Asean has signed the Framework Agreement on Competition (Afac), underscoring its commitment to fairness, transparency, and integrity in regional markets.
Investment, Trade and Industry Minister Tengku Zafrul Abdul Aziz said the pact ensures a level playing field for businesses, protects consumers, and promotes innovation, while strengthening cooperation among member states.
00:01Today's event marks not only a milestone in our regional economic integration, but also a clear demonstration of ASEAN's collective commitment to building a fair, transparent and competitive marketplace.
00:15I wish to place on record our deepest appreciation to the Secretary General of ASEAN for his leadership and steadfast support throughout this process.
00:29The guidance has been instrumental in steering us to today's achievement.
00:34I also wish to express sincere gratitude to Ms. Dolibeth Medrano, represent of the ASEAN Framework Agreement or Competition, as well as to all officials involved in the negotiations from across ASEAN.
00:47Your efforts, patience and dedication over the years have laid the foundation for this landmark agreement.
00:54This moment belongs as much to you as it does to the ASEAN community collectively.
01:00The effect represents the culmination of years of diligent work, careful negotiation and above all shared vision.
01:08This milestone is like the highest level of commitment by ASEAN member states towards strengthening economic governance.
01:15Above all, the effect embodies ASEAN's spirit of collaboration, consensus and resilience
01:22and will stand as a cornerstone in advancing a rule-based economic order across our region.
01:29Distinguished guests, ladies and gentlemen, competition policy is not merely about regulating businesses,
01:37it is about empowering people, ensuring that consumers enjoy greater choice at fair prices,
01:44that enterprises compete on merit and that innovation flourishes in an open and transparent environment.
01:51By signing the effect, ASEAN is making a firm commitment to a regional framework that ensures fairness, transparency and accountability in our markets.
02:01Allow me to highlight three key messages from today's signing.
02:05First, the effect reflects ASEAN's equity and accountability.
02:09It is clear proof that by working together, we can deliver agreements that are ambitious, balanced and future-oriented.
02:17Again, the effect establishes a strong foundation for cooperation and capacity building among our competition authorities,
02:26ensuring that all ASEAN member states move forward together and leave no one behind.
02:31Third, the effect sends a powerful message to the global community,
02:35that ASEAN is fully committed to fairness, transparency and integrity in its markets,
02:41reinforcing our reputation as a dynamic, trusted and reliable economic partner.
02:47Our excellencies, it is to be guessed that the global economy continues to evolve amid complexity and uncertainty,
02:56ASEAN's commitment to competition policy sends a clear and positive signal.
03:00It demonstrates to the world that ASEAN is ready to uphold the highest standards of governance, business integrity and transparency,
03:09doing so to ensure that our region remains attractive, competitive and resilient in the face of future challenges.
03:17More importantly, the effect places people at the very heart of ASEAN's economy.
03:23By protecting consumers and ensuring a level playing field for businesses,
03:27we are reinforcing the social contract between our economies and our cities.
03:33This is what makes ASEAN truly people-centred, inclusive, and forward-looking.
03:39Timing of today's signing is also significant as it aligns with the team of Malaysia's ASEAN territory in 2025,
03:46including inclusivity, inclusivity, and sustainability.
03:49The effect embodies inclusivity by ensuring that competition benefits all sectors of society,
03:54from consumers and small enterprises.
03:57At the same time, it promotes sustainability by fostering innovation and efficiency,
04:03both of which are critical to strengthening long-term economic resilience across our region.
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