KUALA LUMPUR: Malaysia will strengthen regional economic integration and position ASEAN as a competitive investment destination during its ASEAN Economic Community chairmanship for 2025.
Deputy Investment, Trade and Industry Minister Liew Chin Tong confirmed the ministry has outlined several Priority Economic Deliverables including concluding negotiations to upgrade the ASEAN Trade in Goods Agreement.
The upgraded agreement is expected to be signed at the 47th ASEAN Summit next month according to ministerial statements.
Negotiations on the ASEAN Digital Economy Framework Agreement are also expected to be substantially concluded by the end of this year.
Malaysia through ASEAN is strengthening cooperation with external partners including the Gulf Cooperation Council and China.
ASEAN and the GCC have signed the ASEAN-GCC Framework of Cooperation for 2024-2028 which focuses on key economic sectors.
The strengthening of ASEAN-GCC cooperation has been listed as one of Malaysia’s Priority Economic Deliverables during its chairmanship.
The Joint Declaration on ASEAN-GCC Economic Cooperation agreed at the May summit should act as a catalyst in trade, energy, digital economy and investment.
Malaysia chaired the ASEAN Economic Ministers Special Meeting on April 10 after the United States imposed reciprocal tariffs.
ASEAN reaffirmed its stance not to implement retaliatory measures but instead focus on bilateral negotiations following the meeting.
The meeting agreed to establish the ASEAN Geo-economic Task Force to monitor global economic developments and assess risks and opportunities.
This task force will prepare the ASEAN Integration Report as an important reference for the AEC Strategic Plan covering 2026-2030.
Malaysia’s trade with the United States accounted for only 13.2% of total exports worth RM1.508 trillion in 2024.
The government is optimising 18 free trade agreements to mitigate tariff impacts while negotiating new FTAs with Canada, South Korea, the European Union and GCC.
Malaysia is exploring potential agreements with Bangladesh and Sri Lanka while expanding export promotion to second-tier ASEAN cities.
Trade missions to Central Asia, West Asia, Africa and Latin America are being conducted alongside strengthened foreign trade agency collaboration.
The MADANI government adopts a calm measured approach with whole-of-government non-aligned stance in strengthening the national economic agenda.
Malaysia will continue trading with all countries including world powers and major economic blocs according to ministerial policy.
The National Geo-economic Coordination Centre Steering Council has been established to monitor and coordinate responses to global trade changes. – Bernama