KUALA LUMPUR: Economic cooperation and security will be central themes at the 47th ASEAN Summit as leaders address global challenges and push for regional integration.
Minister of Investment, Trade and Industry Tengku Datuk Seri Zafrul Abdul Aziz highlighted the 18 Priority Economic Deliverables under the bloc’s economic pillar as a key focus.
He stated that the summit will finalise the Agreement on Reciprocal Trade between the United States and selected ASEAN members.
The summit will also see the upgrading of the ASEAN Trade in Goods Agreement and the signing of the upgraded ASEAN-China Free Trade Agreement.
The 18 Priority Economic Deliverables cover trade, investment, digitalisation, artificial intelligence, green growth and inclusivity.
Tengku Zafrul noted that ASEAN will hold the first Regional Comprehensive Economic Partnership meeting since its launch.
This meeting will bring together ASEAN with China, Japan, South Korea, Australia and New Zealand to assess supply chain resilience.
For the first time, ASEAN’s economic, security and diplomatic pillars will meet jointly to discuss economic security.
The session will be co-chaired by Malaysia’s economic and foreign ministers.
Tengku Zafrul emphasised that ASEAN must remain united in upholding the bloc’s centrality and neutrality in diplomacy and economic affairs.
ASEAN’s intra-regional trade currently accounts for about 24% of total trade, a level the bloc aims to increase.
The ASEAN Trade in Goods Agreement upgrade and deeper digital integration are expected to boost this percentage.
With a combined Gross Domestic Product of nearly US$3.8 trillion and a population of 680 million, ASEAN must act collectively.
Tengku Zafrul added that the region must ensure it remains open, competitive and resilient.
The ASEAN Summit is scheduled to begin later this week, with economic ministers meeting on Friday, October 24.
Leaders’ sessions and related summits with key dialogue partners will follow over the weekend. – Bernama
