AFAC Sends Powerful Signal To Global Community On ASEAN's Integrity - Tengku Zafrul
By Anas Abu Hassan
KUALA LUMPUR, Sept 23 (Bernama) -- The signing of the ASEAN Framework Agreement on Competition (AFAC) sends a powerful message to the global community that the grouping is fully committed to fairness, transparency and integrity in its markets, said Investment, Trade and Industry Minister Tengku Datuk Seri Zafrul Abdul Aziz.
Tengku Zafrul, who is also the chairperson of the ASEAN Economic Ministers (AEM) Meeting, said the framework agreement also reinforced the bloc's reputation as a dynamic, trusted and reliable economic partner on the global stage.
"As the global economy continues to evolve amid complexity and uncertainty, ASEAN's commitment to competition policy sends a clear and positive signal - it demonstrates to the world that ASEAN is ready to uphold the highest standards of governance, business integrity and transparency," he said at the commencement of the signing ceremony of AFAC on the sidelines of 57th AEM Meeting and Related Meetings today.
The minister received the AFAC document from its negotiation chairperson, Lolibeth Medrano, and then handed the document over to ASEAN Secretary-General Dr Kao Kim Hourn during the commencement of the signing event.
Tengku Zafrul highlighted that the AFAC establishes a strong foundation for cooperation and capacity-building among the region's competition authorities, ensuring that all ASEAN member states move forward together and leave no one behind. He said by signing the AFAC, ASEAN is making a firm commitment to a regional framework that ensures fairness, transparency and accountability in its markets.
"This milestone reflects the highest level of commitment by ASEAN member states towards strengthening economic governance. Above all, the AFAC embodies the ASEAN spirit of collaboration, consensus and resilience, and will stand as a cornerstone in advancing a rules-based economic order across our region," he added.
The negotiation for AFAC began in September 2022 during the 54th ASEAN Economic Ministers (AEM) Meeting in Cambodia, which aimed to facilitate cross-border cooperation and coordination on competition policy and law (CPL) matters among its member states.
-- BERNAMA
