Integrated Asean supply chain key to tackling US trade policies, says Liew
The Deputy International Trade and Industry Minister said the previous competitive economic policies between Asean countries had become no longer sustainable due to the US.
'We grew rich by exporting to the US, expecting them to be ready as the consumer of both first and last resort.
'But this old model of over-reliance on trade and the competition between Malaysia and other Asean members to manufacture as cheaply as possible is no longer reliable due to President Donald Trump's policies.
'It is time for us to move away from the mindset of competing with each other through low wages and instead work together to build an integrated regional supply chain and a vibrant consumer base of our own,' he said in a speech at a forum here on Tuesday (July 15).
He added that through a more integrated Asean and improved middle class, Asean will be able to get better engagement with major powers to engage and attract interest from other emerging economies.
To help achieve this, Liew said it was vital for Asean to diversify its markets collectively by exploring more opportunities not directly tied to or reliant on American consumerism.
'We must also ensure that we maintain our neutral position and begin shaping our own regional legal landscape.
'The law is not just a set of technical rules but ensures order and creates a level playing field.
'This will enable us to develop a more resilient and adaptive supply chain that is fair for everyone in Asean,' he added.
The forum Liew spoke at, titled 'Staying Ahead Of The Curve: Legal Appetite For Sanctions And Tariffs Risks', focused on the current legal challenges faced by Asean businesses due to Trump's tariffs and what can be done.
American law firm BakerHostetler partner Artie McConnell, advised Asean businesses to begin adopting compliance programmes into their operations to reduce the likelihood of targeted retaliation or investigation from the US's Department of Justice (DOJ).
'They should look to build from previous cases of investigations into tariff evasion by the DOJ and build those findings into their compliance programmes.
'This way, these businesses can show that they are taking active steps to address tariff evasion and thus receive a more lenient punishment,' he said during the forum.
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