Trading among ASEAN countries has made significant strides since the ASEAN Free Trade Area was established in 1992 and is set to grow further in the coming years.

The surge in trade was underscored by Laos’ Minister of Industry and Commerce, Mr Malaythong Kommasith, when he chaired the 56th ASEAN Economic Minister Meeting (AEM) and 38th ASEAN Free Trade Area Council Meeting in Vientiane on Monday.

ASEAN has eliminated tariffs on almost all products, comprising 98.6 percent of all tariff items, and is continuing to refine the ASEAN Single Window Tax Notification System, in order to reduce trade costs and facilitate business in the region, Mr Malaythong said.

These measures have led to a marked growth in trade, with the value of inter-ASEAN trade in 2023 reaching US$759 billion, accounting for 21.5 percent of the total value of trade by ASEAN countries.

Mr Malaythong said he greatly appreciated the fact that this achievement was due to the strong leadership of ASEAN Economic Community Senior Officials and related sectors, which have implemented commitments under the ASEAN Trade Agreement and the ASEAN Programme to ensure the success of the ASEAN Economic Community Master Plan for 2025.

“In the past year, we have fulfilled work plans on the creation of the ASEAN Free Trade Zone and achieved many goals. In particular, we were able to resolve issues arising from the ASEAN Trade Agreement and the use of electronic trade documents through the ASEAN Single Window Tax Notification Service System,” he said.

He also highlighted the progress of negotiations to upgrade the ASEAN Trade Agreement which he hoped would be completed in 2025 as scheduled.

To broaden and deepen regional trade and further integrate trade, the meeting will consider and adopt a report from the ASEAN Economic Senior Officials Committee, a report from the negotiating committee on the upgrade of the ASEAN Trade Agreement, and the joint statement of the 38th AFTA Council Meeting, Mr Malaythong said.

He invited ministers attending the meeting to make constructive comments towards resolving various issues and to recommend clear directions for future progress by creating a favourable environment for the development of trade in the region.

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Source: The Phnom Penh Post 

The Minister emphasised that the terminal expansion will not only increase overall throughput and accommodate larger vessels but will also contribute to growing the port’s value chain by offering additional logistics services.

This includes the construction of a 3.62-hectare Port Trade Zone (PTZ) within the new terminal, designed to streamline importing, production, and exporting for businesses using the port.

Source: Biz Brunei

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Cambodia’s first halal-focused special economic zone (SEZ) project was launched on Saturday following the signing of several memorandums of understanding (MoU) between the private-sector partners; including local business conglomerate, the WorldBridge Group of Companies.

The specialized industrial zone project ‘Halal Park Cambodia’, is set to be constructed on a 267-hectare plot of land in Kandal Province, located in close proximity to the ongoing Funan Techo Canal (FTC).

The FTC will link the industrial zone to key export ports via the canal once completed in the coming years.

The inauguration ceremony for the new SEZ, held in Phnom Penh, was attended by key company representatives and local dignitaries, as well as representatives from regional national halal institutions such as the Central Islamic Commission of Thailand (CICOT), the Malaysian Islamic Development Department (JAKIM), the Johor Malaysian Islamic Commission (Majlis Agama Islam Negeri Johor), the Singapore Islamic Council (MUIS), the Indonesia Halal Product Assurance Organizing Body (BPJPH) and the Vietnam Halal Certification Authority.

The specialized production zone envisioned by the founders of the park aims to provide for growth in domestic demand for halal-certified products, chiefly including halal food and cosmetics, as well as opening export opportunities in the multi-trillion dollar global halal products market.

According to the project’s founder and chairman, Mohd Amin Mohd Zain, who addressed attendees at the zone’s opening ceremony last weekend, the first priority for the venture will include the establishment of a multi-level satellite halal central kitchen and dedicated halal zones, within a surrounding cluster of small to medium-sized businesses (SMEs).

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Reporter: James Whitehead 
Source: Khmer Times

The e-commerce and digital trade sectors in Cambodia have witnessed remarkable growth in recent years, reflecting the country’s dynamic and resilient economy, thanks to government initiatives to promote digitalization.

Cham Nimul, Minister of Commerce, made the remarks while presiding over the opening ceremony of the workshop on ‘Cambodia’s Digital Economy and Engagement with E-DISC’ (ERIA Digital Innovation and Sustainable Economy Center), on Monday at the Hyatt Regency Phnom Penh.

The workshop was attended by numerous participants from line ministries and stakeholders.

Nimul said that the ministry has implemented policies and programs to foster a conducive environment for digital businesses. “The e-commerce and digital trade sectors in Cambodia are currently experiencing significant growth following the Covid-19 pandemic, highlighting the dynamism and resilience of the country’s economy,” she said.

This sector is driven by innovative entrepreneurs, a young population and an increasing level of digital interconnectedness, she added.

The Commerce Minister further said that the government has introduced the Cambodia Digital Economy and Society Framework 2021-2035 and the Cambodia Digital Government Policy 2022-2035 to utilize digital technology to enhance societal and economic efficiency.

Digital business development is a pillar in building the digital economy and social policy framework of Cambodia 2021-2035, which focuses on supporting the entrepreneurial ecosystem and startups by strengthening entrepreneurship and promoting startups in terms of capacity and financial resources.

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Author: Chea Vanyuth

Source: Khmer Times 

Minister at the Prime Minister’s Office and Minister of Finance and Economy II Dato Seri Setia Dr Awang Haji Mohd Amin Liew bin Abdullah reflected on the significant strides that have been made in building a robust and lasting relationship between ASEAN and Australia, and resulting in positive results, benefiting not only for the two countries but also the broader regional community during a Sunset Santai reception yesterday.

“Australia remains an important trading partner for Brunei and the economic relations have continued to develop over the years. Despite the COVID-19 pandemic, the total trade between Brunei and Australia had doubled, mostly due to the exportation of crude oil, fertiliser and seafood to Australia,” said the minister.

“In 2021, the total trade was BND2.44 billion; BND4.04 billion in 2022 and BND3.17 billion last year with Australian produce, especially dairy and farm products are very popular in Brunei as well as a continued local demand for quality meat products where almost all of the country’s lamb and mutton imports are from Australia hence Brunei continues to welcome Australian investments in its diversification efforts,” he added.

“As we commemorate the 50th anniversary of ASEAN-Australia Dialogue Relations this year, our cooperation has evolved to cover a wide range of sectors across the three ASEAN community pillars.

“As one of ASEAN’s largest trade and investment partners, Australia has played a pivotal role in ASEAN’s economic development and growth as showcased through frameworks such as the ASEAN-Australia-New Zealand Free Trade Area (AANZFTA), Regional Comprehensive Economic Partnership and Comprehensive and Progressive Agreement for Trans-Pacific Partnership,” the minister said.

Source: Borneo Bulletin

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A new port trade zone (PTZ) will drive economic growth through the enhancement of export-oriented industrialisation and the promotion of sector diversification as well as employment growth, said Minister at the Prime Minister’s Office and Minister of Finance and Economy II Dato Seri Setia Dr Awang Haji Mohd Amin Liew bin Abdullah during the ground-breaking ceremony for an expansion project of the Muara Container Terminal yesterday.

The project, to be completed by the second quarter of 2027, includes the development of a PTZ aimed at streamlining trade processes and supporting regional industrial growth.

The expansion is also set to transform Muara Container Terminal into a vital hub for international trade and investment, fostering economic growth and enhancing connectivity between the Sultanate and China. The project not only underscores both nations’ commitment to economic partnership, but it also positions Muara Port as a strategic gateway to regional and global markets.

Spearheaded by Muara Port Company Sdn Bhd (MPC), the project also marks a historical milestone in the Brunei-China relations.

Dato Seri Setia Dr Awang Haji Mohd Amin Liew said, “Over the past few years, Brunei and China have shared a strong bond of friendship and cooperation, which is further strengthened by the establishment of the Brunei-Guangxi Economic Corridor (BGEC) in September 2014, which has been serving as an exemplary gateway for both nations to collaborate and establish synergistic business activities, infusing new momentum into the Belt and Road Initiative and furthering Brunei Vision 2035.” The minister also highlighted the project’s importance. “In 2022, the Brunei-Indonesia-Malaysia-Philippines East ASEAN Growth Area (BIMP-EAGA) region saw a notable increase in total trade in goods, rising by USD65.8 billion, spanning a vast area of 1.6 million square kilometres and home to a population of 79.8 million. As a key node in BIMP-EAGA, Muara Port plays a crucial role in facilitating trade between the region and western China through the International Land-Sea Trade Corridor,” he said.

He added, “With MPC’s expansion plan and efficient port handling productivity, we will be able to facilitate the expected growth in the import and export of cargo from the development of local and international trade.”

Ultimately, he said, “these efforts will facilitate in transforming Muara Port into a major regional shipping and transshipment hub”. Minister of Primary Resources and Tourism Dato Seri Setia Dr Haji Abdul Manaf bin Haji Metussin, Minister of Development Dato Seri Setia Awang Haji Muhammad Juanda bin Haji Abdul Rashid, Minister of Transport and Infocommunications Pengiran Dato Seri Setia Shamhary bin Pengiran Dato Paduka Haji Mustapha and Deputy Minister of Finance and Economy (Economy) Dato Seri Paduka Haji Khairuddin bin Haji Abdul Hamid were also present.

Source: Borneo Bulletin

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Youth need to remain actively involved in ASEAN affairs. Youth must also focus on their vision for the future and participate in ASEAN’s ongoing work, ASEAN Secretary-General Dr Kao Kim Hourn said.

He said this during his keynote address on ‘Cooperation, Collaboration, and the Youth: The Bedrock of Innovation and Sustainability’ at the Pro-Chancellor Arts Centre, Universiti Brunei Darussalam on Tuesday.

He added, “ASEAN leaders have committed to regular dialogues with youth, with annual meetings involving youth leaders from all 10 ASEAN member countries.”

Dr Kao also highlighted during the 42nd ASEAN Summit in Indonesia in 2023, youth leaders provided recommendations on four key areas. The areas were enhancing the regional ecosystem for youth entrepreneurship, improving digital literacy, accelerating inclusive digital transformation, and leveraging economic opportunities through digital platforms.

He also highlighted the importance of incorporating youth perspectives into ASEAN’s new Vision 2045 and strategic plans for its three pillars: political-security, economic, and socio-cultural. “As we finalise these plans, it is crucial to include the voices of the youth,” he added.

Dr Kao underscored the vital role of youth as future leaders, innovators, and influencers. “The landscape has changed dramatically with technology advances. It is important for our youth as the future leaders and change makers, educators, innovators and influencers.

Source: Borneo Bulletin

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The number of Bruneian travelers visiting Malaysia last year surged by 169 per cent, with a total of 811,833 Brunei tourists recorded, compared to 301,757 in the previous year. This significant increase reflects the growing appeal of Malaysia as a destination for Bruneians, not only for its diverse culture, culinary delights, and natural attractions but also as a popular honeymoon destination.

In a move that is expected to further enhance economic cooperation between the two nations, the Sarawak Trade and Tourism Board (STATOB) will begin operations in Brunei in the fourth quarter of this year, focusing on boosting trade and tourism.

These insights were shared by Chargé d’Affaires at the Malaysian High Commission in Bandar Seri Begawan Mrs Nur Ezira Mahadi, during a dinner commemorating the 40th Anniversary of Diplomatic Relations between Malaysia and Brunei Darussalam. The event, held at the Royal Berkshire Hall, Tarindak D’Polo, Jerudong last Sunday, was hosted by the Malaysian High Commission in conjunction with the working visit of Malaysia’s Foreign Minister to Brunei for the 25th Meeting of the Implementation of the Exchange of Letters between the two countries.

Source: Borneo Bulletin

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