Trade upgrade coming for Asean
Expansion of China and regional deals to be signed in October
KUALA LUMPUR: Asean has concluded the upgrade of two existing trade agreements, expected to be signed at the 47th Asean Summit in October, says Tengku Datuk Seri Zafrul Abdul Aziz.
The Investment, Trade and Industry Minister said such was the result of upgraded negotiations on the Asean-China Free Trade Area (ACFTA) 3.0 and the Asean Trade in Goods Agreement (Atiga).
'I am pleased to report that two of our priority economic deliverables for 2025 have been concluded. Both agreements are scheduled to be signed in October.
'We remain confident that these milestones will serve as pivotal enablers for Asean's sustained growth and competitiveness,' he said after chairing the 25th Asean Economic Community Council (AECC) meeting yesterday.
Tengku Zafrul said the successful conclusion of these negotiations are expected to enhance the region's economic integration and generate significant economic benefits for Asean as it navigates an increasingly volatile global economic landscape.
He said Atiga, long regarded as the cornerstone of Asean's economic integration, will feature forward-looking and commercially meaningful provisions aimed at further boosting regional trade, enhancing supply chain resilience and promoting deeper economic integration.
Tengku Zafrul also said the AECC meeting concluded negotiations on the enhanced memorandum of agreement on the Asean Power Grid (APG) initiative and it is scheduled to be signed at the 43rd Asean Ministers on Energy meeting in October.
He also welcomed the establishment of APG financing facility network, which will enhance cross-border flows of foreign direct investments and new funding opportunities for regional energy-related projects.
On the Asean Economic Community Blueprint 2025, Tengku Zafrul said the blueprint has an overall implementation rate of 97%.
'This year marks another pivotal milestone for Asean, as we prepare to launch the successor to the AEC Blueprint, which is the Asean Economic Community (AEC) Strategic Plan 2026-2030,' he added.
The AEC Strategic Plan 2026-2030 will be launched today.
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