ASEAN Signs Landmark Competition Framework Agreement in Kuala Lumpur

KUALA LUMPUR, Sept 23 (VoM): ASEAN today marked a historic milestone with the commencement of the signing of the ASEAN Framework Agreement on Competition (AFAC), a landmark deal aimed at building a fair, transparent, and competitive marketplace across the region.

Malaysia’s Minister of Investment, Trade and Industry, Tengku Datuk Seri Utama Zafrul Tengku Abdul Aziz, who chairs the 57th ASEAN Economic Ministers’ Meeting, said the AFAC represents the culmination of years of negotiation and collective effort among member states.

“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,” he said at the ceremony held at the Malaysia International Trade and Exhibition Centre (MITEC).

Tengku Zafrul stressed that competition policy is ultimately about empowering people—ensuring consumers enjoy fair prices and wider choices, while businesses compete on merit and innovation thrives in an open environment.

He highlighted three key messages from the agreement:The AFAC reflects ASEAN’s unity and shared vision. It establishes a foundation for cooperation and capacity-building among competition authorities. It sends a strong signal globally that ASEAN is committed to fairness, transparency, and integrity in its markets.

The agreement also places people at the heart of ASEAN’s economic agenda by protecting consumers and leveling the playing field for businesses, particularly small enterprises.

“This is what makes ASEAN truly people centered, inclusive, and forward looking,” Tengku Zafrul said, adding that the timing aligns with Malaysia’s ASEAN Chairmanship theme of “Inclusivity and Sustainability.”

The minister commended ASEAN officials, experts, and partners for their tireless efforts in negotiating the deal.

“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,” he added.