Latest news with #AECBlueprint2025
New Straits Times
12-06-2025
- Business
- New Straits Times
Asean targets US$2tri digital economy under new strategic plan
KUALA LUMPUR: Malaysia is pushing the Asean Economic Community (AEC) strategic plan aimed at positioning the region as the world's fourth-largest economic bloc by 2030, with a target to double Asean's digital economy to an estimated US$2 trillion (RM8.46 trillion). Investment, Trade, and Industry Minister Tengku Datuk Seri Zafrul Abdul Aziz described the plan as a "blueprint for regional economic transformation" that will drive sustainable growth and deeper integration. "This plan represents a new chapter in Asean's economic journey, structured to respond to evolving business needs and emerging challenges while ensuring policies remain dynamic and relevant," he said at the Regional Socialisation of the AEC Strategic Plan under the Asean Community Vision 2045, held here today. The AEC Strategic Plan, succeeding the AEC Blueprint 2025, is organised into five-year cycles leading up to 2045, serving as a comprehensive roadmap for implementing the economic dimensions of the Asean Community Vision 2045. Tengku Zafrul said the first phase of the plan, spanning 2026-2030, is a critical step in harnessing Asean's vast potential and enhancing its resilience. Central to the plan is the ambition to enhance intra-Asean trade by fostering greater interconnectedness within the single market for goods, services, and investments. "Reducing non-trade barriers is pivotal to unlocking Asean's full trade potential, strengthening competitiveness, and building resilience against external shocks," Tengku Zafrul said. The digital economy stands out as a key focus of the strategic plan, with its doubling to US$2 trillion projected to bring transformative benefits to businesses across the region. Tengku Zafrul highlighted how this initiative will empower small and medium enterprises (SMEs) and accelerate innovation. "This forward-looking framework underscores Asean's readiness to embrace digital transformation and adapt to a rapidly changing global landscape," he said. The plan also reaffirms Asean's dedication to market openness, countering the trend of isolationism seen in some global economies. Tengku Zafrul stressed the importance of diversifying Asean's economic relationships by strengthening ties with both traditional partners and emerging markets. "This approach will reduce over-reliance on select economies and enhance Asean's macroeconomic resilience," he added.
The Sun
26-05-2025
- Business
- The Sun
AEC Strategic Plan's shorter cycle of 5 years enables ASEAN to be agile, responsive
KUALA LUMPUR: The ASEAN Economic Community (AEC) Strategic Plan 2026-2030, which has a shorter cycle of five years rather than previous plans with cycles of 10 years, will enable timely review and updates of strategic measures so that integration efforts between member states remain relevant, agile and responsive to emerging and unforeseen future developments. As such, the AEC Strategic Plan from 2026–2030 adopts a five-year timeframe,' the Ministry of Investment, Trade and Industry (MITI) said in a document on the strategic plan. Although a 10-year timeframe provides a broader and long-term perspective for guiding ASEAN's economic integration, the implementation of the AEC Blueprint 2025 during the 2016–2025 period highlighted the need for greater flexibility and responsiveness amid fast-changing geopolitical shift and economic condition, the ministry said. 'A decade-long review cycle can limit the AEC's ability to recalibrate priorities in response to continuously evolving political and economic landscape,' it said in the frequently asked questions (FAQ) document released here. During a pre-media briefing earlier, MITI Minister Tengku Datuk Seri Zafrul Aziz described the economic blueprint as timely, highlighting three pertinent points, namely increasing intra-trade between member states, ASEAN openness extending beyond traditional trading partners and readiness of members towards reforms. While continuing the region's integration efforts, MITI said, the new plan introduces several notable enhancements that differentiate it from its predecessor, including consideration of megatrends, reframing regional economic integration, elevated role of micro, small and medium enterprises (MSMEs) as drivers of economic growth, and stronger emphasis on digital and technology transformation. 'The AEC Strategic Plan 2026–2030 reflects a heightened level of ambition in driving ASEAN's digital and technological transformation. It adopts a more integrated and strategic approach, treating digitalisation not as a standalone issue, but as a cross-cutting enabler of growth, competitiveness, and resilience across all sectors. 'The plan places strong emphasis on strengthening regional digital infrastructure, expanding digital connectivity, and fostering innovation as key drivers of ASEAN's future economy. This forward-looking agenda positions ASEAN to lead and compete effectively in an increasingly digital global landscape,' the ministry said. Furthermore, with negotiations on the Digital Economy Framework Agreement (DEFA) expected to be finalised by the year-end, it can be considered as a landmark agreement as it is the world's first regional digital economy agreement. As for MSMEs, MITI said that given their significant presence across ASEAN economies, the plan positions them not only as beneficiaries of integration, but also as active drivers of sectoral cooperation, innovation and the internationalisation of regional products and services. 'This marks a shift toward a more strategic and growth-oriented role for MSMEs in ASEAN's economic future,' MITI said. As for people of ASEAN, MITI said the plan would provide them with access to more competitive products and services that are affordable, accessible, high-quality and aligned with sustainability principles, supported by seamless and secure digital payments. 'They will enjoy broader employment opportunities across ASEAN member states, empowered to make well-informed choices as consumers with better access to accurate product information and stronger redress mechanisms to address issues with goods and services,' it said. The economic blueprint, adopted by ASEAN Leaders today, is a comprehensive roadmap incorporating six strategic goals, 44 objectives and 192 strategic measures. It was developed through a comprehensive consultative process involving all AEC sectoral bodies and inputs from other ASEAN Community Pillars, and also derived from consultations with 315 stakeholders' representatives from businesses, academia, civil society, parliamentarians and more. A region-wide public survey involving 7,568 respondents from ASEAN member states and Timor-Leste was also conducted for this purpose. The strategic plan is one of four strategic plans under the broader ASEAN Community Vision 2045.
The Sun
26-05-2025
- Business
- The Sun
AEC's five-year plan makes ASEAN more agile and responsive
KUALA LUMPUR: The ASEAN Economic Community (AEC) Strategic Plan 2026-2030, which has a shorter cycle of five years rather than previous plans with cycles of 10 years, will enable timely review and updates of strategic measures so that integration efforts between member states remain relevant, agile and responsive to emerging and unforeseen future developments. As such, the AEC Strategic Plan from 2026–2030 adopts a five-year timeframe,' the Ministry of Investment, Trade and Industry (MITI) said in a document on the strategic plan. Although a 10-year timeframe provides a broader and long-term perspective for guiding ASEAN's economic integration, the implementation of the AEC Blueprint 2025 during the 2016–2025 period highlighted the need for greater flexibility and responsiveness amid fast-changing geopolitical shift and economic condition, the ministry said. 'A decade-long review cycle can limit the AEC's ability to recalibrate priorities in response to continuously evolving political and economic landscape,' it said in the frequently asked questions (FAQ) document released here. During a pre-media briefing earlier, MITI Minister Tengku Datuk Seri Zafrul Aziz described the economic blueprint as timely, highlighting three pertinent points, namely increasing intra-trade between member states, ASEAN openness extending beyond traditional trading partners and readiness of members towards reforms. While continuing the region's integration efforts, MITI said, the new plan introduces several notable enhancements that differentiate it from its predecessor, including consideration of megatrends, reframing regional economic integration, elevated role of micro, small and medium enterprises (MSMEs) as drivers of economic growth, and stronger emphasis on digital and technology transformation. 'The AEC Strategic Plan 2026–2030 reflects a heightened level of ambition in driving ASEAN's digital and technological transformation. It adopts a more integrated and strategic approach, treating digitalisation not as a standalone issue, but as a cross-cutting enabler of growth, competitiveness, and resilience across all sectors. 'The plan places strong emphasis on strengthening regional digital infrastructure, expanding digital connectivity, and fostering innovation as key drivers of ASEAN's future economy. This forward-looking agenda positions ASEAN to lead and compete effectively in an increasingly digital global landscape,' the ministry said. Furthermore, with negotiations on the Digital Economy Framework Agreement (DEFA) expected to be finalised by the year-end, it can be considered as a landmark agreement as it is the world's first regional digital economy agreement. As for MSMEs, MITI said that given their significant presence across ASEAN economies, the plan positions them not only as beneficiaries of integration, but also as active drivers of sectoral cooperation, innovation and the internationalisation of regional products and services. 'This marks a shift toward a more strategic and growth-oriented role for MSMEs in ASEAN's economic future,' MITI said. As for people of ASEAN, MITI said the plan would provide them with access to more competitive products and services that are affordable, accessible, high-quality and aligned with sustainability principles, supported by seamless and secure digital payments. 'They will enjoy broader employment opportunities across ASEAN member states, empowered to make well-informed choices as consumers with better access to accurate product information and stronger redress mechanisms to address issues with goods and services,' it said. The economic blueprint, adopted by ASEAN Leaders today, is a comprehensive roadmap incorporating six strategic goals, 44 objectives and 192 strategic measures. It was developed through a comprehensive consultative process involving all AEC sectoral bodies and inputs from other ASEAN Community Pillars, and also derived from consultations with 315 stakeholders' representatives from businesses, academia, civil society, parliamentarians and more. A region-wide public survey involving 7,568 respondents from ASEAN member states and Timor-Leste was also conducted for this purpose. The strategic plan is one of four strategic plans under the broader ASEAN Community Vision 2045.
The Sun
26-05-2025
- Business
- The Sun
Solidarity drives ASEAN economic goals under AEC plan
KUALA LUMPUR: The continuous solidarity among ASEAN members is both exemplary and the strongest point in moving the region's economic agenda further forward in mapping out the ASEAN Economic Community (AEC) Strategic Plan 2026-2030, more so amid rising protectionism and current challenges to the world trading order. Satvinder Singh, ASEAN Deputy Secretary-General for AEC, said regional solidarity was clearly evident in their discussions on economic plans at the secretariat. 'The solidarity to move the economic agenda forward is unbelievable (which is why) we are progressing massively in the AEC outcomes,' he said at a pre-event briefing on the AEC Strategic Plan 2026-2030 recently. According to Satvinder, ASEAN's solidarity is all the more timely as it navigates a dynamic global environment dictated by geopolitical and demographic shifts, technological advancements and urgent calls for sustainability. The plan launched today is a comprehensive roadmap incorporating six strategic goals, 44 objectives and 192 strategic measures. It forms part of the overall ASEAN Community Vision 2045 (ACV 2045), which was adopted by the ASEAN Leaders at the 46th ASEAN Summit today. Asked how progress of the strategic plan would be monitored, he said scorecards and quarterly reporting will be among methods used by the ASEAN Secretariat based in Jakarta to monitor the progress of member states and ensure the smooth implementation of initiatives. More importantly than implementation are the outcomes of AEC initiatives and thereafter the highest level being impact evaluations, he said. There would be comparisons between member countries in measuring the extent of their implementation – countries that have done so and those which have not. 'We have a scorecard that will be reported during meetings so that the relevant countries would know what to do, but it's all still internal,' he said. The five-year economic blueprint charts ASEAN's aspiration of becoming the world's fourth-largest economy from fifth currently, while setting the direction for regional integration, competitiveness and resilience at a time that foretells significant global changes. It builds on the AEC Blueprint 2025 and responds to long-term trends such as digitalisation, climate change, shifting trade dynamics and demographic transitions. The plan is one of four strategic plans under the broader ACV 2045.
The Sun
26-05-2025
- Business
- The Sun
Solidarity is ASEAN's key strength in advancing economic agenda under AEC Strategic Plan
KUALA LUMPUR: The continuous solidarity among ASEAN members is both exemplary and the strongest point in moving the region's economic agenda further forward in mapping out the ASEAN Economic Community (AEC) Strategic Plan 2026-2030, more so amid rising protectionism and current challenges to the world trading order. Satvinder Singh, ASEAN Deputy Secretary-General for AEC, said regional solidarity was clearly evident in their discussions on economic plans at the secretariat. 'The solidarity to move the economic agenda forward is unbelievable (which is why) we are progressing massively in the AEC outcomes,' he said at a pre-event briefing on the AEC Strategic Plan 2026-2030 recently. According to Satvinder, ASEAN's solidarity is all the more timely as it navigates a dynamic global environment dictated by geopolitical and demographic shifts, technological advancements and urgent calls for sustainability. The plan launched today is a comprehensive roadmap incorporating six strategic goals, 44 objectives and 192 strategic measures. It forms part of the overall ASEAN Community Vision 2045 (ACV 2045), which was adopted by the ASEAN Leaders at the 46th ASEAN Summit today. Asked how progress of the strategic plan would be monitored, he said scorecards and quarterly reporting will be among methods used by the ASEAN Secretariat based in Jakarta to monitor the progress of member states and ensure the smooth implementation of initiatives. More importantly than implementation are the outcomes of AEC initiatives and thereafter the highest level being impact evaluations, he said. There would be comparisons between member countries in measuring the extent of their implementation – countries that have done so and those which have not. 'We have a scorecard that will be reported during meetings so that the relevant countries would know what to do, but it's all still internal,' he said. The five-year economic blueprint charts ASEAN's aspiration of becoming the world's fourth-largest economy from fifth currently, while setting the direction for regional integration, competitiveness and resilience at a time that foretells significant global changes. It builds on the AEC Blueprint 2025 and responds to long-term trends such as digitalisation, climate change, shifting trade dynamics and demographic transitions. The plan is one of four strategic plans under the broader ACV 2045.
