Malaysia proposes three strategies to boost ASEAN’s economic resilience
Malaysia has proposed three key strategies to strengthen the economic resilience of the Association of Southeast Asian Nations (ASEAN) amid slowing global growth, rising geopolitical tensions, and increasing economic fragmentation.
Penang Port in Butterworth city of Malaysia (Photo: AFP/VNA)
Kuala Lumpur (VNA) – Malaysia has proposed three key strategies to strengthen the economic resilience of the Association of Southeast Asian Nations (ASEAN) amid slowing global growth, rising geopolitical tensions, and increasing economic fragmentation.
Speaking at the 24th ASEAN Economic Community Council meeting in Laos on October 7, Malaysia's Minister of Investment, Trade and Industry Zafrul Abdul Aziz said the first strategy is that ASEAN must fully leverage its trade potential with strategic and emerging economies, which will mitigate the impact of growth deceleration, stagnation and imbalances in traditional economies. By diversifying markets, ASEAN can reduce the impact of global demand fragility on ASEAN's growth potential.
The second strategy emphasises the need to boost intra-ASEAN trade to its fullest potential to develop regional economic strength and shield ASEAN from global shocks.
Minister Aziz urged ASEAN’s 10 member states to eliminate trade barriers and avoid inward-looking policies, which could harm economic growth as well as people in the long term. He also called for completing negotiations on the updated ASEAN Trade in Goods Agreement (ATIGA) by 2025 to enhance regional integration.
The third strategy focuses on enhancing the bloc's resilience and agility by developing robust mechanisms to manage economic volatility, investing in future-oriented industries, and strengthening regional cooperation.
Post-2025, he said, ASEAN should strengthen its position in embracing sustainability and climate response, building a digitally resilient ASEAN, and ensuring the centrality of inclusivity in its initiatives, particularly for micro, small, and medium-sized enterprises (MSMEs), to ensure that no one is left behind and to narrow the development gap.
Minister Aziz concluded by thanking Laos, ASEAN’s 2024 Chair, and expressed his hope for steering the region towards the post-2025 agenda in promoting regional economic integration and in thꦗe collective pursuit of turning ASEAN into the world’s fourth-largest economy by 2030./.
A Vietnamese delegation led by Deputy Minister of Foreign Affairs Do Hung Viet attended a preparatory meeting for the 44th and 45th ASEAN Summits and related meetings in Vientiane, Laos, on October 7.
The 10th meeting of the Committee of Permanent Representatives to ASEAN (CPR) for 2024 was held in Vientiane on October 6, under the chair of Ambassador Bovonthat Duangchack, Permanent Representative of Laos to ASEAN.
The ASEAN+3 Macroeconomic Research Office (AMRO) has forecast the ASEAN+3 region will grow to 4.2% in 2024 and 4.4% in 2025, in its latest quarterly update.
The tax adjustment supports the Malaysian Government’s strategy to reduce reliance on foreign food supply chains and to assist domestic farmers, a finance official has said.
The proposed venue is located in the Chatuchak area of Bangkok, featuring eight public sites, including Krungthep Aphiwat Central Terminal and several nearby parks.
Connectivity is expected to improve further with the completion of the fifth Laos–Thailand Friendship Bridge by the end of 2025, facilitating logistics and agricultural exports to Vietnam, Thailand, and China.
Two naval gunboats intercepted a fishing vessel carrying 1.5 tonnes of methamphetamine hydrochloride off the coast of the main island of Luzon just before dawn, in a joint operation with the Philippine Drug Enforcement Agency.
In the today context of socio-economic development and growth, the professionalism of Vietnam’s revolutionary journalists continues to rise, guided by exemplary mastery of new information technologies and the modernisation of their founding principles to preserve the enduring values of revolutionary journalism.
Thai Permanent Secretary of the Ministry of Commerce Vuttikrai Leewiraphan Thailand's formal proposal will be substantial enough for the US to consider further detailed negotiations. He hoped for a tariff rate not exceeding 10% and suggested that the US might extend the negotiation period if an agreement is not reached by the July 8 deadline.
Organised by the Ministry of Culture and the Association of Thai Silk & Culture Promotions, the event honors Her Majesty the Queen on her 47th birthday anniversary and promotes Thai craftsmanship on an international stage.
Prensa Latina's recent article on Vietnam’s assurance of smooth and effective transition to a leaner structure highlighted Prime Minister Pham Minh Chinh’s latest directions on implementing 28 resolutions regarding the decentralisation and delegation of authority.
The lab focuses on four key thematic areas: energy transition and green innovation, sustainable agriculture, circular economy and sustainable cities, and nature-based solutions and biodiversity.
The key content of the document titled "Accelerating Innovative Strategies: Addressing the OOSCY Challenges" will be refined further in a seminar preceding the 47th ASEAN Summit in Kuala Lumpur this October.
This follows Telegram’s serious failure to address the content that has been repeatedly reported to them, despite various efforts of negotiation and cooperation made by MCMC, it said.
Efforts to empower women must transcend dialogue and translate into concrete commitments, including corporate pledges and government partnerships, according to the spouse of Malaysian Prime Minister Anwar Ibrahim.
The forum featured two in-depth discussion sessions, engaging representatives from governments, think tanks, and businesses from both ASEAN and China, on how to forge closer ties for a common future.
The new FIFA Hub in Jakarta will not only support football development in Indonesia but also serve as a coordination centre for 21 football associations across Southeast and East Asia.
Minister Counselor Nguyen Hoang Nguyen reaffirmed Vietnam’s principled and consistent stance on the Palestine issue, calling for an immediate and lasting ceasefire across the entire Gaza Strip.
PM Anwar Ibrahim affirmed the determination of Malaysia, as ASEAN Chair for 2025, to utilise all viable regional mechanisms of the bloc and work with partners to de-escalate violence and restore a peace process led by Myanmar.
Talking to the Vietnam News Agency on the occasion of the 100th anniversary of the Vietnam’s Revolutionary Press Day (June 21, 1925–2025), Nikulina, who is also a veteran journalist of Russia’s Sputnik News, emphasised the vital role of mainstream journalism in defending the truth and maintaining public trust.
The Ministry of Commerce reported that imports also rose 18% to 29.9 billion USD during the same period, resulting in a trade surplus of 1.1 billion USD. In May alone, Thailand posted a 4.6 billion USD trade surplus with the US and a 4.1 billion USD trade deficit with China.
The World Bank will provide a 2.1 billion USD financing package for Indonesia, focusing oncreating jobs, stimulating economic growth, and enhancing access to clean energy across the country.
