Supply chain challenges demand resilience and agility from businesses
Investment, Trade and Industry Minister Tengku Datuk Seri Zafrul Abdul Aziz said the current landscape demands regional cooperation in maintaining supply chain continuity.
He reaffirmed Malaysia's commitment as a key player in ASEAN to foster stronger regional partnerships to address these challenges.
'Just a couple of days ago, we concluded the ASEAN-GCC-China Summit, a historic gathering that showcased the strength and coordination of ASEAN in navigating global challenges.
'The summit sent a clear message to the world, ASEAN is open for business, and we are ready to lead in building a more resilient and interconnected global economy,' he said at the groundbreaking ceremony of Singapore-based YCH Group's smart logistics complex, Supply Chain City Malaysia, here today.
The minister added that Malaysia is working with its ASEAN partners to implement the ASEAN Comprehensive Recovery Framework (ACRF), which aims to enable robust and sustainable economic recovery across the region.
Tengku Zafrul said that one of Malaysia's priorities is to enhance the ASEAN Single Window (ASW), a digital platform designed to streamline trade processes among member states by reducing bureaucracy and improving trade efficiency.
'The ASW will play a pivotal role in strengthening regional supply chains and boosting intra-ASEAN trade, which currently accounts for nearly 25 per cent of total ASEAN trade,' he said.
Tengku Zafrul highlighted that Malaysia is also pushing for the ASEAN Digital Economy Framework Agreement (DEFA), which aims to harmonise digital trade regulations and accelerate cross-border e-commerce adoption across the region.
He said ASEAN's growing importance in global trade, noting its combined GDP of over US$3.6 trillion and population of more than 680 million people.
'As the world's fifth-largest economy, ASEAN plays a critical role in the global supply chain, accounting for nearly seven per cent of global trade,' Tengku Zafrul said.
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