Investment, trade and industry minister Tengku Zafrul Aziz said the 18 Priority Economic Deliverables (PEDs) under the bloc’s economic pillar will be a focal point of the discussions, reflecting the bloc’s commitment to safeguard trade, investment and economic stability at a time of rising geopolitical and geo-economic tensions.
“The 47th Asean Summit will mark several milestones, including the finalisation of the Agreement on Reciprocal Trade (ART) between the United States and selected Asean members, the upgrading of the Asean Trade in Goods Agreement (ATIGA), and the signing of the upgraded Asean-China Free Trade Agreement (ACFTA),” he told a pool interview themed “How Asean’s Economic Prosperity Supports Regional Political Stability” here Wednesday.
The 18 Priority Economic Deliverables (PEDs) are focused on trade, investment, digitalisation, artificial intelligence, green growth and inclusivity.
Tengku Zafrul highlighted that Asean will also convene the first Regional Comprehensive Economic Partnership (RCEP) meeting since the pact’s launch, bringing together Asean with China, Japan, South Korea, Australia and New Zealand to assess the region’s progress in strengthening supply chain resilience.
“For the first time, the Asean member states will meet jointly to discuss economic security, underscoring how trade and investment are increasingly linked to regional stability.
“The session will be co-chaired by Malaysia’s economic and foreign ministers,” he added.
Tengku Zafrul emphasised that Asean must stay united in upholding the bloc’s centrality and neutrality not only in diplomacy but also in economic affairs amidst the constantly evolving global landscape.
Asean’s intra-regional trade currently accounts for about 24 per cent of total trade, a level the bloc aims to increase through the ATIGA upgrade and deeper digital integration.
“With a combined Gross Domestic Product of nearly US$3.8 trillion and a population of 680 million, Asean cannot afford to stay on the sidelines. We must act collectively to ensure the region remains open, competitive and resilient,” Tengku Zafrul added.
The Asean Summit is scheduled to begin later this week, with economic ministers scheduled to meet beginning Friday, Oct 24, before the leaders’ sessions and related summits with key dialogue partners over the weekend.
Meanwhile, some substantial announcement can be expected during the summit as US President Donald Trump has confirmed his attendance.
“Perhaps it will be a full free trade agreement (FTA) with the US, which could remove reciprocal tariffs,” Williams Business Consultancy Sdn Bhd founder and director Geoffrey Williams told Bernama.
The economist also expected some new investment announcements by US businesses in conjunction with the President’s visit.
On tariffs, Williams hoped there would be some good news on zero duty for semiconductors, as major semiconductor firms such as Micron Technology Inc, which has a facility in Penang, are US-owned.
Currently, the US imposes a general 19 per cent tariff on exports from Malaysia, but products such as semiconductors remain exempt from tariffs.
Overall, Williams said, Trump’s visit would help confirm that relations between Malaysia and the US, as well as between Asean and the US, remain cordial, and it might provide an opportunity to cement some trade and investment deals.