Region Must Shift From 'BAU' And Adopt Bold Strategies In Tackling Trade Changes
'ASEAN's centrality, neutrality and unity are our greatest strengths. We must build on our diversity and shared commitment to navigate this volatile global landscape,' said Liew.
Key Achievements and Announcements
Among the significant outcomes was the successful adoption of the Roadmap on Digital Trade Standards , a major economic deliverable led by Laos for 2024. Malaysia also announced the completion of two of its 18 Priority Economic Deliverables (PEDs) for 2025: The conclusion of the ASEAN-China Free Trade Area (ACFTA) 3.0 Upgrade Negotiations. The upgraded ASEAN Trade in Goods Agreement (ATIGA).
Both trade agreements are expected to be formally signed at the upcoming 47th ASEAN Leaders' Summit in October 2025, also to be held in Kuala Lumpur.
'These trade upgrades will be pivotal for strengthening intra-ASEAN supply chain resilience and deepening regional integration,' said Liew.
Additionally, the Council concluded negotiations on the Enhanced Memorandum of Agreement for the ASEAN Power Grid (APG), a strategic project to boost regional energy security and sustainability. A financing framework is also in the works to attract foreign direct investments into energy-related infrastructure.
Blueprint Implementation Nears Completion
The meeting also revealed that implementation of the AEC Blueprint 2025—ASEAN's strategic roadmap for economic integration—has reached an impressive 97%. The Blueprint, launched a decade ago, has driven substantial gains in trade liberalisation, MSME development, and digital transformation across the region.
Building on that momentum, the Council is preparing to launch the next phase: the ASEAN Economic Community Strategic Plan 2026–2030. The plan will be unveiled alongside the broader ASEAN Community Vision 2045 during this year's summit.
Timor-Leste's Entry, Geopolitical Pressures Top Agenda
The Council reaffirmed its support for Timor-Leste's accession to ASEAN, calling it a priority under Malaysia's 2025 Chairmanship. Timor-Leste's entry, leaders said, would enhance regional dynamism and inclusivity.
The Council also discussed the rising impact of global trade tensions and protectionist policies, following outcomes from recent ASEAN Economic Ministers meetings and the inaugural ASEAN Geoeconomics Task Force meeting held earlier this month.
'The current climate calls for collective action, strategic autonomy, and coordinated policy response. ASEAN must stay united in defending its socio-economic interests,' Liew added.
The Council will next turn its attention to the Regional Socialisation of the AEC Strategic Plan on 12 June 2025 in Kuala Lumpur—a session aimed at engaging multi-stakeholders and highlighting the plan's broader economic benefits.
As ASEAN's economic stewards prepare to chart the next decade, Malaysia's leadership is steering the bloc toward a future of deeper integration, resilience, and inclusive growth. Related
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
New Straits Times
4 hours ago
- New Straits Times
PM Anwar's inaugural visit to France to strengthen bilateral ties
KUALA LUMPUR: Prime Minister Datuk Seri Anwar Ibrahim has embarked on an inaugural official visit to France from July 3 to 4 at the invitation of President Emmanuel Macron. Malaysia's Ambassador to France Datuk Eldeen Husaini Mohd Hashim said the visit carries an official status and signifies France's strong commitment towards its diplomatic ties with Malaysia since Anwar assumed premiership in 2022. "This official visit status is also significant for the continued strengthening of our bilateral diplomatic ties," he said to the Malaysian media through an online conference from Paris on Wednesday. Eldeen Husaini said Anwar would be received by the French top leadership at the airport, followed by an inspection of a guard of honour and an engagement session with the Malaysian diaspora in France. Anwar is scheduled to hold a one-on-one meeting with Macron at the Élysée Palace, with key agenda items including trade, investment, renewable energy, semiconductors, defence, education, digital economy, and artificial intelligence (AI). "Malaysia expects this official visit will boost investor confidence in exploring new investment opportunities and strengthen bilateral economic cooperation, particularly in the nuclear and clean energy sectors," he told the Malaysian media in an online briefing from Paris on Wednesday. Meanwhile, Malaysia also expresses support for France's effort to host a conference to work towards a solution for the Palestine-Israel conflict and discuss regional issues such as the South China Sea and the stability of Southeast Asia in Malaysia's capacity as the 2025 Asean Chair. Eldeen Husaini said a lecture by the prime minister titled Southeast Asia and Europe: Recalibrating the Terms of Engagement will be held at Sorbonne University, a world-renowned institution in the intellectual and cultural spheres. "He will also attend a session with 250 members of the Malaysian diaspora, deliver a lecture, and attend Friday prayer with Muslim community leaders at the Grand Mosque of Paris, one of the oldest mosques in France," he said. "This visit aims to open a new chapter in bilateral relations, drive national economic growth, and enhance Malaysia's competitiveness in the global supply chain," he added. Anwar is accompanied on this visit by Foreign Minister Datuk Seri Mohamad Hasan, Transport Minister Anthony Loke, Agriculture and Food Security Minister Datuk Seri Mohamad Sabu, Defence Minister Datuk Seri Mohamed Khaled Nordin, and Investment, Trade, and Industry Minister Tengku Datuk Seri Zafrul Abdul Aziz. Also joining the delegation is Deputy Minister of Energy Transition and Water Transformation Akmal Nasrullah Mohd Nasir. France remains one of Malaysia's top five trading partners within the European Union. In 2024, bilateral trade totalled RM15.95 billion (US$3.63 billion), with RM6.26 billion (US$1.49 billion) recorded between January and May this year. Following his visit to France, Anwar will head to Brazil to attend the BRICS Leaders Summit from July 5 to 7. Anwar is currently undertaking a visit to three countries - Italy, France, and Brazil - from July 1 to 7. - Bernama
Free Malaysia Today
5 hours ago
- Free Malaysia Today
Ringgit ends higher on regional trade optimism
KUALA LUMPUR : The ringgit closed higher against the US dollar today, supported by improved regional sentiment following a new US-Vietnam trade deal, said SPI Asset Management managing partner Stephen Innes. Innes said the agreement to impose a reduced 20% tariff on Vietnamese exports, down from a previously threatened 46%, has lifted risk appetite and supported regional currencies. 'The markets see this as a positive sign for global trade recovery, which helped boost the ringgit,' he told Bernama. Innes also said the weaker-than-expected US ADP jobs data, with only 33,000 jobs added in June, reinforced expectations of two US rate cuts this year, pressuring the greenback. He noted, however, that market focus might shift to tonight's non-farm payrolls report, with consensus at 106,000. At 6pm, the local note rose to 4.2195/4.2255 versus the greenback from yesterday's close of 4.2245/4.2305. The local currency traded mostly lower against a basket of major currencies. It shrank against the euro to 4.9756/4.9827 from 4.9748/4.9818, and depreciated against the Japanese yen to 2.9333/2.9376 from 2.9316/2.9360. However, it appreciated versus the British pound to 5.7621/5.7703 from 5.7859/5.7941 yesterday. The local note traded mixed against its Asean counterparts. It improved vis-à-vis the Singapore dollar to 3.3146/3.3196 from 3.3167/3.3217, and rose against the Thai baht to 13.0211/13.0457 from 13.0233/13.0482. It slipped against the Indonesian rupiah to 260.5/261.0 from 259.9/260.5, and weakened against the Philippine peso to 7.50/7.51 from 7.49/7.51 previously.
Free Malaysia Today
6 hours ago
- Free Malaysia Today
RM8.13bil in potential investments from Italy trip, says Anwar
Prime Minister Anwar Ibrahim with Italian prime minister Giorgia Meloni at Chigi Palace in Rome. (Bernama pic) PETALING JAYA : Prime Minister Anwar Ibrahim said Malaysia has secured RM8.13 billion in potential investments following an economic roundtable and meetings during his three-day official visit to Italy which concluded today. Bernama reported that the potential investments span the petrochemical, machinery and equipment, electrical and electronics, and oil and gas services sectors. Anwar met representatives from 23 companies in manufacturing, nine in services, five government agencies, two industry groups, and two trade organisations during his trip. The engagements are expected to generate RM425 million in potential exports involving oleochemical products, renewable energy, biofuel feedstock, animal feed additives, and food products. During a bilateral meeting with Italian prime minister Giorgia Meloni, both leaders agreed to strengthen cooperation in energy, solar power, geothermal, and hydrogen sectors. Notable collaborations include a Petronas–Eni SpA joint venture in Johor on sustainable aviation fuel (SAF), a partnership between Perodua and Magna Steyr on electric vehicle batteries, and investment in modernising Malaysia's electricity grid, including links to the Asean Power Grid. Anwar also urged Italy to recognise the Malaysian Sustainable Palm Oil (MSPO) certification, requested Italian support for a fairer implementation of the EU Deforestation-Free Products Regulation (EUDR), and expressed Malaysia's aim to be classified as 'low risk' in the EU's deforestation benchmark by 2026. He also sought Italy's support to conclude the Malaysia-EU Free Trade Agreement (FTA) negotiations. Malaysia–Italy trade rose 2% to US$3.18 billion (RM14.61 billion) last year. Meanwhile, Anwar said Malaysia intends to purchase maritime patrol aircraft, helicopters and naval vessels from Italy to bolster its national security capabilities. Bernama reported that the acquisition would include two maritime patrol aircraft, as well as 28 Leonardo AW149 helicopters, while Italian shipbuilder Fincantieri is expected to supply multi-role support ships and littoral mission ships. Anwar said these defence assets would help strengthen Malaysia's long-standing bilateral ties with Italy, which is renowned for its advanced military industry. Anwar arrived in Rome on Tuesday for a maiden official visit at Meloni's invitation. Anwar is also visiting France and Brazil, as part of Malaysia's ongoing efforts to strengthen bilateral relations and promote economic cooperation at the global level. Among others, Anwar is scheduled to meet with French president Emmanuel Macron.
