Latest news with #SaleofGoodsAct1957
The Sun
11-07-2025
- Business
- The Sun
Malaysia strengthens legal framework to boost trade and AI governance
KUALA LUMPUR: Malaysia is reinforcing its legal framework to support regional trade and emerging technologies, including artificial intelligence (AI), as part of its ASEAN Chair responsibilities this year. Minister in the Prime Minister's Department (Law and Institutional Reform) Datuk Seri Azalina Othman Said highlighted ongoing efforts to liberalise markets through initiatives like the Johor-Singapore Special Economic Zone and partnerships with the European Free Trade Association (EFTA) and China. Azalina emphasised ASEAN's progress in reducing intra-regional tariffs but stressed the need to address non-tariff barriers and regulatory alignment for smoother trade. She spoke at the SCG Legal Regional Meeting 2025 Asia and Pacific Rim, where she outlined key legal reforms, including updates to the Contracts Act 1950 and the Sale of Goods Act 1957. A Cross-Border Insolvency Act, aligned with UNCITRAL standards, is also in development. On digital governance, Azalina confirmed that Malaysia is drafting an AI-specific law focused on ethics and governance. 'This initiative reflects Malaysia's proactive stance in regulating AI to ensure we keep pace with technological advancement while safeguarding public trust,' she said. The framework aims to balance innovation with accountability, supporting Malaysia's goal of becoming a legally robust and economically competitive nation. The SCG Legal Regional Meeting serves as a platform for legal and business leaders to discuss cross-border legal trends and foster collaboration across the Asia-Pacific region. - Bernama
The Star
10-07-2025
- Business
- The Star
Malaysia to strengthen legal foundations to boost trade, says Azalina
KUALA LUMPUR: Malaysia is intensifying efforts to boost regional trade and establish a strong legal foundation for emerging technologies, including artificial intelligence (AI), in line with its role as Asean chair this year, says Datuk Seri Azalina Othman Said. The Minister in the Prime Minister's Department (Law and Institutional Reform) said Malaysia continues to liberalise its market through initiatives such as the Johor-Singapore Special Economic Zone and strategic partnerships with the European Free Trade Association (EFTA) and China. "Asean has made meaningful progress in eliminating intra-regional tariffs. The next step is to reduce non-tariff barriers and improve regulatory alignment to ensure seamless trade," she said in her keynote address at the SCG Legal Regional Meeting 2025 Asia and Pacific Rim, here Thursday (July 10). Azalina said Malaysia is undertaking key legal reforms including a review of the Contracts Act 1950 and the Sale of Goods Act 1957, alongside the development of a Cross-Border Insolvency Act aligned with United Nations Commission on International Trade Law (UNCITRAL) standards. On the digital front, Azalina said the government is drafting a comprehensive artificial intelligence (AI) law focused on ethics and governance, with the aim of supporting safe, responsible and competitive innovation. "This initiative reflects Malaysia's proactive stance in regulating AI to ensure we keep pace with technological advancement while safeguarding public trust. "The planned legal framework for AI complements broader reforms in governance, anti-corruption, and human rights, aimed at positioning Malaysia as a legally sound and economically vibrant nation," she added. The SCG Legal Regional Meeting is global network of leading law firms, and bring together regional legal and business leaders to address pressing cross-border legal developments and foster strategic collaboration across Asia-Pacific. - Bernama
