Remarks by H.E. Tengku Datuk Seri Utama Zafrul Tengku Abdul Aziz
Minister of Investment, Trade and Industry, Malaysia
Chair of the 57th ASEAN Economic Ministers’ Meeting at the Commencement of Signing of the ASEAN Framework Agreement on Competition (AFAC)
23 September 2025 | MITEC, Kuala Lumpur
Excellencies Ministers from ASEAN Member States and representatives,
Excellency Minister from Timor-Leste,
Excellency Secretary-General of ASEAN,
Excellency Chairperson of the Philippine Competition Commission,
Chairperson of the ASEAN Framework Agreement on Competition,
Distinguished Guests,
Ladies and Gentlemen,
It is my distinct honour to welcome all of you to this historic occasion: the Commencement Signing of the ASEAN Framework Agreement on Competition, or AFAC. Today’s event marks not only a milestone in our regional economic integration, but also a clear demonstration of ASEAN’s collective commitment to building a fair, transparent and competitive marketplace.
I wish to place on record our deepest appreciation to the Secretary-General of ASEAN, Excellency Dr Kao Kim Hourn, for his leadership and steadfast support throughout this process. His guidance has been instrumental in steering us to today’s achievement.
I also wish to express sincere gratitude to Ms. Lolibeth Medrano, Chairperson of the ASEAN Framework Agreement on Competition, as well as to all officials involved in the negotiations from across ASEAN. Your tireless efforts, patience and dedication over the years have laid the foundation for this landmark Agreement. This moment belongs as much to you as it does to the ASEAN Community we collectively serve.
The AFAC represents the culmination of years of diligent work, careful negotiation, and, above all, shared vision. This milestone reflects the highest level of commitment by ASEAN Member States towards strengthening economic governance. Above all, the AFAC embodies the ASEAN spirit of collaboration, consensus, and resilience, and will stand as a cornerstone in advancing a rules-based economic order across our region.
Distinguished Guests, Ladies and Gentlemen
Competition policy is not merely about regulating businesses. It is about empowering people: ensuring that consumers enjoy greater choice at fair prices, that enterprises compete on merit, and that innovation flourishes in an open and transparent environment. By signing the AFAC, ASEAN is making a firm commitment to a regional framework that ensures fairness, transparency, and accountability in our markets.
Allow me to highlight three key messages from today’s commencement of signing:
o First, the AFAC reflects ASEAN’s unity and shared vision. It is clear proof that, by working together, we can deliver agreements that are ambitious, balanced and future-oriented.
o Second, the AFAC establishes a strong foundation for cooperation and capacity-building among our competition authorities, ensuring that all ASEAN Member States move forward together and leave no one behind.
o Third, the AFAC sends a powerful message to the global community, that ASEAN is fully committed to fairness, transparency and integrity in its markets, reinforcing our reputation as a dynamic, trusted, and reliable economic partner.
Excellencies, Distinguished Guests,
As the global economy continues to evolve amid complexity and uncertainty, ASEAN’s commitment to competition policy sends a clear and positive signal. It demonstrates to the world that ASEAN is ready to uphold the highest standards of governance, business integrity and transparency. In doing so, we ensure that our region remains attractive, competitive and resilient in the face of future challenges.
More importantly, the AFAC places people at the very heart of ASEAN’s economic agenda. By protecting consumers and ensuring a level playing field for businesses, we are reinforcing the social contract between our economies and our citizens. This is what makes ASEAN truly people-centred, inclusive, and forward-looking.
The timing of today’s signing is also significant, as it aligns with the theme of Malaysia’s ASEAN Chairmanship in 2025, “Inclusivity and Sustainability.” The AFAC embodies inclusivity by ensuring that competition benefits all segments of society, from consumers and small enterprises. At the same time, it promotes sustainability by fostering innovation and efficiency, both of which are critical to strengthening long-term economic resilience across our region.
Excellencies, Ladies and Gentlemen,
Once again, I wish to convey ASEAN’s deepest appreciation to the Secretary-General, the Chair of AFAC, and all our officials, experts and partners. Your dedication and contributions have made today’s historic achievement possible.
With this Agreement, ASEAN is not only strengthening competition, but also building resilience, inclusivity and trust. These qualities will serve our 680 million people well in the years to come.
On that note, I congratulate all ASEAN Member States on this important milestone. As AEM Chair, I am confident that the AFAC will stand as a testament to our 2025 Chairmanship theme of “Inclusivity and Sustainability.” It will help ensure that ASEAN’s growth story is not only competitive, but also fair, enduring, and shared by all.
Thank you.
--BERNAMA