Asean conclude talks on upgrading ACFTA, Atiga, says Tengku Zafrul
KUALA LUMPUR: Asean has concluded the upgrade of two existing trade agreements on Sunday (May 25), and it is expected to be signed at the 47th Asean Summit in October this year, says Tengku Datuk Seri Zafrul Abdul Aziz.
According to the Investment, Trade and Industry Minister, this is the upgrade negotiations on the Asean-China Free Trade Area (ACFTA) 3.0 and the upgrade of the Asean Trade in Goods Agreement (Atiga).
ALSO READ: Asean's measured approach to US tariffs opens doors for engagement with major economies, says Tengku Zafrul
'I am pleased to report that two of our priority economic deliverables (PED) for 2025 have been concluded.
'Both upgraded agreements are scheduled to be signed at the sidelines of the upcoming 47th Asean Leaders' Summit in October in KL.
'We remain confident that these milestones will serve as pivotal enablers for Asean's sustained growth and competitiveness,' said Tengku Zafrul during a press conference.
Tengku Zafrul was speaking after chairing the 25th Asean Economic Community Council (AECC) Meeting at Kuala Lumpur Convention Centre (KLCC) on Sunday (May 25).
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.
'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 within Asean,' he added.
At the same time, Tengku Zafrul also said the AECC meeting concluded negotiations on the Enhanced Memorandum of Agreement (MoA) on the Asean Power Grid (APG) initiative, and it is scheduled to be signed at the 43rd Asean Ministers on Energy Meeting in October this year.
'The APG is a strategic initiative in strengthening Asean's regional energy security, connectivity, and sustainability,' he added.
Tengku Zafrul also welcomed the establishment of the APG financing facility network, which will enhance cross-border flows of foreign direct investments and new funding opportunities for regional energy-related projects.
'AEC Council also expressed full support for the convening of a joint meeting between Asean's energy, finance and economic ministers later in October this year.
At the same time, Tengku Zafrul said the Asean Economic Community Blueprint 2025 has an overall implementation rate of 97%, comprising 75% completed measures and 22% currently still in progress.
'2025 marks another pivotal milestone for Asean, as we prepare to launch the successor to the AEC Blueprint - the Asean Economic Community (AEC) Strategic Plan 2026-2030,' he added.
The AEC Strategic Plan 2026 - 2030 will be launched on Monday (May 26).
Asean Ministerial Meetings are taking place on Sunday (May 25), and it is expected to set the tone for the 46th Asean Summit and Related Summits scheduled for May 26-27.
Leaders in the region will meet during the 46th Asean Summit on May 26 and the summits with the Gulf Cooperation Council and China on May 27.
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