KUALA LUMPUR, Oct 29 — The 47th Asean Summit and Related Summits, the bloc’s largest ever and the first under Prime Minister Datuk Seri Anwar Ibrahim’s leadership, drew to a close yesterday with several historic milestones.

The gathering marked a series of firsts — from US President Donald Trump’s maiden visit to Malaysia, to Asean’s first expansion in 25 years.

With Timor-Leste’s inclusion, the bloc completed South-east Asia’s geographical map.The summit also helped restore peaceful ties between Cambodia and Thailand through the KL Peace Accord.

Crucial trade talks between Washington and Beijing also took place on the sidelines of the summit, paving the way for a possible dealtomorrow.

Here’s a look at some of the summit's key achievements:

1. Raising optimism for first Trump-Xi meeting in six years

A high-stakes meeting is set to take place between US President Donald Trump and Chinese President Xi Jinping in South Korea on tomorrow — their first since the start of Trump’s second presidency.

On the sidelines of the Asean Summit here, US and Chinese trade officials scrambled to piece together a crucial deal in Kuala Lumpur on Sunday.

US Treasury Secretary Scott Bessent reportedly said the discussions had produced “a substantial framework” and dismissed the possibility of Washington imposing 100 per cent tariffs on Chinese goods.

Trump had earlier threatened the move after Beijing tightened export controls on rare earth minerals this month.

However, the 79-year-old Republican left Malaysia for Japan yesterday sounding more optimistic about striking a deal with his Chinese counterpart.

2. Markets turn upbeat

Bessent’s encouraging remarks after US–China trade talks in Kuala Lumpur fuelled optimism among investors and lifted markets.

Wall Street stocks closed at fresh record highs yesterday on hopes that the US–China trade war was nearing an end, with a possible deal in sight.

Bursa Malaysia also ended higher, tracking regional gains.

The prospect of a US–China deal further lifted investor sentiment, already buoyed by the positive tone of the Asean Summit, which boosted confidence in regional economic cooperation.

A deal between Washington and Beijing could finally restore some semblance of normalcy after Trump’s sweeping tariffs since April threatened to upend economies and global growth.

3. Malaysian semiconductors escape US tariffs

A flurry of trade pacts were signed at the milestone summit, particularly bilateral deals between the US and several tariff-hit member states.

Malaysia, for instance, signed a reciprocal trade agreement with the Trump administration, finalising a 19 per cent tariff for Malaysian goods entering the American market.

Cambodia, Thailand and Vietnam also managed to maintain their tariff rates during bilateral negotiations at the summit.

Though the agreement made little mention of semiconductors, Anwar said Trump had agreed to spare Malaysian semiconductors from the tariffs during their private ride in The Beast on Sunday.

In exchange, Malaysia agreed not to ban or impose quotas on exports of critical minerals or rare earth elements to the US, besides committing to other high-value purchases.

This marks a diplomatic win for the region, as Asean supplies nearly half — about 45 per cent — of all US chip imports, with Malaysia alone accounting for 20 per cent of the total.

4. Bigger, more united Asean

The summit opened with Asean formally admitting Timor-Leste, marking the bloc’s first expansion in more than 25 years.

On the same day, Cambodia and Thailand signed the KL Peace Accord, cementing a ceasefire deal brokered by Anwar in July to end deadly border tensions between the two nations.

On the South China Sea, China agreed to expedite negotiations for a legally binding Code of Conduct to settle maritime disputes in the contested waters.

Despite ongoing unrest in Myanmar, Anwar said violence there had eased after his talks with junta chief Senior General Min Aung Hlaing earlier this year.

More importantly, Anwar said Asean’s ability to host both the US and China within the same summit cycle reflected its commitment to maintaining centrality while engaging major powers.

Bringing together prominent world leaders — even those at odds — was a mark of the summit’s diplomatic success.

Under Malaysia’s chairmanship, Asean signalled renewed momentum towards its goal of becoming the world’s fourth-largest economy.