PHNOM PENH: ASEAN Business Advisory Council (ASEAN-BAC) Chairman Tan Sri Nazir Razak has urged ASEAN nations to accelerate economic collaboration, emphasizing the need for stronger intra-ASEAN trade and investment amid rising global economic fragmentation.
Speaking at the Cambodia-ASEAN Business Summit 2025, he stressed that deeper regional integration is not just beneficial but essential for smaller economies navigating today’s volatile landscape.
Under the summit’s theme, “Accelerating ASEAN’s Connectivity: People, Infrastructure, and Trade,” Nazir Razak highlighted ASEAN-BAC Malaysia’s 12 key initiatives for Malaysia’s ASEAN chairmanship year. These initiatives, centered on “Unifying Markets for Shared Prosperity,” focus on financial integration, sustainability, inclusivity, digital transformation, and fostering a stronger ASEAN identity.
“As the global economic order shifts, we are witnessing the erosion of the US-led rules-based system. In a world where ‘might is right,’ regional collaboration is no longer optional—it is existential,” Nazir Razak stated in his keynote speech, attended by Cambodian Prime Minister Samdech Moha Borvor Thipadei Hun Manet, ASEAN Secretary-General Dr. Kao Kim Hourn, cabinet ministers, and business leaders.
Among the key initiatives, the ASEAN Business Entity (ABE) aims to enable regional companies to operate across borders with greater flexibility, offering free movement of personnel and economies of scale. Another milestone project is the ASEAN IPO Prospectus, backed by regional securities regulators, which will allow companies to raise capital across multiple ASEAN markets, advancing regional capital market integration.
Additionally, in line with ASEAN’s Digital Economy Framework Agreement (DEFA), ASEAN-BAC Malaysia is developing a new national digital trade exchange platform to streamline cross-border trade documentation. The goal is to test interoperability between Malaysia, Thailand, and Singapore this year.
The two-day summit also featured high-level panel discussions and business-matching sessions, reinforcing ASEAN’s commitment to fostering cross-border partnerships and economic resilience.
