MITI has reaffirmed its commitment to ensuring Malaysian exporters and businesses’ interests are appropriately promoted through various ASEAN platforms. This intent was also manifested through the recently concluded Special Ministers’ Retreat Session, the Twenty-Third ASEAN Economic Community (AEC) Council Meeting, and the Forty-Third ASEAN Summit.
This year, ASEAN has completed 11 out of 16 PEDs. Further, of the seven PEDs under the purview of ASEAN Economic Ministers, five have been completed. Overall, ASEAN’s key priorities include adopting the digital economy, pursuing carbon neutrality, prioritizing the sustainable development agenda, and enhancing supply chain resilience. These measures are key in achieving sustainable economic development for the region.
Tengku Zafrul Aziz said, “In ensuring inclusivity, MITI has always been vocal on the interests of businesses especially the Micro, Small, and Medium Enterprises in ASEAN, and Malaysia. The completed PEDs include ASEAN’s Digital Economy Framework Agreement, which will provide a comprehensive roadmap to empower businesses digitally by enhancing interoperability and cybersecurity to promote trade and the participation of MSMEs. Businesses can also benefit from the ASEAN Framework for Industrial Project-Based Initiatives, which supports the recovery of industrial and commercial sectors, by promoting the growth of new production networks and resilient supply chains to enhance intra-ASEAN trade and investment.”
“Further, exporters will also stand to benefit from the 2nd Protocol to Amend the ASEAN- Australia-New Zealand Free Trade Agreement (AANZFTA), a prominent free trade agreement encompassing more than 650 million people, with a combined GDP exceeding USD4.5 trillion. The 2nd Protocol to Amend the AANZFTA introduces three new chapters addressing government procurement, MSMEs, as well as trade and sustainable development,” continued Tengku Zafrul.
Malaysia is confident that these Priority Economic Deliverables (PEDs) will propel ASEAN towards becoming a closely integrated, unified, competitive, and vibrant economic zone, while fostering digital adaptability and sustainability, ultimately benefiting the well-being and prosperity of its businesses and citizens.
