KUALA LUMPUR: The ASEAN Framework Agreement on Competition (AFAC) sends a powerful message to the global community about the grouping’s commitment to fairness, transparency and integrity in its markets.
Investment, Trade and Industry Minister Tengku Datuk Seri Zafrul Abdul Aziz stated that the framework agreement also reinforces the bloc’s reputation as a dynamic, trusted and reliable economic partner.
“As the global economy continues to evolve amid complexity and uncertainty, ASEAN’s commitment to competition policy sends a clear and positive signal,“ he said at the commencement of the signing ceremony of AFAC on the sidelines of the 57th ASEAN Economic Ministers Meeting.
Tengku Zafrul, who is also the chairperson of the ASEAN Economic Ministers Meeting, received the AFAC document from its negotiation chairperson Lolibeth Medrano before handing it to ASEAN Secretary-General Dr Kao Kim Hourn.
He highlighted that the AFAC establishes a strong foundation for cooperation and capacity-building among the region’s competition authorities.
Tengku Zafrul emphasised that the agreement ensures all ASEAN member states move forward together and leave no one behind.
He said by signing the AFAC, ASEAN is making a firm commitment to a regional framework that ensures fairness, transparency and accountability in its markets.
“This milestone reflects the highest level of commitment by ASEAN member states towards strengthening economic governance,“ he added.
The minister noted that the AFAC embodies the ASEAN spirit of collaboration, consensus and resilience.
He stated that the framework will stand as a cornerstone in advancing a rules-based economic order across the region.
Negotiations for AFAC began in September 2022 during the 54th ASEAN Economic Ministers Meeting in Cambodia.
The agreement aims to facilitate cross-border cooperation and coordination on competition policy and law matters among its member states. – Bernama