KUALA LUMPUR: Trade and investments will be among the main issues discussed by Asean and US officials during the Asean Economic Ministers (AEM) meeting today, says Tengku Datuk Seri Zafrul Abdul Aziz.
The Investment, Trade and Industry Minister said the Trade and Investment Framework Agreement (Tifa) would be raised during the AEM-USTR (US Trade Representative) Consultation.
Tifa is an agreement between the United States and Asean to enhance trade and investment.
"The fact that all Asean economic ministers and USTR are here shows that Asean and the US value each other's relationship when it comes to trade and investment," he told a press conference yesterday.
The United States is Asean's second largest trading partner and its largest source of foreign direct investment.
Tengku Zafrul said the AEM-USTR Consultation will also include a presentation by the US-Asean Business Council.
Asean, he said, would continue to uphold the principles of multilateralism and a rules-based trading system, with the World Trade Organization at its core.
"Asean believes in centrality and neutrality. We will continue to engage the US," he added.
"We are preparing for the next Asean Summit in October and also for the Asean-US meeting with US President Donald Trump."
Tengku Zafrul said that Asean will have a dialogue with member states of the Comprehensive and Progressive Trans-Pacific Partnership (CPTPP) agreement on Nov 20.
"We will discuss some potential collaboration there," he said, adding that the meetings with CPTPP member states will begin at the senior officials' level.
In earlier meetings yesterday, Tengku Zafrul said Asean is exploring engagement with new trading blocs, including the CPTPP.
The CPTPP is a free trade agreement signed in 2018 by 11 Pacific Rim countries including Malaysia.
This agreement removes tariffs among its member states which include Peru, Singapore, Japan, Chile, New Zealand, Vietnam and the United Kingdom.
The CPTPP came about after Trump, in his first tenure as US president in 2017, pulled the United States out of the Trans-Pacific Partnership agreement.
Tengku Zafrul also spoke about the "turbulent geopolitical and geo-economic landscape" and said Malaysia's collaborative platform with Asean has never been more timely and important "particularly when our trading landscape is fragmenting fast".
"But through past and current challenges, Asean has always been guided by the spirit of centrality since 1967.
"This week's event focuses on charting Asean's course as we face a new global order."
To revive intra-regional trade, Tengku Zafrul said Asean will sign the upgraded Asean Trade in Goods Agreement (Atiga) during the Asean Summit next month.
"There will be new elements to address emerging issues, including remanufactured goods, trade and environment, trade and humanitarian crisis situations and supply chain connectivity.
"The upgraded Atiga reflects Asean's commitment to a rules-based multilateral trading system," he added.
Tengku Zafrul also said the AEM took note of progress made in the negotiations for the Digital Economic Framework Agreement.
This agreement, he said, would double Asean's digital economy by 2030.