KUALA LUMPUR: Investment, Trade and Industry Minister Tengku Datuk Seri Zafrul Abdul Aziz has urged ASEAN nations to embrace structural reforms to strengthen resilience against global economic and geopolitical challenges.
He highlighted the importance of dialogue and non-alignment principles to maintain regional stability.
ASEAN has proven its ability to deliver solutions during critical moments, he noted.
“The 680-million-strong ASEAN market is a vital resource to navigate this fractured era,“ he said at the PRAXIS 2025 Public Policy Conference.
Despite tariff challenges, ASEAN has maintained a non-retaliatory stance, preserving unity.
Malaysia remains committed to its national and regional interests amid uncertain global trade conditions.
“The US market remains crucial, but rules-based trade is becoming less clear, creating long-term uncertainty,“ he added.
Malaysia continues to push for transformation through initiatives like the New Industrial Master Plan 2030 and the 13th Malaysia Plan.
The country has implemented nine bilateral and nine regional free trade agreements, including RCEP and CPTPP.
Negotiations with the EU, GCC, and South Korea are ongoing to strengthen trade ties.
“ASEAN must build stronger institutions and connected economies from a position of confidence,“ he said.
As ASEAN chair in 2025, Malaysia has achieved over half its trade-related targets, including upgrades to ATIGA and ACFTA.
The upgraded agreements, set for signing in October, will expand cooperation in services, e-commerce, and SMEs.
Tengku Zafrul also emphasised the importance of the ASEAN Digital Economy Framework Agreement and Malaysia’s semiconductor supply chain proposal. - Bernama
