Reports by TARRENCE TAN, RAGANANTHINI VETHASALAM and LYDIA NATHAN
KUALA LUMPUR: The Asean Trade in Goods Agreement (Atiga) and other regional agreements will be upgraded this year under Malaysia’s chairmanship, strengthening cross-border trade, says Satvinder Singh.
Speaking at the Asean Economic Opinion Leaders Conference: Outlook for 2025, the Asean deputy secretary-general for economic community said the Atiga pact will be “modernised” to address sustainability issues required in the global supply chain.
“We are looking into allowing a freer movement of goods to support remanufacturing global supply chains,” he said, adding that this is critical for every industry.
“Every industry must account for a global value supply chain where you ensure 40% of the value chain is circular and recycled.
“We are preparing the whole ecosystem in Asean under the upgraded Atiga for more transparent remanufacturing.
“We are ensuring that as global supply chains find new homes, everyone is looking beyond China for alternatives,” he said at the conference at Menara Miti yesterday.
Therefore, said Satvinder, Asean is giving businesses stronger reasons to come to the region as rules will be adjusted.
“We are making it happen sooner than the World Trade Organisation,” he said, adding the region will be more competitive with this change.
“We are announcing it this year.
“We are the first region in the world to have clear rules supporting circularity in global supply chains,” he added.
Satvinder also said issues like tariffs and trade dispute resolutions will be addressed.
“We are trying to see if, other than arbitration, we can use mediation as a form of dispute management in our region,” he said.
The Asean Trade in Services Agreement is another deal set for an upgrade.
Star Media Group Bhd is an exclusive media partner of the conference.
