KUALA LUMPUR, Malaysia, Sept 23, 2025 – In a landmark event underscoring ASEAN’s commitment to fair and transparent markets, Malaysia hosted the commencement signing of the ASEAN Framework Agreement on Competition (AFAC) at the Malaysia International Trade and Exhibition Centre (MITEC). The ceremony, chaired by Minister of Investment, Trade and Industry (MITI) Tengku Datuk Seri Utama Zafrul Tengku Abdul Aziz, marks a pivotal step in regional economic governance.
In his remarks, the MITI Minister described the AFAC as a testament to ASEAN’s collective resolve.
“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,” he said, addressing ASEAN ministers, representatives from Timor-Leste, the ASEAN Secretary-General, and competition authorities.
The minister extended gratitude to ASEAN Secretary-General Dr. Kao Kim Hourn for his leadership in guiding the process, and to Chairperson Lolibeth Medrano of the ASEAN Framework Agreement on Competition, along with all negotiators.
“Your tireless efforts, patience and dedication over the years have laid the foundation for this landmark Agreement, Zafrul noted, emphasizing the collaborative spirit that brought the AFAC to fruition.
Highlighting the agreement’s significance, Zafrul explained that competition policy empowers consumers with better choices and fair prices, while fostering innovation and merit-based competition among enterprises.
“By signing the AFAC, ASEAN is making a firm commitment to a regional framework that ensures fairness, transparency, and accountability in our markets,” he added.
The minister outlined three key messages from the signing:
•The AFAC reflects ASEAN’s unity and shared vision for ambitious, balanced agreements.
•It establishes a foundation for cooperation and capacity-building among competition authorities, ensuring no member state is left behind.
•It signals to the global community ASEAN’s dedication to fairness, transparency, and integrity, reinforcing the region’s reputation as a dynamic economic partner.
Amid global complexities and uncertainties, Zafrul stressed that the AFAC positions ASEAN to uphold high standards of governance, making the region more attractive and resilient.
“More importantly, the AFAC places people at the very heart of ASEAN’s economic agenda,” he said, protecting consumers and creating a level playing field for businesses.
The signing aligns with Malaysia’s 2025 ASEAN Chairmanship theme of “Inclusivity and Sustainability. Zafrul noted that the AFAC promotes inclusivity by benefiting all societal segments and sustainability through innovation and efficiency, critical for long-term resilience.
In closing, the minister congratulated ASEAN Member States and expressed confidence in the AFAC’s role in advancing a competitive, fair, and shared growth story.
“With this Agreement, ASEAN is not only strengthening competition, but also building resilience, inclusivity and trust,” he concluded.
The AFAC, the result of years of negotiation, aims to enhance economic integration and accountability across ASEAN’s 680 million people, solidifying the bloc’s position in the global economy.