ASEAN Business Entity Has Potential To Create More Regional Multinational Companies - Liew

KUALA LUMPUR, Oct 27 (Bernama) -- The introduction of ASEAN Business Entity (ABE) status has the potential to create more ASEAN multinational companies (MNCs) that can enhance market opportunities in the region, said Deputy Minister of Investment, Trade and Industry, Liew Chin Tong.

He said the idea of implementing ABE was proposed by Malaysia as the ASEAN Chair in 2025 and has also been included as one of the initiatives under Budget 2026.

“With the ABE, our hope is that one day there will be more ASEAN MNCs, so that we are no longer solely reliant on MNCs from the West or other countries.

"These ASEAN MNCs can undertake economic and industrial activities among ASEAN member states and create a stronger regional market," he said during a question-and-answer session in the Dewan Rakyat today.

He was responding to a supplementary question from Datuk Wan Saifulruddin Wan Jan (PN-Tasek Gelugor) regarding the government's efforts to assure investors that Malaysia remains committed to free market principles and an open economy, particularly within the ASEAN framework.

Meanwhile, responding to Wan Saifulruddin's original question on strategies to reduce non-tariff barriers, Liew said ASEAN remains committed to efforts aimed at reducing such barriers to strengthen regional economic integration.

This is also to ensure that the benefits of trade are enjoyed inclusively, including by micro, small, and medium enterprises (MSMEs).

He emphasised that several steps have been and are being taken by ASEAN to achieve this objective, including the establishment of the Sectoral Coordinating Committee on the Implementation of the ASEAN Trade in Goods Agreement (CCA) and the ASEAN Trade Facilitation Joint Consultative Committee (ATF-JCC).

In addition, the ASEAN Single Window regional digital platform has been established, linking the National Single Window (NSW) systems of each ASEAN member state to facilitate the electronic exchange of customs and trade documents between countries.

“Next is the preparation of Guidelines for the Implementation of ASEAN Commitments on Non-Tariff Measures on Goods, the Mutual Recognition Arrangement (MRA), and the upgrading of the ASEAN Trade in Goods Agreement (ATIGA)," he added.

-- BERNAMA