ASEAN is seeking to expand its membership in two key trade agreements - the Regional Comprehensive Economic Partnership (RCEP) and Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP). To date, only four ASEAN countries are members of the CPTPP, namely, Brunei, Malaysia, Singapore, and Vietnam.
Malaysian Investment, Trade and Industry Minister Tengku Datuk Seri Zafrul Abdul Aziz (Photo: VNA)
Kuala Lumpur (VNA) - ASEAN is seeking to expand its membership in two key trade agreements - the Regional Comprehensive Economic Partnership (RCEP) and Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) as part of efforts to strengthen regional economic integration.
Malaysian Investment, Trade and Industry Minister Tengku Datuk Seri Zafrul Abdul Aziz said the matter was discussed when he chaired the ASEAN Caucus Meeting held in conjunction with the 31st Asia-Pacific Economic Cooperation (APEC) Ministers Responsible for Trade (MRT) Meeting in Jeju, the Republic of Korea
To date, only four ASEAN countries are members of the CPTPP, namely, Brunei, Malaysia, Singapore, and Vietnam, he said.
Tengku Zafrul said the recent United States tariff announcement had a significant impact on intra-ASEAN trade dynamics, as well as that with trading partners, particularly in sectors entrenched in the global supply chains.
During the meeting, he said, ASEAN unanimously reaffirmed its stance to uphold the multilateral trading system and reject any form of unilateralism.
He noted that ASEAN must be firm in upholding multilateralism, a core principle of the World Trade Organisation, to boost regional economic integration.
As part of efforts to strengthen regional cooperation, Tengku Zafrul said, ASEAN also plans to hold special consultative sessions with major trading partners, starting with China and Japan.
He said the ASEAN Economic Ministers (AEM)-China Ministry of Commerce (MOFCOM) as well as AEM-Japan's Ministry of Economy, Trade and Industry (METI) Special Consultations will be held on May 20./.
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The EU hopes that the agreement will replicate the success of the EU-Vietnam FTA, which has helped bilateral trade grow strongly since it came into force in 2020.
Member states also reviewed progress on six priority areas for 2025, including the development of an underground cable framework, the follow-up agreement to the ASEAN Petroleum Security Agreement (APSA), the launch of the ASEAN Energy Efficiency Database, and the rollout of an investment platform for sustainable building initiatives.
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The desk will serve as a service centre providing market intelligence, business licensing guidance, facilitating business cooperation, identifying potential investment projects, and harmonising regulatory policies between the two parties.
Malaysian Prime Minister Anwar Ibrahim noted that the Asia-Pacific region accounted for half of global energy consumption and 60% of greenhouse gas emissions in 2024. Despite this, regional countries, including eight of ten ASEAN member states, remain committed to climate goals, including net-zero emissions and tripling global renewable capacity by 2030.
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VAMAF President Datuk Shaharuddin Omar shared the plan at the association’s 103rd anniversary ceremony, noting support from the Vietnam Veterans Association. The initiative is expected to open new markets for Malaysian Halal products and improve livelihoods for its members.
