Photo: Bernama
KUALA LUMPUR: Major trade pacts are expected to be signed during the 47th Asean Leaders Summit this weekend, says Investment, Trade and Industry Minister Tengku Datuk Seri Zafrul Abdul Aziz (pic).
"In particular, I look forward to the reporting of Malaysia’s 2025 Priority Economic Deliverables (PEDs), which have brought tangible progress to Asean’s economic integration," he said in his opening remarks when chairing the Asean Economic Community Council (AECC) meeting here on Friday (Oct 24).
"Some of the key achievements are the signing of the upgraded Asean Trade in Goods Agreement (Atiga), the substantial conclusion of the Asean Digital Economy Framework Agreement (Defa) negotiations, and the signing of the Asean-China FTA 3.0 Upgrade Protocol, all three to be announced or signed at the margins of the 47th Summit," he added.
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"We also take pride in advancing sustainability and regional resilience through initiatives such as the Asean Plan of Action for Energy Cooperation(APAEC) 2035, the Enhanced Memorandum of Understanding on the Asean Power Grid, as well as the Centre of Excellence for MSMEs in Green Transition.
"These successes under Malaysia’s Chairmanship this year reaffirm our shared determination to strengthen Asean’s economic unity, competitiveness, and forward-looking vision," he added.
He said the discourse between Asean ministers comes at a vital time for the region and the global economy.
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"While the global economic landscape may appear fragile, with uncertainties in markets, shifting supply chains and rising protectionist sentiments, Asean stands firm – united, resilient and forward-looking.
"Asean’s strength has always been in our ability to stand together and act collectively, no matter the challenges that come our way.
"Over the decades, our shared commitment to regional integration, open markets and inclusive growth has safeguarded Asean’s position as a trusted hub of stability and opportunity in the global economy," he said.
Tengku Zafrul said this spirit of unity and cooperation continues to define Asean today, whether through collaboration among member states or partnerships with external economies.
"We have proven that constructive engagement is the key to enduring progress," he added.
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Earlier, at the AECC Special Session on Defa, Tengku Zafrul said two critical issues that require policy guidance by the council will be deliberated.
The two issues are the treatment of Customs duties on electronic transmissions and the application of financial services commitments with respect to the location of computing facilities.
The meeting will also receive an update on the work plan towards the full conclusion of Defa, which will serve as a strategic roadmap for continued collective efforts, by next year, he noted.
"Following the 14th Defa Negotiating Committee Meeting held earlier this month, I am encouraged by the steady and tangible progress achieved since our first special session on Aug 28.
"That said, the issues before us remain complex and will require our strategic guidance and political direction to ensure that negotiations advance in a balanced, pragmatic and forward-looking manner," he added.
It was previously reported that Defa, which is set to propel the growth of the Asean digital economy to US$1 trillion (RM4.23 trillion) by 2030, will be signed next year.
