Kuala lumpur: Malaysia, as the chair of the ASEAN Economic Community (AEC) 2025, is set to bolster regional economic integration and enhance ASEAN’s appeal as a premier investment destination. Deputy Investment, Trade and Industry (MITI) Minister Liew Chin Tong outlined the nation’s strategic priorities during a session in the Dewan Negara, highlighting several Priority Economic Deliverables (PED) aimed at advancing regional trade agreements.
According to BERNAMA News Agency, Malaysia’s agenda includes finalizing the upgrade of the ASEAN Trade in Goods Agreement (ATIGA), with the signing scheduled for the upcoming 47th ASEAN Summit. Efforts to conclude negotiations on the ASEAN Digital Economy Framework Agreement (DEFA) by year-end are also underway. Furthermore, Malaysia is working through ASEAN to strengthen economic ties with external partners such as the Gulf Cooperation Council (GCC) and China.
Liew emphasized that ASEAN and the GCC have formalized the ASEAN-GCC Framework of Cooperation (2024-2028), targeting pivotal economic sectors. Strengthening ASEAN-GCC cooperation is one of Malaysia’s Priority Economic Deliverables, with the Joint Declaration on ASEAN-GCC Economic Cooperation anticipated to boost trade, energy, digital economy, and investment.
On the global trade front, Malaysia hosted the ASEAN Economic Ministers’ (AEM) Special Meeting on April 10, addressing reciprocal tariffs imposed by the United States. The meeting concluded with ASEAN’s decision to avoid retaliatory measures, opting instead for bilateral negotiations. A significant outcome was the establishment of the ASEAN Geo-economic Task Force (AGTF), tasked with monitoring global economic trends and preparing the ASEAN Integration Report (AIR) for the AEC Strategic Plan 2026-2030.
Malaysia’s trade with the US constituted 13.2 percent of its total exports, valued at RM1.508 trillion in 2024. To counteract tariff impacts, the government is leveraging 18 free trade agreements (FTAs), pursuing new FTAs with Canada, South Korea, the European Union (EU), and the GCC, and considering agreements with Bangladesh and Sri Lanka. Additionally, export promotion efforts are expanding to second-tier ASEAN cities, with trade missions planned for Central Asia, West Asia, Africa, and Latin America.
Liew highlighted the MADANI government’s strategic approach, maintaining a calm, measured, and non-aligned stance in enhancing the national economic agenda by engaging with global powers and major economic blocs. The establishment of the National Geo-economic Coordination Centre (NGCC) Steering Council underscores Malaysia’s commitment to monitoring and adapting to shifts in the global trade environment.