ASEAN, Dialogue Partners Reaffirm Support For Rules-Based Multilateral Trading System - MITI

KUALA LUMPUR, May 20 (Bernama) – The ASEAN Economic Ministers’ (AEM) consultations with China, Australia, New Zealand (NZ) and Japan have separately reaffirmed commitment to a rules-based multilateral trading system, with the World Trade Organisation at its core.

The Investment, Trade and Industry Ministry (MITI) said in a statement today that such a commitment promotes a predictable, transparent, free, fair, inclusive, sustainable, non-discriminatory and open trade and investment environment.

Trade and Industry Minister Tengku Datuk Seri Utama Zafrul Aziz co-chaired all three sessions virtually, with Timor Leste’s Commerce and Industry Minister Filipus Nino Pereira as an observer.

The session with China’s Commerce Minister Wang Wentao acknowledged that ongoing global trade tensions are impacting regional supply chain resiliency, disrupting the global trade order, exacerbating trade frictions, and weakening confidence in the rules-based multilateral trading system.

Tengku Zafrul said: “Given ASEAN countries’ deep embedment in global supply chains, any major geopolitical and geoeconomic uncertainties will affect businesses and consumers, not just within ASEAN, but worldwide.”

The ministers also reaffirmed the target to sign the ASEAN-China Free Trade Area 3.0 upgrade protocol, one of Malaysia’s priority economic deliverables as ASEAN chair, by this year.

bootstrap slideshow

“This upgrade is envisaged to include new areas, such as the digital and green economy, and supply chain connectivity,” he said.

The meeting also recognised the importance of expanding trade linkages via initiatives such as the Regional Comprehensive Economic Partnership (RCEP) agreement.

All the ASEAN economic ministers and China concurred to using the WTO, among others, for constructive engagement and to seek solutions to safeguard members’ legitimate interests, the statement said.

The session with Australia’s Trade and Tourism Minister Don Farrell and NZ’s Trade and Investment Minister Todd McClay reaffirmed the agreement establishing ASEAN-Australia-New Zealand free trade area (AANZFTA) principles of open, predictable, transparent, rules-based and non-discriminatory trade.

It also welcomed the entry into force of the second protocol to amend the AANZFTA for Australia, Brunei, Laos, Malaysia, NZ, and Singapore on April 21, the statement said.

The meeting looked forward to welcoming the entry into force of the second protocol for remaining parties later this year to cement this regional economic collaborative framework, the statement said.

The session with Japan’s Economy, Trade and Industry Yoji Muto underscored the regional bloc and Japan’s commitment to implement and promote the ASEAN-Japan Comprehensive Economic Partnership.

“The meeting noted ongoing efforts to implement, improve and expand the RCEP agreement, including finalising procedures on the accession of aspirant economies to RCEP,” he said.

He added that industry-specific initiatives in the automotive sector, clean energy, and ethical, responsible development and deployment of artificial intelligence will be explored.

-- BERNAMA