Latest news with #AseanPlusThree
Daily Express
18-06-2025
- Business
- Daily Express
Korea set to launch nuclear cooperation project with Asean, says senior official
Published on: Wednesday, June 18, 2025 Published on: Wed, Jun 18, 2025 By: Tan Chin Tung, Natasha Busst, FMT Text Size: Korea's trade, industry and energy first secretary Heegang Kim said the project aims to systematically support the readiness of Asean member states to introduce nuclear power plants. KUCHING: Korea is set to launch a nuclear cooperation project with Asean to systematically support the region's readiness to introduce nuclear power plants. Speaking at the 43rd Asean Senior Officials' Meeting on Energy, Korea's trade, industry and energy first secretary Heegang Kim said the project would include capacity-building training, policy workshops, and joint research endeavours, with further details to be announced at a later date. Advertisement 'This project aims to systematically support Asean member states' readiness to introduce nuclear power plants. 'This cooperation will transcend mere technology and institutional transfers. It will lay a solid foundation for Asean and Korea to develop a people-centred and sustainable energy partnership,' he said. Another new initiative Kim announced during his opening remarks was the transfer of the Korean electrical safety management system to Asean member states from the Korea Electrical Safety Corporation. 'This initiative aims to revamp Asean's electrical safety frameworks and bolster technical expertise through various cooperative projects,' he said. Since December 1997, Korea, China, and Japan have cooperated with Asean member states under the Asean Plus Three framework to promote comprehensive collaboration in areas such as energy, security, trade and investment, health, and finance. Japan's director of international affairs Yoshiomi Yoshino, also present at the event today, said it was necessary to leverage all available technologies and energy sources, including energy efficiency, hydrogen and ammonia, nuclear power, natural gas, as well as carbon capture, utilisation and storage, to successfully implement energy transition initiatives. 'We will also continue to participate in the Asia Energy Transition Initiative and Cleaner Energy Future Initiative for Asean to formulate tangible cooperation projects introducing various decarbonisation technologies, in line with each country's national circumstances,' he said. Li Yuan, China's deputy division director of the international cooperation department, also reaffirmed the nation's commitment to continued collaboration with the region under the Asean Plus Three framework, with a focus on hydropower, energy storage, nuclear and emerging energy technologies, green certificates, and green financing. 'We have seen a very fruitful outcome and deliverables under the framework of 10 plus three. 'We would like to continue playing an active role in the 10 plus three mechanisms for pragmatic cooperation on clean energy, so that we can contribute together to sustainable development and energy transition for our region.' Energy transition and water transformation ministry secretary-general Mad Zaidi Mohd Karli welcomed the collaboration between Asean countries and the East Asia giants, saying it provided a critical platform to bring together diverse perspectives, resources, and experiences. 'Within this context, our region's choices and cooperation will play a decisive role in the pace and direction of the energy transition. 'It is through such collective leadership that we can turn our shared vision into tangible outcomes for our countries, our communities, and our future generations,' he said. * Follow us on our official WhatsApp channel and Telegram for breaking news alerts and key updates! * Do you have access to the Daily Express e-paper and online exclusive news? Check out subscription plans available. Stay up-to-date by following Daily Express's Telegram channel. Daily Express Malaysia
Free Malaysia Today
18-06-2025
- Business
- Free Malaysia Today
Korea set to launch nuclear cooperation project with Asean, says senior official
Korea's trade, industry and energy first secretary Heegang Kim said the project aims to systematically support the readiness of Asean member states to introduce nuclear power plants. KUCHING : Korea is set to launch a nuclear cooperation project with Asean to systematically support the region's readiness to introduce nuclear power plants. Speaking at the 43rd Asean Senior Officials' Meeting on Energy, Korea's trade, industry and energy first secretary Heegang Kim said the project would include capacity-building training, policy workshops, and joint research endeavours, with further details to be announced at a later date. 'This project aims to systematically support Asean member states' readiness to introduce nuclear power plants. 'This cooperation will transcend mere technology and institutional transfers. It will lay a solid foundation for Asean and Korea to develop a people-centred and sustainable energy partnership,' he said. Another new initiative Kim announced during his opening remarks was the transfer of the Korean electrical safety management system to Asean member states from the Korea Electrical Safety Corporation. 'This initiative aims to revamp Asean's electrical safety frameworks and bolster technical expertise through various cooperative projects,' he said. Since December 1997, Korea, China, and Japan have cooperated with Asean member states under the Asean Plus Three framework to promote comprehensive collaboration in areas such as energy, security, trade and investment, health, and finance. Yoshiomi Yoshino. Japan's director of international affairs Yoshiomi Yoshino, also present at the event today, said it was necessary to leverage all available technologies and energy sources, including energy efficiency, hydrogen and ammonia, nuclear power, natural gas, as well as carbon capture, utilisation and storage, to successfully implement energy transition initiatives. 'We will also continue to participate in the Asia Energy Transition Initiative and Cleaner Energy Future Initiative for Asean to formulate tangible cooperation projects introducing various decarbonisation technologies, in line with each country's national circumstances,' he said. AdChoices ADVERTISING Li Yuan, China's deputy division director of the international cooperation department, also reaffirmed the nation's commitment to continued collaboration with the region under the Asean Plus Three framework, with a focus on hydropower, energy storage, nuclear and emerging energy technologies, green certificates, and green financing. Li Yuan. 'We have seen a very fruitful outcome and deliverables under the framework of 10 plus three. 'We would like to continue playing an active role in the 10 plus three mechanisms for pragmatic cooperation on clean energy, so that we can contribute together to sustainable development and energy transition for our region.' Mad Zaidi Mohd Karli . Energy transition and water transformation ministry secretary-general Mad Zaidi Mohd Karli welcomed the collaboration between Asean countries and the East Asia giants, saying it provided a critical platform to bring together diverse perspectives, resources, and experiences. 'Within this context, our region's choices and cooperation will play a decisive role in the pace and direction of the energy transition. 'It is through such collective leadership that we can turn our shared vision into tangible outcomes for our countries, our communities, and our future generations,' he said.
New Straits Times
14-05-2025
- Business
- New Straits Times
Anti-dumping duties on steel, tinplate 'a bit late but apt to protect local industry'
KUALA LUMPUR: Malaysia is somewhat late in implementing anti-dumping duties on steel imports from South Korea and China, an economist said. Nusantara Academy for Strategic Research senior fellow Dr Azmi Hassan also said Malaysia's decision to start imposing such duties on South Korea, China and two others from May 11 should not be seen seen as targeting certain countries. Azmi told Business Times that countries such as Vietnam, Thailand and Indonesia had introduced similar measures weeks earlier. "Their call came in response to the 25 per cent tariff imposed by United States (US) President Donald Trump in January on steel and iron products exported to the US," he said. In March, US Commerce Secretary Howard Lutnick reaffirmed that the United States intends to implement a 25 per cent tariff on all aluminum and steel imports starting March 12. "Following that executive order, steel from China, South Korea and Japan began flooding the Malaysian market at very low prices, effectively being dumped here, which poses a serious threat to our local steel and iron industry," Azmi said. He, however, said this would not hurt Asean Plus Three (APT) relations, as other Asean countries had already implemented similar anti-dumping policies before us. "Malaysia's move should not be seen as targeting China, South Korea or Japan specifically. It's simply a necessary step to protect our domestic industry in light of the trade distortion triggered by the US tariff decision," he added. On Tuesday, Malaysia moved to impose definitive anti-dumping duties on imports of certain flat-rolled products of iron or non-alloy steel originating from China, India, Japan and South Korea. According to the Investment, Trade and Industry Ministry, the decision follows an investigation conducted under the Countervailing and Anti-Dumping Duties Act 1993 and the corresponding Regulations of 1994. The investigation was launched in response to a petition submitted by Perusahaan Sadur Timah Malaysia Bhd, representing the domestic producers of the affected products. Definitive anti-dumping duties have been imposed at rates ranging from 4.48 per cent to 20.42 per cent for China, 27.88 per cent for India, 15.74 per cent to 36.80 per cent for Japan, and 21.60 per cent to 35.43 per cent for South Korea. The ministry said the Customs Department will implement the collection of these duties on the affected imports for a period of five years, starting from May 11 this year until May 10, 2030. "With the imposition of anti-dumping duties on the imports of subject merchandise from the alleged countries, it is expected that the effects of unfair trade practices will be addressed," it said.
AsiaOne
06-05-2025
- Business
- AsiaOne
Japan, China, South Korea, Asean enhance regional financial safety net, Money News
Japan, China, South Korea and the 10 Asean countries agreed to enhance their regional financial safety net by launching a new lending facility aimed at swiftly responding to crises caused by pandemics and natural disasters. The finance leaders of the so-called Asean Plus Three group agreed at their meeting in Milan, Italy, on Sunday (May 4) to establish the new facility under their currency swap arrangement known as the Chiang Mai Initiative Multilateralization (CMIM). The CMIM, created after the 1997-98 Asian financial crisis, is designed to support regional financial stability by allowing members to tap currency swap lines. The new rapid financing facility will enable members to access emergency financing without conditions in case of financial crises arising from sudden shocks. "We believe that this new CMIM facility will enhance regional resilience," the group said in a joint statement. The CMIM pool currently amounts to US$240 billion (S$310 billion) in foreign exchange reserves, with Japan and China each contributing US$76.8 billion, South Korea US$38.4 billion and the 10 Association of Southeast Asian Nations members a combined US$48 billion. The CMIM's two existing facilities — a crisis resolution instrument and a precautionary line — have never been utilised as members have turned to other resources with simpler decision-making processes such as bilateral swap lines.
