Kuala lumpur: Economic cooperation and security are set to take center stage as ASEAN leaders convene this week for the 47th ASEAN Summit, with a focus on advancing key trade agreements and enhancing regional integration amidst a challenging global environment.
According to BERNAMA News Agency, Minister of Investment, Trade and Industry Tengku Datuk Seri Zafrul Abdul Aziz emphasized that the 18 Priority Economic Deliverables (PEDs) under the bloc's economic pillar will be a primary focus of the discussions. This reflects ASEAN's commitment to protect trade, investment, and economic stability during a time of increasing geopolitical and geo-economic tensions.
The summit is expected to achieve significant milestones, including the finalization of the Agreement on Reciprocal Trade (ART) between the United States and select ASEAN members, the enhancement of the ASEAN Trade in Goods Agreement (ATIGA), and the signing of the upgraded ASEAN-China Free Trade Agreement (ACFTA).
The 18 PEDs concentrate on areas such as trade, investment, digitalization, artificial intelligence, green growth, and inclusivity. Tengku Zafrul noted that ASEAN will also host the first Regional Comprehensive Economic Partnership (RCEP) meeting since the pact's inception, bringing together ASEAN with China, Japan, South Korea, Australia, and New Zealand to evaluate the region's progress in strengthening supply chain resilience.
For the first time, ASEAN member states will meet collectively to discuss economic security, highlighting the increasing link between trade, investment, and regional stability. The session will be co-chaired by Malaysia's economic and foreign ministers.
Tengku Zafrul stressed the importance of ASEAN remaining united in maintaining the bloc's centrality and neutrality not only in diplomacy but also in economic matters, given the constantly changing global landscape. ASEAN's intra-regional trade currently constitutes about 24 percent of total trade, a figure the bloc aims to boost through the ATIGA upgrade and enhanced digital integration.
'With a combined Gross Domestic Product of nearly US$3.8 trillion and a population of 680 million, ASEAN cannot afford to stay on the sidelines. We must act collectively to ensure the region remains open, competitive, and resilient,' Tengku Zafrul added.
The ASEAN Summit is scheduled to commence later this week, with economic ministers set to meet starting Friday, October 24, ahead of the leaders' sessions and related summits with key dialogue partners over the weekend.