Kuala lumpur: Malaysia will advocate for a 'substantial conclusion' of the ASEAN Digital Economy Framework Agreement (DEFA) during the ASEAN Economic Ministers' (AEM) Meeting from September 24 to 26 in Kuala Lumpur, as stated by the Minister of Investment, Trade and Industry, Tengku Datuk Seri Zafrul Abdul Aziz.
According to BERNAMA News Agency, prior to the meeting in Malaysia's capital, the ministers will gather for a special meeting on DEFA on August 28 via video conference, which will also be chaired by Tengku Zafrul. The minister emphasized the importance of DEFA for ASEAN, particularly Malaysia, highlighting it as one of the Priority Economic Deliverables (PEDs) set for completion this year. He shared the positive news about the completion of negotiations for two other PEDs, namely the ASEAN-China Free Trade Agreement (ACFTA) and the ASEAN Trade in Goods Agreement (ATIGA), both of which are slated for signing in October.
Tengku Zafrul further elaborated that the DEFA, a pioneering regional framework, is expected to facilitate the integration of small and medium-sized enterprises (SMEs) into a more inclusive ASEAN intra-trade ecosystem. He expressed confidence in delivering all PEDs under the AEM's purview, which account for half of the total 18 PEDs, by the end of Malaysia's ASEAN Chairmanship.
The minister also mentioned recent negotiations in New Delhi concerning the ASEAN-India Trade in Goods Agreement (AITIGA) Review, reporting positive progress towards achieving a substantial conclusion. In his keynote address, he outlined Malaysia's initiatives as ASEAN Chair to enhance investability, which include the adoption of the ASEAN Sustainable Investment Guidelines (ASIG) and improving access to financing for climate resilience and a just transition in the region. ASEAN aims to make its capital markets more sustainable and inclusive, with advancements in green finance instruments and green investments.
Additionally, Tengku Zafrul noted Malaysia's aspirations to pave the way for sector-specific initiatives throughout its chairmanship, such as the ASEAN EV Roadmap, a Minerals Development Action Plan, and an ASEAN Framework for an Integrated Semiconductor Supply Chain.