SINGAPORE, Aug 18 — Malaysia will push for a “substantial conclusion” of the Asean Digital Economy Framework Agreement (DEFA) at the Asean Economic Ministers’ (AEM) Meeting from September 24 to 26 in Kuala Lumpur, said Investment, Trade and Industry Minister Tengku Datuk Seri Zafrul Abdul Aziz.
Before the meeting in Malaysia’s capital, the ministers will also convene at a special meeting on DEFA on August 28 via video conference, also to be chaired by Tengku Zafrul.
“We will push for DEFA because it’s important for Asean, especially Malaysia, as it is one of our PEDs (Priority Economic Deliverables) to be delivered this year. The good news is that we have completed the negotiations for two PEDs, which are the Asean-China Free Trade Agreement (ACFTA) and the Asean Trade in Goods Agreement (ATIGA), that are targeted to be signed in October,” he told Bernama after participating in the Bursa Malaysia Invest Malaysia session as part of the Macquarie Asean Conference here.
Tengku Zafrul said the DEFA, the first of its kind in any regional framework, will enable small and medium-sized enterprises (SMEs) to become part of a more inclusive Asean intra-trade ecosystem.
He noted that of the 18 PEDs, half fall under the AEM purview, and he is confident they would be able to deliver all of them before the end of Malaysia’s Asean chairmanship.
Tengku Zafrul also said his team was in New Delhi last week for negotiations on the Asean-India Trade in Goods Agreement (AITIGA) review, and he was informed there had been some positive progress towards its substantial conclusion.
In his keynote address, the minister said that Malaysia, as Asean chair, is also pushing to unlock greater investability through deliverables such as the adoption of the Asean Sustainable Investment Guidelines and by catalysing access to financing for a just transition and climate resilience in the region.
He added that Asean is also striving to make its capital markets more sustainable, connected, and inclusive, and has made significant strides, from expanding green finance instruments to attracting green investments.
“As the region continues to invest in sustainable infrastructure, during our year as Chair, Malaysia also hopes to pave the way for sector-specific initiatives, including an Asean EV Roadmap, a Minerals Development Action Plan, and an Asean Framework for an Integrated Semiconductor Supply Chain,” Tengku Zafrul said.
