KUALA LUMPUR: Economic cooperation and security will take centre stage as Asean leaders gather this week for the 47th Asean Summit, which aims to push forward key trade agreements and deepen regional integration amid a challenging global environment.
Minister of Investment, Trade and Industry Tengku Datuk Seri Zafrul Abdul Aziz said the 18 Priority Economic Deliverables (PEDs) under the bloc's economic pillar would be a focal point of the discussions, reflecting the bloc's commitment to safeguard trade, investment and economic stability at a time of rising geopolitical and geo-economic tensions.
"The 47th Asean Summit will mark several milestones, including the finalisation of the Agreement on Reciprocal Trade (ART) between the United States and selected Asean members, the upgrading of the Asean Trade in Goods Agreement (ATIGA), and the signing of the upgraded Asean-China Free Trade Agreement (ACFTA)," he told a pool interview themed "How Asean's Economic Prosperity Supports Regional Political Stability" here on Wednesday (Oct 22).
The 18 Priority Economic Deliverables were focused on trade, investment, digitalisation, artificial intelligence, green growth and inclusivity.
Tengku Zafrul says that Asean would also convene the first Regional Comprehensive Economic Partnership (RCEP) meeting since the pact's launch, bringing together Asean with China, Japan, South Korea, Australia and New Zealand to assess the region's progress in strengthening supply chain resilience.
"For the first time, the Asean member states will meet jointly to discuss economic security, underscoring how trade and investment are increasingly linked to regional stability.
"The session will be co-chaired by Malaysia's economic and foreign ministers," he added.
Tengku Zafrul emphasised that Asean must stay united in upholding the bloc's centrality and neutrality not only in diplomacy but also in economic affairs amidst the constantly evolving global landscape.
Asean's intra-regional trade currently accounts for about 24% of total trade, a level the bloc aims to increase through the ATIGA upgrade and deeper digital integration.
"With a combined Gross Domestic Product of nearly US$3.8 trillion and a population of 680 million, Asean cannot afford to stay on the sidelines. We must act collectively to ensure the region remains open, competitive and resilient," Tengku Zafrul added.
The Asean Summit is scheduled to begin later this week, with economic ministers scheduled to meet beginning Friday, Oct 24, before the leaders' sessions and related summits with key dialogue partners over the weekend. – Bernama
