By Nurunnasihah Ahmad Rashid & Nur Athirah Mohd Shaharuddin
KUALA LUMPUR, Sept 23 (Bernama) — Investment, Trade and Industry Minister Tengku Datuk Seri Zafrul Abdul Aziz said today that key trade deals such as the Digital Economy Framework Agreement (DEFA) and other upgraded agreements to be sealed next month at the ASEAN Summit are set to help boost intra-regional trade.
Besides DEFA, the other deals include the upgraded ASEAN Trade in Goods Agreement (ATIGA), the ASEAN-China Free Trade Agreement and the conclusion of the ASEAN-India Trade Inclusion Agreement.
“All these initiatives will help increase trade within ASEAN, especially ATIGA and DEFA,” he told a press conference after chairing the 57th ASEAN Economic Ministers’ (AEM) meeting here today.
Among others, the upgraded ATIGA will incorporate new elements to address emerging issues, including remanufactured goods, trade and environment, trade in humanitarian crises, and supply chain connectivity.
DEFA is expected to double ASEAN’s digital economy to US$2 trillion by 2030.
In his earlier opening remarks at the AEM meeting and 39th ASEAN Free Trade Area Council today, Tengku Zafrul said ASEAN will intensify efforts to deepen regional economic integration and revive intra-regional trade, which has remained stagnant at about 20 to 22 per cent amid an increasingly volatile and uncertain global trading landscape.
He said strategically boosting intra-ASEAN trade is not only an economic aspiration but a strategic imperative to build a more resilient, self-reliant and globally competitive region.
According to reports, intra-ASEAN trade comprises just 21.2 per cent of the region’s 2024 total trade, far behind other blocs such as the European Union, which has an intra-trade level of 60 per cent.
Tengku Zafrul said concerns about non-tariff measures in DEFA and ATIGA are being addressed. He did not disclose details.
— BERNAMA
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