Siem Reap, 15 September 2022 (TDI): Malaysia is participating in the 54th Economic Ministers Meeting of ASEAN, which started on the 14th of September. The meeting will last till the 18th of September, 2022.
The Malaysian side is represented by the Minister of International Trade and Industry of Malaysia, Mohamed Azmin Ali.
Pada Mesyuarat Menteri-Menteri Ekonomi ASEAN Ke-54 di Siem Reap, Kemboja pada hari ini, Malaysia mencadangkan pengenalan inisiatif simpanan stok ASEAN di mana semua negara anggota menyimpan stok bahan atau produk kritikal mengikut kelebihan masing-masing.@ASEAN @MITIMalaysia pic.twitter.com/oPayrjdctl
— Mohamed Azmin Ali 🇲🇾 (@AzminAli) September 14, 2022
Remarks by Malaysian Minister
During his address on the first day of the ASEAN Meeting, the Minister of Malaysia, Mohamed Azmin Ali highlighted a number of issues.
Additionally, he called on ASEAN member states to promote digital economy and green technology to generate accurate and direct benefits to micro-, small- and medium-sized enterprises (MSMEs) and people.
The Minister applauded the progress of the initiatives under the ASEAN Comprehensive Recovery Framework (ACRF). He expressed his country’s support for the recommendation to explore the expansion of the ACRF scope.
Correspondingly, Mohamed Azmin put forward the recommendation to expand the ACRF scope as it will aid in the formulation of a resilient ASEAN Post-2025 Vision agenda.
I further stressed that the improved ATIGA must be relevant to private sectors and businesses in order for the real benefits of such advancement to be enjoyed by the people particularly, the MSMEs and the youth.
— Mohamed Azmin Ali 🇲🇾 (@AzminAli) September 14, 2022
In addition, he also suggested a review of the agreement of ATIGA. According to the Minister, it should be comprehensive and more responsive to global and regional development to include new challenges such as green technology and the digital economy.
I called for ASEAN to intensify efforts on this front and escalate the level of cooperation, while remaining fully supportive of rules-based agreements to help the region endure the headwinds and crises ahead…
— Mohamed Azmin Ali 🇲🇾 (@AzminAli) September 14, 2022
The Malaysian Trade Minister also revealed that Malaysia’s economic performance this year has increased by 33.1`%. From January to August Malaysia’s total trade value increased to RM1.87 trillion.
Sewaktu Mesyuarat Makan Malam AEM yang berlangsung semalam, saya telah kongsikan kepada rakan-rakan ASEAN saya akan perkembangan positif ekonomi Malaysia yang mencatatkan lonjakan 33.1% jumlah dagangan kepada lebih RM1.8 trilion bagi tempoh lapan bulan pertama tahun ini.
— Mohamed Azmin Ali 🇲🇾 (@AzminAli) September 14, 2022
Further, Minister Mohamed Azmin highlighted that the country’s exports have also breached the RM1 trillion mark within eight months. He said that Malaysia’s trade saw a hike of 48.2% for exports and 67.6% for imports in August alone.
Consequently, it totaled a trading volume worth RM265.74 billion just for August.
On the other hand, the country’s inflation rate of 2.8% in the first seven months is relatively low compared to other countries in the region.
Within this domain, the Minister proposed a regional stockpile initiative that would entail each country to keep a national stockpile of critical products of which that particular country has a comparative advantage relative to other trading partners.
He said this initiative would help ensure a strong regional supply chain and connectivity.
54th ASEAN Economic Ministers Meeting
The 54th AEM is being held in Siem Reap from 14th to 18th September. During the meeting, ministers will hold many sideline meetings too to enhance bilateral relations.
The purpose of the meeting is to enhance efforts for economic recovery in the post-pandemic period. It will also discuss the implementation of the ASEAN Comprehensive Recovery Framework (ACRF) and the ASEAN Trade in Goods Agreement (ATIGA).
Also Read: Opening Ceremony of 55th ASEAN Ministerial Meeting
Prime Minister of Cambodia, Hun Sen is presiding over the meeting as the head of this year’s chair country. As the chair of ASEAN for 2022, Cambodia has hosted a number of ASEAN meetings this year.
