Malaysia Urges ASEAN to Speed Up Post-pandemic Recovery Initiatives

By TIN Media | Asean News Published 2 weeks ago on 15 September 2022
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MALAYSIA:

The Association of Southeast Asian Nations (ASEAN) must speed up the initiatives under the ASEAN Comprehensive Recovery Framework (ACRF) to face rising uncertainties in the current global economic environment, a Malaysian official said on Wednesday, Sept. 14.

Speaking during the 54th ASEAN Economic Ministers' meeting and related meetings in Siem Reap, Cambodia, Malaysian Minister of International Trade and Industry Mohamed Azmin Ali also expressed Malaysia's support for the recommendation to expand the scope of the ACRF, the ministry said in a statement.

The ACRF serves as the consolidated exit strategy for the bloc's post-pandemic recovery by focusing on key sectors and segments of society that are most affected by the COVID-19 pandemic, setting broad strategies and identifying measures for recovery in line with sectoral and regional priorities.

The minister stressed the paramount importance of capacity building for micro, small and medium enterprises (MSMEs), as well as the initiatives that would bring real and direct benefits to the people, particularly the youth, including job creation and value-add for local enterprises and industries.

Given the importance of enhancing supply chain security, he also proposed the introduction of a regional stockpile initiative, where each country would keep a national stockpile of critical products that the particular country has a comparative advantage relative to other trading partners.


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