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Daily News Egypt
8 hours ago
- Business
- Daily News Egypt
Malaysia's 2025 ASEAN chair to focus on digital trade, regional integration
Malaysia's 2025 chairmanship of ASEAN will focus on strengthening regional integration and digital trade through concrete initiatives, the chairman of the ASEAN Business Advisory Council said. In an interview, Tan Sri Nazir Razak said Malaysia's leadership is expected to influence the region's development with initiatives that are part of a long-term strategy, including the ASEAN Community Vision 2045 and a five-year strategic development plan. He said these were essential for aligning long-term objectives with actionable measures. 'We have a five-year plan, but also within that there are specific targets for this year alone,' Razak said in an exclusive interview at the TV BRICS studio at the St. Petersburg International Economic Forum (SPIEF) in the Roscongress International Cooperation Area. He identified the upgrade of the ASEAN Trade in Goods Agreement (ATIGA) and the Digital Economic Framework Agreement as key initiatives. He described the digital framework as 'the first international legally binding agreement for digital business across the region.' Commenting on relations with Russia, Razak emphasised the long-standing diplomatic ties between the two countries, which began in 1967. He noted that the Malaysian prime minister has visited Russia twice and that recent visits have resulted in positive developments. Razak stressed the importance of deepening business ties through practical engagement and a detailed understanding of how trade operates under current global conditions. 'We need to increase trade between Malaysia and Russia as well as to increase investments both ways,' he stated.
See - Sada Elbalad
23-06-2025
- Business
- See - Sada Elbalad
Malaysia's ASEAN Сhairmanship in 2025 Set to Boost Regional Integration and Digital Trade
Yara Sameh Nazir Razak, Chairman of the ASEAN Business Advisory Council, stated that Malaysia's chairmanship of ASEAN in 2025 is expected to significantly influence the region's development trajectory, with a focus on both visionary goals and concrete initiatives, according to TV BRICS. He spoke about this in an exclusive interview at the TV BRICS studio in the Roscongress International Cooperation Area at St. Petersburg International Economic Forum ( SPIEF) 2025. Razak said that ASEAN has already launched the ASEAN Community Vision 2045 and a strategic development plan for the next five years – steps which he sees as essential for aligning long-term objectives with actionable measures. 'We have a five-year plan, but also within that there are specific targets for this year alone,' he said, listing initiatives such as the upgrade of ATIGA (ASEAN Trade in Goods Agreement) and the Digital Economic Framework Agreement – the first international legally binding agreement for digital business across the region. Commenting on relations with Russia, Razak emphasised the long-standing diplomatic ties between the two countries, which began in 1967. He noted that the Malaysian Prime Minister has visited Russia twice, and that recent visits have resulted in positive developments. Razak stressed the importance of deepening business ties through practical engagement and detailed understanding of how trade operates under current global conditions. 'We need to increase trade between Malaysia and Russia as well as to increase investments both ways,' he stated. read more Gold prices rise, 21 Karat at EGP 3685 NATO's Role in Israeli-Palestinian Conflict US Expresses 'Strong Opposition' to New Turkish Military Operation in Syria Shoukry Meets Director-General of FAO Lavrov: confrontation bet. nuclear powers must be avoided News Iran Summons French Ambassador over Foreign Minister Remarks News Aboul Gheit Condemns Israeli Escalation in West Bank News Greek PM: Athens Plays Key Role in Improving Energy Security in Region News One Person Injured in Explosion at Ukrainian Embassy in Madrid News China Launches Largest Ever Aircraft Carrier Sports Former Al Zamalek Player Ibrahim Shika Passes away after Long Battle with Cancer Lifestyle Get to Know 2025 Eid Al Adha Prayer Times in Egypt Videos & Features Tragedy Overshadows MC Alger Championship Celebration: One Fan Dead, 11 Injured After Stadium Fall Business Fear & Greed Index Plummets to Lowest Level Ever Recorded amid Global Trade War Arts & Culture Zahi Hawass: Claims of Columns Beneath the Pyramid of Khafre Are Lies News Flights suspended at Port Sudan Airport after Drone Attacks Videos & Features Video: Trending Lifestyle TikToker Valeria Márquez Shot Dead during Live Stream News Shell Unveils Cost-Cutting, LNG Growth Plan Technology 50-Year Soviet Spacecraft 'Kosmos 482' Crashes into Indian Ocean
South China Morning Post
29-05-2025
- Business
- South China Morning Post
Asean's ambitious 2045 plan faces Trump tariffs and implementation woes
Members of the Asean bloc have laid out an ambitious plan to become the world's fourth-largest economy by 2045, but analysts warn the region must first overcome deep-rooted trade barriers, domestic implementation woes and a shifting global trade order. Advertisement Released on Tuesday during the Association of Southeast Asian Nations summit in Kuala Lumpur, the five-year strategy to achieve the economic goal aims to boost regional integration and better address complex issues. 'Carrying on with business as usual will not suffice for this highly dynamic economic region,' the statement said. 'For Asean to become the fourth-largest global economy by 2045, countries in the region will need to deepen their economic integration and enhance their agility to address multifaceted challenges.' The plan's announcement, which called for increased energy security, transport security, and strengthened supply chains, came after the bloc finalised negotiations on an upgraded Asean Trade in Goods Agreement (ATIGA) on Monday. First implemented in 2010, ATIGA removed tariffs on 98.6 per cent of goods traded among member states. The upgraded version – expected to be signed in October – aims to further boost intra-Asean trade by eliminating remaining duties and removing non-tariff barriers, such as complex customs procedures and licensing rules. Advertisement ATIGA is one of three major agreements that form the foundation of the Asean free-trade area, which seeks to lower trade barriers and build a unified regional market.
Nikkei Asia
26-05-2025
- Business
- Nikkei Asia
ASEAN agrees to lower barriers to boost regional trade
KUALA LUMPUR -- Southeast Asian leaders are pushing to deepen economic integration at a regional summit that began Monday, approving an upgraded trade agreement and endorsing a new long-term vision in their first meeting since Washington announced sweeping tariffs in April. In an effort to mitigate geopolitical risks, the bloc has just concluded negotiations on an upgraded ASEAN Trade in Goods Agreement (ATIGA), set to be formally signed at the annual October summit. The revised deal aims to lower remaining tariffs and remove non-tariff barriers to improve trade flows among member states.
Malaysian Reserve
26-05-2025
- Business
- Malaysian Reserve
ASEAN Power Grid MoA to be signed in October
By FARAH SOLHI THE ASEAN Power Grid (APG) Memorandum of Agreement (MoA) is scheduled to be signed this October, after the successful conclusion on its enhanced MoA's negotiation at the 25th Asean Economic Community Council (AECC) meeting today. Investment, Trade and Industry Minister Tengku Datuk Seri Zafrul Abdul Aziz told reporters that the APG, which would be signed at the 43rd Ministers on Energy Meeting (AMEM), is a strategic initiative in strengthening ASEAN's regional energy security, connectivity, and sustainability. 'In this context, we also welcomed ongoing work towards the establishment of the APG Financing Facility Framework, which will enhance cross-border flows of foreign direct investments (FDIs) and new funding opportunities for regional energy-related projects. 'The AEC Council also expressed full support for the convening of a joint meeting between ASEAN's Energy, Finance, and Economic Ministers in August,' he said. The enhanced APG MoA was among the 11 matters deliberated in the meeting, attended by ASEAN member states and Timor Leste today. Tengku Zafrul further highlighted several other matters raised during the meeting including Malaysia's success in completing two out of 18 Priority Economic Deliverables (PED) this year, which were the full conclusion of the ASEAN-China Free Trade Area (ACFTA) 3.0 Upgrade Negotiations and the ASEAN Trade in Goods Agreement (ATIGA) upgrade. Both upgraded agreements are scheduled to be signed at the sidelines of the upcoming 47th ASEAN Leaders' Summit in October this year, he said. 'We remain confident that these milestones will serve as pivotal enablers for ASEAN's sustained growth and competitiveness. 'The successful conclusion of these negotiations is expected to enhance the region's economic integration and generate significant economic benefits for ASEAN, as we continue to navigate an increasingly volatile global economic landscape. 'In particular, ATIGA — long regarded as the cornerstone of ASEAN's economic integration — will now 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 said. Tengku Zafrul added that the council also welcomed the full completion of Laos' 2024 PEDs which marked the successful adoption of the Roadmap on Digital Trade Standards as this milestone reflects the continued commitment in advancing the ASEAN's digital economy agenda. He also highlighted the progress of AEC Blueprint 2025 progress, as it is in its final year of completion. 'The overall implementation rate stands at a commendable 97%, comprising 75% completed measures and 22% currently in progress, as of April. The Blueprint has played a pivotal role in shaping ASEAN's economic architecture over the past decade. 'It has served as the strategic roadmap for building a highly integrated and cohesive ASEAN economy, promoting inclusive and innovation-led growth, and deepening regional connectivity and competitiveness,' he said. He added that through the Blueprint, ASEAN has made significant strides in areas such as trade liberalisation, investment facilitation, micro, small and medium enterprise (MSME) development, digital transformation, and sustainable economic initiatives. 'This impressive 97% implementation rate not only demonstrates ASEAN's collective commitment to economic integration but also reinforces the region's ability to respond to global uncertainties in a cool, calm and calculated manner,' he added. The key learnings and progress under the AEC Blueprint 2025, he further said, will serve as a solid foundation for the development of the AEC Strategic Plan 2026–2030, which will chart the region's next phase of economic growth and transformation. Tengku Zafrul added that the bloc is prepared to launch the successor to the Blueprint, which is the AEC Strategic Plan 2026–2030, which will be launched as part of the Compendium with the overarching ASEAN Community Vision 2045 at the 46th ASEAN Summit on May 26. 'The AEC Council reaffirmed support and commitment to the effective implementation of the AEC Strategic Plan, which will guide ASEAN's post-2025 economic integration agenda. 'We also look forward to the Regional Socialisation of the AEC Strategic Plan, which will be held on June 12. This session will serve as a key multi-stakeholder platform to socialise and share the economic benefits of the AEC Strategic Plan,' he said.
