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ASEAN prioritises addressing trade, economic security issues

ASEAN's intra-regional trade currently accounts for about 24% of total trade, with a combined Gross Domestic Product of nearly 3.8 trillion USD and a population of 680 million.

Kuala Lumpur (VNA) – Economic cooperation and security will take centre stage as the 47th Summit of the Association of Southeast Asian Nations (ASEAN) takes place this weekend, aiming to push forward key trade agreements and deepen regional integration amid a challenging global environment.

As reported by Malaysia’s national news agency Bernama, Malaysian Investment, Trade and Industry Minister Tengku Datuk Seri Zafrul Abdul Aziz said the 18 Priority Economic Deliverables (PEDs) under the bloc's economic pillar will be a focal point of the discussions, reflecting its commitment to safeguard trade, investment and economic stability at a time of rising geopolitical and geo-economic tensions.

He said the 47th ASEAN Summit will mark several milestones, including the finalisation of the Agreement on Reciprocal Trade (ART) between the US 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).

Tengku Zafrul said ASEAN will also convene the first Regional Comprehensive Economic Partnership (RCEP) meeting since the pact's launch, bringing together the bloc with China, Japan, the Republic of Korea, Australia and New Zealand to assess the region's progress in strengthening supply chain resilience.

According to him, for the first time, ASEAN member states will meet to discuss economic security, underscoring how trade and investment are increasingly linked to regional stability.

ASEAN's intra-regional trade currently accounts for about 24% of total trade, with a combined Gross Domestic Product of nearly 3.8 trillion USD and a population of 680 million./.

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