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ASEAN has taken a decisive step in advancing regional economic governance with the commencement of the signing of the ASEAN Framework Agreement on Competition (AFAC) today at the Malaysia International Trade and Exhibition Centre (MITEC).
The ceremony was chaired by Minister of Investment, Trade and Industry (MITI) Tengku Zafrul Abdul Aziz, and as Chair of the 57th ASEAN Economic Ministers’ Meeting.
Describing the occasion as a “historic milestone,” Tengku Zafrul emphasised that the agreement reflects ASEAN’s united commitment to establishing a “fair, transparent and competitive marketplace.”
He expressed deep appreciation for the leadership of ASEAN Secretary-General Dr Kao Kim Hourn and the dedication of officials under Lolibeth Medrano, Chairperson of the AFAC, praising their “tireless efforts, patience and dedication” which paved the way for this achievement.
The AFAC is the product of extensive negotiations and a shared vision by ASEAN Member States to strengthen economic governance.
Tengku Zafrul stressed that the agreement is not merely a regulatory tool but a framework to empower consumers with “greater choice at fair prices,” to foster competition “on merit,” and to stimulate innovation in an open and transparent environment.
The Minister highlighted that the AFAC embodies ASEAN’s collective ambition to deliver “balanced and future-oriented” agreements.
It establishes a “strong foundation for cooperation and capacity-building among competition authorities” throughout the region, ensuring inclusive progress that “leaves no one behind.”
Furthermore, the framework sends a clear message to the international community that ASEAN remains committed to “fairness, transparency and integrity,” thereby reinforcing its standing as a “dynamic, trusted and reliable economic partner.”
In the context of ongoing global economic uncertainties, the MITI Minister observed that ASEAN’s adoption of the competition policy framework “sends a clear and positive signal.”
He underlined that the agreement helps maintain the region’s appeal and resilience, placing people “at the very heart of ASEAN’s economic agenda” by safeguarding consumers and promoting a level playing field for businesses.
The timing of the signing resonates with Malaysia’s 2025 ASEAN Chairmanship theme of “Inclusivity and Sustainability.”
The Minister noted that the AFAC promotes inclusivity by ensuring competition benefits “all segments of society,” including consumers and small enterprises.
It also encourages sustainability through fostering innovation and efficiency, vital for the region’s long-term economic resilience.
Tengku Zafrul expressed confidence that the AFAC will stand as a testament to ASEAN’s 2025 Chairmanship objectives and will help shape a growth trajectory that is “not only competitive, but also fair, enduring, and shared by all.”
He congratulated all ASEAN Member States for reaching this significant milestone, affirming that the agreement will foster resilience, inclusivity and trust among the region’s 680 million people. - September 23, 2025
