ASEAN leaders renew commitment to addressing global trade turmoil
KUALA LUMPUR -- Leaders of the Association of Southeast Asian Nations (ASEAN) adopted a statement at the end of their 46th summit in Kuala Lumpur on Tuesday to reaffirm commitment to collective action to address the economic uncertainty and trade instability around the globe.
They expressed concern over the increasing unilateral trade measures and punitive actions, including the reciprocal tariffs and protectionist restrictions on investment, which risk undermine the world economic system.
Those actions have direct adverse impacts on the ASEAN economies, according to the statement issued by the host Malaysian Ministry of Foreign Affairs.
The leaders agreed to stand as up as one to protect the regional economic stability, enhance economic resilience and sustainable development.
They stressed the importance of maintaining constructive dialogue and mutual respect based on the rules of the international law and the Treaty of Amity and Cooperation in Southeast Asia (TAC).
The leaders agreed to speed up the implementation of ASEAN Digital Economy Framework Agreement (DEFA) and update the ASEAN Trade in Goods Agreement (ATIGA) with a view to speeding up regional integration and creating a stable and competitive business environment.
They also agreed to update the ASEAN+one free trade agreements (AFTAs) with dialogue partners - such as China, India, Japan and South Korea, so as to boost bilateral trade, control instability in supply chains, and expand the prospects of cooperation with new partners, including the Gulf Cooperation Council (GCC) member countries.
To support internal coordination, the leaders launched the ASEAN Geo-economics Task Force and tasked the competent ministers to keep watch on global economic developments and draw up a single strategy for response to emergencies.
Reaffirming commitment to a global multi-lateral trade system based on transparency, justice and indiscrimination, the leaders stated readiness to engage in constructive dialogue with other members of the World Trade Organization and push for substantive reforms that could better preserve the credibility and resilience of the global trade system.
As the ASEAN Economic Community 2025 enters its final stage, the leaders adopted "the ASEAN Community Vision 2045: Our Shared Future." The new ambitious 20-year vision and its strategic plans aim to ensure seamless coordination across pillars and sectors and cross-sectoral strategic measures.
The ASEAN leaders stressed the importance of cooperation with regional partners to ensure stability and peace in the Indo-Pacific region based on transparency and rule of law.
Founded in 1967, the ASEAN is made up of Brunei Darussalam, the Kingdom of Cambodia, the Republic of Indonesia, the Lao People's Democratic Republic, Malaysia, the Republic of the Union of Myanmar, the Republic of the Philippines, the Republic of Singapore, the Kingdom of Thailand, and the Socialist Republic of Viet Nam.
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