Asean to deepen global partnerships in face of economic challenges

Free Malaysia Today

3 days ago

Beyond external partnerships, Asean member states also committed to strengthening its internal resilience through deeper intra-regional trade and investment.
KUALA LUMPUR : Amid escalating global trade tensions and a volatile international economic landscape, Asean leaders today reaffirmed their strong commitment to expanding and upgrading their Asean+1 free trade agreements (FTAs) and the Regional Comprehensive Economic Partnership Agreement (RCEP).
This pledge, made during the 46th Asean Summit held here today, underscores the bloc's determination to navigate external challenges through strengthened partnerships.
Chief among these challenges is the prospect of punitive tariffs ranging from 10-46% imposed by the bloc's second-largest trading partner, the US, on April 3.
In a joint statement, the Asean leaders described unilateral and retaliatory trade actions as 'counterproductive and risk exacerbating global economic fragmentation, especially when these actions create indirect impacts on Asean'.
The member states also pledged to deepen cooperation with existing external partners and are actively seeking new and emerging partnerships, including region-to-region linkages such as with the Gulf Cooperation Council (GCC) and China through its tripartite summit, which convened for the first time earlier today.
These efforts are seen as reinforcing Asean's resilience, expanding economic opportunities, and solidifying its position as a dynamic global trade and investment hub.
Beyond external partnerships, Asean also committed to strengthening its internal resilience through deeper intra-regional trade and investment. This includes accelerating key initiatives in its Digital Economy Framework Agreement and the upgrade of the Asean Trade in Goods Agreement.
The bloc expressed confidence that this would enhance regional integration, boost business certainty and competitiveness, and ensure Asean remained cohesive and adaptable to emerging challenges.
Domestically, Asean member states will also take individualised steps to mitigate the impact of high tariffs, including safeguards to support regional industries vulnerable to trade disruptions.
Speaking at a press conference following the conclusion of the 46th Asean Summit today, Prime Minister Anwar Ibrahim emphasised the importance of protecting the interests of approximately 660 million people across the region.
'On (the US) tariffs, while proceeding with bilateral negotiations, the consensus was that there should be some form of understanding within Asean, and that any decision should not come at the expense of other countries,' he said.