REGIONAL COOPERATION, RCEP TAKE CENTRE STAGE ON DAY TWO OF ASEAN SUMMIT

By R. Thivyamalini and Siti Radziah Hamzah

KUALA LUMPUR, Oct 27 (Bernama) -- A series of high-level and bilateral meetings took place on the second day of the 47th ASEAN Summit and Related Summits here today, including the pivotal 5th Regional Comprehensive Economic Partnership (RCEP) Summit and the 26th ASEAN–South Korea, alongside engagements involving leaders from Canada, South Korea, Russia and India.

Prime Minister Datuk Seri Anwar Ibrahim said the RCEP Summit has taken on special significance as the first meeting of RCEP leaders since the agreement was signed in 2020 during the height of the COVID-19 pandemic.

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It highlighted the importance of the ambitious reform undertaken by the World Trade Organisation (WTO) to ensure the organisation can better deliver the interests of all members.

In a joint leaders’ statement, the RCEP, which consists of 10 ASEAN nations, as well as China, Japan, South Korea, Australia and New Zealand, also reaffirmed its commitment to the WTO rules and principles as the foundation of an open, transparent, fair and rules-based multilateral trading system that ensures predictability and non-discrimination for all trading partners.

The RCEP leaders reiterated their commitment to refraining from taking any measures inconsistent with obligations under the RCEP Agreement, ensuring that markets remain open, free and rules-based, removing unnecessary trade barriers, and strengthening trade and investment facilitation for all.

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During the ASEAN-South Korea Summit, Anwar said an ecosystem that fosters new opportunities, inclusive growth and open markets can be shaped by harnessing ASEAN’s vast growth potential together with South Korea’s technological and economic strengths.

Marking the 65th anniversary of diplomatic relations this year, Malaysia and South Korea also reaffirmed their commitment to further strengthen bilateral ties, building upon the strategic partnership formalised in 2024.

The two nations have concluded the negotiations on free trade agreements today.

The Malaysia-Republic of Korea Free Trade Agreement (MKFTA) covers goods, services, investments, customs facilitation, sanitary and phytosanitary, digital trade, green economy, bioeconomy and economic cooperation. 

The Chapter on Economic Cooperation and Capacity Building remains paramount and will be a key focus for Malaysia in this FTA. 

The MKFTA is set to be Malaysia’s 19th free trade agreement to date as the country moves to diversify its export markets amid global economic uncertainties. 

Last year, South Korea was Malaysia’s eighth-largest trading partner with a total trade amounting to USD24.01 billion (RM109.68 million).

In a separate event, Malaysia and Canada agreed to deepen economic and investment cooperation while exploring new opportunities in green energy, innovation and education to drive inclusive and sustainable growth.

Anwar also called on East Asia Summit (EAS) leaders to renew their shared purpose and reaffirm their commitment to dialogue, cooperation and multilateralism in addressing regional and global challenges.

Marking the 20th anniversary of the EAS, Anwar said the leaders-led forum was founded on the wisdom and foresight of its founders to serve as a platform for strategic, political and economic dialogue, with ASEAN as the driving force.

Malaysia also received recognition from the United Nations (UN) for its consistent and principled foreign policy stance on Palestine, particularly its readiness to participate in a potential UN peacekeeping mission in Gaza.

Meanwhile, Anwar extended gratitude to the UN Secretary-General Antonio Guterres for his peacekeeping efforts over the years. 

The Prime Minister expressed this during his opening remarks at the 15th ASEAN-UN Summit and said Guterres has been a persistent voice of concern and courage in defending multilateral cooperation, freedom and the rights of nations and minorities.

The day ended with a gala dinner hosted by Anwar and his wife, Datuk Seri Dr Wan Azizah Wan Ismail, for the ASEAN leaders and spouses, during which they were also entertained by renowned Malaysian singers, Datuk Seri Siti Nurhaliza, Datuk M. Nasir and Dayang Nurfaizah.

The ongoing 47th ASEAN Summit and Related Summits at the Kuala Lumpur Convention Centre under Malaysia’s ASEAN Chairmanship 2025 theme of ‘Inclusivity and Sustainability’, brought together more than 3,000 delegates and leaders from over 30 countries and international organisations to enhance regional engagement and cooperation.

-- BERNAMA