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ISLAMABAD: Ambassadors from seven ASEAN member states have agreed to strengthen trade and economic ties with Pakistan, reaffirming commitment to deeper cooperation across technology, infrastructure, and skills development, the commerce ministry said Tuesday.&nbsp;Commerce Minister Jam Kamal Khan hosted the envoys of Indonesia, Malaysia, the Philippines, Thailand, Brunei Darussalam, Vietnam, and Myanmar at the ministry in Islamabad, where both sides discussed boosting investment and expanding bilateral and regional trade.&nbsp;&ldquo;There is immense potential to go further,&rdquo; Khan said, citing opportunities in value-added agriculture, technology transfer, and skilled labor. He also highlighted Pakistan&rsquo;s strategic location as a gateway to Central Asia, with enhanced port connectivity under new transit trade agreements.&nbsp;The minister briefed diplomats on Islamabad&rsquo;s revised trade and tariff policies, vehicle import reforms, and progress on a Free Trade Agreement with the Gulf Cooperation Council (GCC). He invited ASEAN businesses to invest in Special Economic Zones under CPEC, citing improved macroeconomic indicators and a more investment-friendly climate.&nbsp;Pakistan&rsquo;s new Trade Dispute Resolution Commission, the first of its kind, was also introduced to help international companies resolve issues more efficiently.&nbsp;The Malaysian envoy offered opportunities for Pakistani firms in Malaysia&rsquo;s chip-making sector, while other ambassadors noted ongoing ASEAN investments in Pakistan&rsquo;s construction and energy sectors.&nbsp;All envoys welcomed Pakistan&rsquo;s outreach and agreed on the need to accelerate cooperation through trade, tourism, skills exchanges, and supply-chain integration.&nbsp;Pakistan, a Sectoral Dialogue Partner of ASEAN since 1993, is actively seeking Full Dialogue Partner status, despite a current moratorium.

Economy

Foreign Affairs

Pakistan and ASEAN countries agreed to expand trade, investment, and cooperation in key sectors during a high-level meeting in Islamabad, the commerce ministry said Tuesday. Both sides pledged to chart a roadmap for deeper ties.

Pakistan, ASEAN countries agree to deepen trade and investment ties

Reuters

KUALA LUMPUR: A large but loose Asian trade bloc that includes China, the Regional Comprehensive Economic Partnership, will consider adding new members and finding ways to boost trade when its leaders meet next month, the Malaysian hosts said on Monday.&nbsp;Malaysia plans to hold a summit of the RCEP, the world&#39;s largest trade bloc, when it hosts the annual gathering of the Association of Southeast Asian Nations in Kuala Lumpur.&nbsp;Leaders of the RCEP - which includes all 10 ASEAN members as well as China, Japan, South Korea, Australia and New Zealand - have not held an official meeting since November 2020, when they signed a trade deal aimed at lowering tariffs, boosting investment and allowing freer movement of goods.&nbsp;The RCEP is seen as a potential buffer against tariffs imposed by US President Donald Trump&#39;s administration, though its provisions are considered weaker than some other regional trade deals due to competing interests among members.&nbsp;The October meeting will let members suggest improvements to the RCEP trade deal and consider requests from some countries to join, Malaysia&#39;s trade minister Tengku Zafrul Aziz told Reuters in an interview ahead of a meeting of ASEAN economic ministers this week.&nbsp;He declined to provide details on potential changes or name countries that have applied to join, citing confidentiality. But he said he was optimistic the RCEP can be &quot;more relevant and current&quot;.&nbsp;Malaysian minister: Meeting will not be &lsquo;hijacked by China&rsquo;China has called on countries in the region to embrace multilateral frameworks such as the RCEP to counter the impact of the US tariffs.&nbsp;Tengku Zafrul said he was not worried about the meeting being &quot;hijacked&quot; by China, as ASEAN and RCEP members agreed on multilateralism and were committed towards engaging with others, including the United States.&nbsp;&quot;To be fair to Malaysia and ASEAN member states, and even other RCEP members, they have said the same thing. I mean, Korea, Japan, New Zealand, Australia and all have stated their views on multilateralism,&quot; he said.&nbsp;&quot;So, whether China will hijack the agenda: I don&#39;t think so, because there&#39;s nothing new in our belief about that principle.&quot;&nbsp;Trump&#39;s tariff drive has seen levies of between 10% and 40% placed on goods from Asian countries, with the majority of major ASEAN economies levelled with a rate of 19%.&nbsp;The US tariffs are expected to be a key point of discussion during the ASEAN ministers&#39; gathering this week, which will be attended by US Trade Representative Jamieson Greer.&nbsp;Tengku Zafrul said the ASEAN meetings will let the bloc discuss key issues with both the United States and China, the region&#39;s two largest trade partners.

Business

Malaysia plans to hold a summit of the RCEP, the world's largest trade bloc, when it hosts the annual gathering of the Association of Southeast Asian Nations in Kuala Lumpur.


Articles tagged with "ASEAN"

Pakistan, ASEAN countries agree to deepen trade and investment ties

China-backed Asian trade bloc looks to expand, upgrade deal