Economy HIGHLIGHTS

ASEAN ECONOMIC MINISTERS INTENSIFYING GLOBAL EFFORTS TO REJUVENATE THE ECONOMY FOR GROWTH AND RESILIENCY POST COVID-19

“Malaysia will continue to be an open economy with pro-business and pragmatic policies that support the investment climate in the country from the vantage point of our National Investment Aspirations,” said Dato’ Seri Mohamed Azmin bin Ali, Senior Minister of the Ministry of International Trade and Industry Malaysia.

“Malaysia is focusing on efforts towards the reopening of the economy through the National Recovery Plan through active vaccination drive and expected to have full vaccination of the nation’s adult population by end of October 2021”, said the Senior Minister again.

In a statement released by MITI from the ASEAN Economic Ministers (AEM) together with Dialogue Partners, a renewed regional economic diplomacy, committing to intensify global efforts to ensure a vibrant growth and resiliency in recovery from Covid-19 pandemic was achieved.

Expediting the rejuvenation of the economy from the pandemic has been the overarching theme of discussion between the AEMs and the Dialogue Partners. In the statement released, it has been emphasised that it is imperative for a continuous global co-operation to ensure equitable access as well as safe and effective distribution of vaccines. At the same time, every party has committed to keep the markets open and to ensure the continuity of a smooth and sustainable flow of essential goods and services and the supply chain in ensuring ASEAN Centrality to remain at the forefront.

The AEMs and the Dialogue Partners has also stressed on the importance of taking advantage of the global advancement towards a Digital Economy. The Minister has emphasised that it is important to close the digital gap for Micro, Small and Medium Enterprises (MSMEs) in the region by assisting them in areas such as digital access and financing, injecting economic resilience among businesses in the region by tapping on the synergies of the Bandar Seri Begawan Roadmap: An ASEAN Digital Transformation Agenda to Accelerate ASEAN’s Economic Recovery and Digital Economy Integration (BSBR).

The meeting has also reviewed several ASEAN Plus One Free Trade Agreements (FTAs) which are currently undergoing upgrade processes. Malaysia, as the country coordinator for ASEAN-India economic dialogue is leading the ASEAN-India Trade in Goods Agreement (AITIGA) consultations and is putting best efforts in the scoping discussions for the review to be concluded in the earliest time possible.

The Senior Minister has also expressed Malaysia’s strong support to review the processes to ensure that the ASEAN Plus One FTAs will remain relevant and competitive globally to enhance trade facilitation, to expand market access for trade in goods, serviced and investment as well as intensifying Malaysia’s trade relations with the rest of the world.

Malaysia is committed to intensify its efforts with ASEAN’s Dialogue Partners towards collaborating and supporting the various plans and initiatives to reinvigorate and resuscitate ASEAN as well as the region’s economy in ensuring regional prosperity and sustainability.