ASEAN-BAC Chairman Calls for Stronger Regional Collaboration
From Left: Bun Yin, Chief Executive Officer, CIMB Cambodia, Tan Sri Nazir Razak, Chairman, ASEAN Business Advisory Council (ASEAN-BAC), Cham Nimul, Minister of Commerce, Cambodia, Pich Rithi, Secretary of State at the Ministry of Commerce of Cambodia, Buon Sarakmony, Secretary of State at the Ministry of Commerce
ASEAN Business Advisory Council (ASEAN-BAC) Chairman Tan Sri Nazir Razak has called for accelerated economic collaboration across ASEAN, urging the region to strengthen intra-ASEAN trade and investment amid growing global economic fragmentation.
Speaking at the Cambodia-ASEAN Business Summit 2025, he emphasized that regional integration is vital for smaller nations navigating an increasingly volatile global economy.
The summit, themed “Accelerating ASEAN’s Connectivity: People, Infrastructure, and Trade,” served as a strategic platform for Tan Sri Nazir Razak to advocate ASEAN-BAC Malaysia’s 12 key initiatives during its ASEAN chairmanship year.
Under the theme “Unifying Markets for Shared Prosperity”, these initiatives focus on enhancing intra-ASEAN investment, financial integration, sustainability, inclusivity, digitalization, and strengthening ASEAN identity.
Development of these initiatives began 20 months ago, aligning closely with Malaysia’s ASEAN Chairmanship theme, “Inclusivity and Sustainability.” Efforts are now focused on securing endorsements from ASEAN governments.
“As we witness the emergence of a fragmented global economy, with the erosion of the US-led rules-based system, smaller nations must recognize that regional collaboration is not just beneficial but essential for survival.
“This is a pivotal moment for ASEAN. We must move beyond rhetoric and implement real, impactful changes this year. ASEAN must function as a single, integrated economy rather than 10 fragmented markets,” Nazir said in his keynote address.
His audience included Cambodian Prime Minister Samdech Moha Borvor Thipadei Hun Manet, ASEAN Secretary-General Dr. Kao Kim Hourn, Cambodian cabinet ministers, and business delegates.
Among the key initiatives highlighted was the ASEAN Business Entity (ABE), aimed at providing cross-border operational flexibility for regional companies. ABE-certified businesses would benefit from free movement of personnel and economies of scale across ASEAN.
He also introduced the ASEAN IPO Prospectus, an initiative supported by the region’s securities regulators to enable companies to raise capital from investors across multiple ASEAN markets while seeking listing—a significant step towards capital market integration.
“Additionally, in support of ASEAN’s push for greater digitalization of cross-border trade through the Digital Economy Framework Agreement (DEFA), we are developing a new national digital trade exchange platform to facilitate the processing of non-customs business documents.
“This year, we aim to test interoperability among Malaysia, Thailand, and Singapore,” he added.
The two-day summit also featured panel discussions and business-matching sessions to foster partnerships and collaboration across the region.
Source: sme.asia
