Trade Relations And Collaboration With New Economies Are Among Key Remedies

By Anas Abu Hassan

KUALA LUMPUR, Sept 23 (Bernama) — A remedy to the changing geopolitical and global trade winds is to deepen trade relations with new economies while exploring collaboration with new trading blocs.

This was among the key messages by ASEAN member states.

The economic ministers said this was the way forward, even as they reaffirmed their commitment to continue building bridges with key trading partners by remaining committed to the World Trade Organisation’s (WTO) rules-based multilateral trading system.

Concluding the 57th ASEAN Economic Ministers (AEM) meeting today, the chair Tengku Datuk Seri Zafrul Abdul Aziz said, for example, the grouping’s readiness for a free trade agreement (FTA) between ASEAN and the Gulf Cooperation Council (GCC) is still enormous.

Tengku Zafrul, who is also the Investment, Trade and Industry Minister, said ASEAN is also exploring engagements with new trading blocs, one of which is the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP).

Today’s meeting acknowledged the conclusion of ASEAN Trade in Goods Agreement (ATIGA) upgrade negotiation as part of Malaysia’s chairmanship priority economic deliverables (PEDs), which will enhance the region’s economic integration to a higher level. 

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. It is expected to be signed at the sidelines of the 47th ASEAN Summit in October.

Among other PEDs discussed are the ASEAN Digital Economy Framework Agreement (DEFA), the ASEAN Framework for Integrated Semiconductor Supply Chain (AFISS), and the upgrade of the ASEAN-China FTA (ACFTA) 3.0 Protocol.

Tengku Zafrul passed the gavel to the Philippines’ Secretary of Trade and Industry, Ma Cristina Aldeguer-Roque, symbolising the handover of the AEM chairmanship for next year.

Singapore’s Deputy Prime Minister Gan Kim Yong, who is also the Trade and Industry minister, Brunei’s Minister at the Prime Minister’s Office and Finance and Economy II Minister Datuk Dr Amin Liew Abdullah (Brunei), Cambodia’s Commerce Minister Cham Nimul, Lao’s Industry and Commerce Minister Malaithong Kommasith were at the meeting.

Indonesia’s Trade Deputy Minister Dyah Roro Esti Widya Putri, Vietnam’s Deputy Industry and Trade Minister Nguyen Sinh Nhat Tan and ASEAN Secretary General Dr Kao Kim Hourn were present, while Timor-Leste’s Deputy Prime Minister Franciso Kalbuadilay was the observer.

The ASEAN Framework Agreement on Competition (AFAC) was established for cooperation and capacity-building among the region’s competition authorities.

Tengku Zafrul said the framework agreement sends a powerful message to the global community that the grouping is fully committed to fairness, transparency and integrity in its markets.

The Sept 22–26 AEM meeting and related events feature 20 meetings and side programmes, including engagements with ASEAN dialogue partners and sectoral dialogue partners.

— BERNAMA 

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