Regional Economic Ties Reach a New Milestone at Asean-GCC-China Summit
COOPERATION FRAMEWORK ESTABLISHED TO BOOST TRADE IN SOUTHERN ASIA
KUALA LUMPUR – Malaysia, Indonesia, and Thailand have signed a Framework of Cooperation (FoC) in Customs, Immigration, and Quarantine (CIQ) under the Indonesia-Malaysia-Thailand Growth Triangle (IMT-GT), on the sidelines of the 46th ASEAN Summit here.
The agreement was inked by Indonesia's Coordinating Minister for Economic Affairs, Airlangga Hartarto, Malaysia's Minister of Economy, Datuk Seri Rafizi Ramli, and Thailand's Deputy Minister of Finance, Julapun Amornvivat. The Framework aims to streamline CIQ proceedings, fostering more efficient, business-friendly border formalities.
The FoC strives to heighten security and optimize the safety of sub-regional supply chains, ensuring robust mechanisms support economic growth and trade competitiveness across the IMT-GT. The signing ceremony took place before the 16th IMT-GT Summit at the Kuala Lumpur Convention Centre.
The IMT-GT is a sub-regional economic cooperation programme initiated in 1993, geared towards fostering economic growth in participating provinces and states by enhancing trade and investment opportunities, tourism, strengthening infrastructure links, among other objectives. Its vision encompasses an integrated, innovative, inclusive and sustainable subregion.
The 46th ASEAN Summit is organized under Malaysia's ASEAN Chairmanship 2025, themed "Inclusivity and Sustainability."
The Framework of Cooperation in CIQ offers several key advantages. It eliminates redundant procedures, facilitating faster and smoother movement of goods and people within the IMT-GT region, thereby reducing delays at border crossings and improving connectivity. The harmonized procedures boost trade volumes and investments, catalyzing economic development across the participating provinces and states.
Ultimately, the FoC in CIQ is a strategic initiative to simplify and unify border processes among Indonesia, Malaysia, and Thailand under the IMT-GT framework, yielding greater trade efficiency, investment opportunities, and regional economic integration benefits.
- The Framework of Cooperation in Customs, Immigration, and Quarantine (CIQ) is anticipated to optimize the safety of sub-regional supply chains within Malaysia, Indonesia, and Thailand, thereby promoting efficient business-friendly border formalities in the finance and industry sectors.
- In Kuala Lumpur, the elimination of redundant procedures under the Framework of Cooperation in CIQ is expected to significantly reduce delays at border crossings, thereby enhancing connectivity and facilitating faster movement of goods and people within the IMT-GT region.
- The Framework of Cooperation in CIQ not only targets streamlined customs procedures but also aims to foster robust mechanisms and infrastructure links in Malaysia, ensuring economic growth and trade competitiveness across the IMT-GT.
- The Framework of Cooperation in CIQ is instrumental in catalyzing economic development across participating provinces and states by boosting trade volumes and investments, thereby underpinning the vision of an integrated, innovative, inclusive, and sustainable subregion within Malaysia.
- As part of the Indonesia-Malaysia-Thailand Growth Triangle (IMT-GT), the Framework of Cooperation in CIQ represents a strategic initiative to boost trade efficiency, investment opportunities, and regional economic integration toward a more prosperous and interconnected southern Asia.
