Latest news with #NazirRazak
New Straits Times
03-07-2025
- Business
- New Straits Times
More practical sustainability reporting, Asean-style
KUALA LUMPUR: The Asean Business Advisory Council (Asean-BAC) Malaysia has unveiled a regional policy statement calling for a unified approach to sustainability reporting across the region. The statement, issued in collaboration with Asean-BAC Malaysia's partners Asean Sustainability Reporting Advocacy Collaborative (Asrac), aims to reduce duplication and make reporting more practical for businesses of all sizes throughout the region. It also calls for the adoption of the International Sustainability Standards Board standards as a global baseline, implemented through a building-blocks approach that enables jurisdictions to add other requirements beyond climate related financial disclosures. The statement also advocates for transition relief for businesses to minimise the reporting burden required by other regulators such as European Sustainability Reporting Standards and emphasises the importance of proportionality. This ensures that reporting frameworks remain practical and scalable for businesses of all sizes especially small and medium-sized enterprises. The statement also outlines practical implementation pathways including engagement with finance ministries, capital market regulators, and international standard-setters; support for a unified platform for environmental, social and governance (ESG) data, and capacity-building through regional partners. Asrac chair and Asean-BAC Malaysia executive director Jukhee Hong said the statement reflects the collective position of the private sector on how standard setters and regulators can help address the challenges faced in meeting the climate reporting requirements "By confronting the 3Cs challenges in, compliance, cost, and capacity; and advocating for scalable, proportionate disclosure requirements, we are urging a shift from reporting complexity to clarity. "This is Asean-led collaboration in action, pragmatic, inclusive, and aligned with the needs of all businesses, especially SMEs," he said in a statement. Asean-BAC Malaysia chairman Tan Sri Nazir Razak said Malaysia now has a unique opportunity to advocate how the future of sustainability reporting in our region should be shaped. "Asrac is precisely the kind of forward-looking advocacy initiative that Asean-BAC is proud to lead. "It reflects the collective voice of the private sector and professional bodies on how reporting standards should evolve," he added. ACCA director of Asia Pacific Pulkit Abrol said today's finance leaders are stewards of people, planet and prosperity. He added that the statement offers a timely call for alignment around ISSB standards, grounded in proportionality and global relevance. "As a knowledge partner to Asean-BAC, we are pleased to contribute to a path that safeguards regional competitiveness while ensuring Asean's voice is heard in shaping the future of global disclosure frameworks," he noted.
Daily News Egypt
02-07-2025
- 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.
New Straits Times
09-06-2025
- Business
- New Straits Times
Opportunities for Asean amidst US's tariff tantrum: Asean-BAC head
HANOI: Southeast Asian countries can capitalise on the rollout of tariffs and other US policies by re-evaluating overlooked relations with other trade partners and opening their doors to international students, according to Tan Sri Nazir Razak, chairman of the Asean Business Advisory Council (Asean-BAC) - Asean's business lobby. Vietnam News Agency (VNA) reported, Nazir, who leads the council during Malaysia's Asean Chairmanship in 2025, emphasised the importance of strengthening intra-regional economic ties by boosting trade and investment within the Association of Southeast Asian Nations (Asean). He called for forging closer partnerships with other countries in the world such as China, India and Japan. The Asean-BAC head also proposed Asean and Japan collaborate in fields such as artificial intelligence and energy, as both have the potential to work together and build capacity in this area.
The Star
08-06-2025
- Business
- The Star
Many opportunities for Asean amidst US' tariff tantrum, says Asean-BAC head
HANOI (Bernama-VNA): South-East Asian countries can capitalise on the rollout of tariffs and other US policies by re-evaluating overlooked relations with other trade partners and opening their doors to international students. The statement is according to Tan Sri Nazir Razak, Chairman of the Asean Business Advisory Council (Asean-BAC) - the Asean's business lobby. Vietnam News Agency (VNA) reported, Nazir, who leads the council during Malaysia's Asean Chairmanship in 2025, emphasised the importance of strengthening intra-regional economic ties by boosting trade and investment within the Association of South-East Asian Nations (Asean). He called for forging closer partnerships with other countries in the world such as China, India, and Japan. The Asean-BAC head also proposed Asean and Japan collaborate in fields such as artificial intelligence and energy, as both have the potential to work together and build capacity in this area. - Bernama-VNA
Nikkei Asia
06-06-2025
- Business
- Nikkei Asia
ASEAN can capitalize on Trump's tariff tantrum, says business lobby head
TOKYO -- Southeast Asian countries can capitalize on the rollout of tariffs and other U.S. policies by revisiting neglected relationships with other trade partners, as well as open doors to foreign students, the head of ASEAN's business lobby told Nikkei Asia. "I think there is a lot of upside and we need to work together," Nazir Razak, chairman of the ASEAN Business Advisory Council (ASEAN-BAC), said in an interview on Thursday. "The rules-based open trading system is no longer liked by the majority of the U.S. population ... We have to accept that and do something about it."
