean Economic Ministers (AEM) meeting here on Tuesday (Sept 23).
Tengku Zafrul said Afac establishes a strong foundation for cooperation and capacity-building among regional competition authorities and ensures that all Asean member states move forward together.
“It also reflects Asean’s unity and shared vision. It is clear proof that by working together, we can deliver agreements that are ambitious, balanced and future-oriented,” he added.
Tengku Zafrul said as the global economy continues to evolve amid complexity and uncertainty, Asean’s commitment to competition policy sends a clear and positive signal to the world.
“It demonstrates to the world that Asean is ready to uphold the highest standards of governance, business integrity and transparency.
“In doing so, we ensure that our region remains attractive, competitive and resilient in the face of future challenges,” he said.
More importantly, Tengu Zafrul said Afac places people at the very heart of Asean’s economic agenda.
“By protecting consumers and ensuring a level playing field for businesses, we are reinforcing the social contract between our economies and our citizens.
“This is what makes Asean truly people-centred, inclusive and forward-looking,” he said,
Tengku Zafrul also said the timing of the signing is important, as it aligns with the theme of Malaysia’s chairmanship of Asean this year, "Inclusivity and Sustainability”.
“The Afac embodies inclusivity by ensuring that competition benefits all segments of society, from consumers and small enterprises.
“At the same time, it promotes sustainability by fostering innovation and efficiency, both of which are critical to strengthening long-term economic resilience across our region,” he said.
Asean economic ministers are in KL for the 57th AEM Meeting this week.
Among other meetings, the Regional Comprehensive Economic Partnership (RCEP) ministers’ meeting and the Asean-EU business summit will take place this Thursday (Sept 25).
Meanwhile, a series of consultations will take place from Wednesday to Friday (Sept 24 to 26) with the United States, South Korea, Canada, India and Russia.
