Kuala lumpur: 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. According to Kuwait News Agency, Malaysia's Minister of Investment, Trade and Industry, Tengku Zafrul Abdul Aziz, stated that 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 emphasized 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. More than 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, consists of Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand, and Vietnam, with a population exceeding 680 million and a combined GDP of about USD 3.4 trillion.
