Latest news with #AseanComprehensiveRecoveryFramework
The Sun
30-05-2025
- Business
- The Sun
Malaysia champions regional digital trade under 2025 Asean Chairmanship
KLANG: Malaysia is leading efforts to boost digital trade as the 2025 Asean chair and support the region's economic recovery. Investment, Trade and Industry Minister Tengku Datuk Seri Zafrul Abdul Aziz said under Malaysia's leadership, Asean is poised to address critical challenges such as supply chain disruptions, digital transformation, and climate change. He stated that the country is collaborating closely with regional partners to implement the Asean Comprehensive Recovery Framework (ACRF), which aims to ensure a robust and sustainable recovery from the economic impacts of recent global crises. 'One of Malaysia's key priorities is to enhance the Asean Single Window, a digital platform that streamlines trade processes across 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% of total Asean trade,' he said at the groundbreaking ceremony of YCH Group's RM500 million supply chain city Malaysia (SCC MY). Additionally, he said Malaysia is championing the development of the Asean Digital Economy Framework Agreement (DEFA), which seeks to harmonise digital trade regulations and promote cross-border e-commerce. 'This initiative will not only enhance digital connectivity but also create new opportunities for businesses and consumers across the region,' he said. The Asean Comprehensive Recovery Framework (ACRF) is a strategic initiative adopted by the Association of Southeast Asian Nations (ASEAN) during the 37th Asean Summit on November 12, 2020. It serves as the region's consolidated exit strategy from the Covid-19 crisis, aiming to guide Asean's recovery efforts across various sectors and stages of recovery. The framework emphasises that digitalisation will be crucial to ensuring continuity in trade and services, particularly during crises. It calls for wider acceptance of digital documents, simplified customs procedures, and increased use of local currencies to reduce transaction costs and enhance financial integration. To support this, several Asean member states have begun relaxing documentation requirements and adopting digital platforms such as the Asean Single Window for customs declarations and certificates of origin, although inconsistencies remain between countries and agencies. Efforts are also underway to address gaps in infrastructure, data governance, cybersecurity, and legal frameworks—critical enablers for a seamless, secure regional digital economy under DEFA.
New Straits Times
29-05-2025
- Business
- New Straits Times
Malaysia ready to lead partnerships to address supply chain disruptions: Tengku Zafrul
KLANG: Malaysia is ready to foster and lead regional partnerships to tackle the challenges posed by supply chain disruptions stemming from geopolitical tensions, said Investment, Trade and Industry Minister Tengku Datuk Seri Zafrul Aziz. Malaysia recently concluded the Asean-GCC-China Summit, which highlighted Asean's unity and ability to address global challenges effectively, Tengku Zafrul said. "This 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 YCH Group's Supply Chain City Malaysia (SCC MY) today. He added that Asean, guided by Malaysia's leadership, is ready to tackle critical issues including supply chain disruptions, digital transformation and climate change. "We are working closely with our Asean partners to implement the Asean Comprehensive Recovery Framework (ACRF), which aims to ensure a robust and sustainable recovery from the economic impacts of recent global crises. "One of our key priorities is to enhance the Asean Single Window (ASW), a digital platform that streamlines trade processes across member states," he added. Tengku Zafrul said by reducing bureaucracy and enhancing trade efficiency, the ASW will be instrumental in reinforcing regional supply chains and increasing intra-Asean trade, which presently makes up nearly 25 per cent of total Asean trade. He added that Malaysia is leading the development of the Asean Digital Economy Framework Agreement (DEFA), aimed at harmonising digital trade regulations and encouraging cross-border e-commerce. "This initiative will not only enhance digital connectivity but also create new opportunities for businesses and consumers across the region," Tengku Zafrul said. Singapore-based YCH held a groundbreaking ceremony today for its largest supply chain facility in Bandar Bukit Raja, Selangor. Situated within Sime Darby Property Bhd's Bukit Raja township, the RM500 million project demonstrates YCH's strong long-term commitment to advancing Malaysia's role in regional supply chain development.
