ASEAN Economic Ministers Sign Framework Agreement On Competition

2025-09-23 05:04:01

(MENAFN- Kuwait News Agency (KUNA)) KUALA LUMPUR, Sept 23 (KUNA) -- ASEAN economic ministers signed on Tuesday the ASEAN Framework Agreement on Competition (AFAC) during their 57th ministerial meeting in Kuala Lumpur, reaffirming their commitment to fairness, transparency, and integrity in regional markets.
Malaysia's Minister of Investment, Trade and Industry, Tengku Zafrul Abdul Aziz, said the agreement aims not only to regulate businesses but also to empower people, ensure fair prices for consumers, and foster innovation in an open and transparent environment.
He stressed that the pact establishes a solid basis for cooperation among competition authorities in ASEAN, reflecting the region's unity and shared vision. It also signals to the world ASEAN's readiness to uphold high standards of governance and business integrity to remain competitive and resilient.
Over 500 delegates are attending the meetings in Kuala Lumpur, which also cover trade and investment issues with dialogue partners. Ministers will prepare for the upcoming 47th ASEAN Summit and discuss regional economic integration, including the world's largest trade deal, the Regional Comprehensive Economic Partnership (RCEP), involving ASEAN and partners such as China, Japan, South Korea, Australia, and New Zealand.
ASEAN, founded in 1967, groups Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand, and Vietnam, with a population of over 680 million and a combined GDP of about USD 3.4 trillion. (end)
aab

MENAFN23092025000071011013ID1110098047

Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.