Asean calls for deeper US ties amid tariff tensions
KUALA LUMPUR: Asean has emphasised the urgency of diversifying trade beyond traditional markets, including strengthening Asean–United States (US) economic engagement in high-value sectors.
In a joint statement following the 46th Asean Summit, the economic bloc said this includes leveraging the Asean–US Trade and Investment Framework Agreement (TIFA) and the Expanded Economic Engagement (E3) initiative to deepen economic ties with the US amid the imposition of unilateral tariffs on Asean members.
"We expressed deep concern over the growing geoeconomic uncertainties, including the imposition of unilateral tariff measures, which pose complex and multidimensional challenges to Asean's economic growth, stability and integration.
"We emphasised the urgency of diversifying trade beyond traditional markets and deepening economic engagement between the two sides in high-value sectors through the Asean–US TIFA and E3," the statement read.
In response to the tariffs, Asean also reaffirmed its collective commitment to predictable, transparent, non-discriminatory, fair, inclusive, sustainable and open regional economic development, with the World Trade Organisation (WTO) at its core.
"We're committed to refraining from imposing retaliatory measures in response to unilateral tariff actions, as expressed in the joint statement of the Asean Economic Ministers on the Introduction of Unilateral Tariffs by the United States.
"We underscored the importance of enhancing Asean's economic resilience and long-term competitiveness through the upgrade of the Asean Trade in Goods Agreement (ATIGA), the strengthening of our free trade agreements, cooperation in mutual areas of interest, and the effective implementation, utilisation and expansion of the Regional Comprehensive Economic Partnership (RCEP)," it said.
Prime Minister Datuk Seri Anwar Ibrahim had said Asean has agreed that any decisions regarding tariffs must be guided by a collective understanding within the regional bloc, particularly in response to the US' imposition of unilateral tariffs on Asean member states.
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