Asean backs fair free trade as it moves forward with US tariff talks, says Thai minister
Image from The Nation Thailand/ANN
BANGKOK (The Nation Thailand/ANN): "Asean reaffirms its stance, uniting to tackle global economic challenges and seize US tariff relief for constructive talks."
Thailand's Commerce Minister Pichai Naripthaphan said this on Sunday following his participation in the Asean Ministerial Caucus, held alongside the APEC Ministers Responsible for Trade Meeting in Jeju, South Korea.
He was joined by economic ministers from Asean member states within APEC, including Malaysia, Singapore, Vietnam, the Philippines, Indonesia and Brunei.
Pichai explained that the meeting had discussed the volatile global economic landscape, exchanging strategies for regional trade cooperation and strengthening relations with the United States amid global economic uncertainties.
"Asean also reaffirms its collective commitment to supporting an open, fair and rules-based free trade system, while urging the avoidance of protectionist measures," he stated.
"Asean also sees the 90-day suspension of US tariff measures as an opportunity to initiate constructive negotiations to resolve trade disputes."
Pichai further elaborated that Asean ministers agreed that regional unity and a timely response to global economic fluctuations are crucial factors in maintaining Asean's prominent role on the global stage.
The bloc will accelerate proactive cooperation, such as modernising the Asean Trade in Goods Agreement (ATIGA) to align with the contemporary economic landscape while emphasising the importance of a multilateral trade system in ensuring long-term economic stability.
Pichai also highlighted Thai government's commitment to maintaining domestic economic stability while supporting businesses affected by international developments, particularly small and medium-sized enterprises (SMEs), which are considered vulnerable.
The government has introduced short- and long-term measures such as low-interest loans, knowledge development programmes, and export market expansion under free trade agreements (FTAs), with a particular focus on the Regional Comprehensive Economic Partnership (RCEP).
Currently, Asean is the world's fifth-largest economic bloc, with a population of approximately 680 million people (8.5% of the global population) and a combined nominal GDP of around US$3.9 trillion (129.31 trillion baht). - The Nation Thailand/ANN
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
New Straits Times
an hour ago
- New Straits Times
Ringgit ends higher on weaker US dollar, cautious inflation outlook
KUALA LUMPUR: The ringgit closed higher against the US dollar on Thursday, supported by a weaker greenback following downbeat United States economic data, as investors shifted into risk-on mode. At 6pm, the local note stood at 4.2245/2295 against the greenback, strengthening from Wednesday's close of 4.2435/2490. Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid said traders and investors were weighing the prospects of an economic slowdown and the risk of higher inflation stemming from recent tariff shocks. "This has led to a policy dilemma among Federal Open Market Committee (FOMC) members, and hence the scope for interest rate cuts is rather limited," he told Bernama, adding that the next key data point would be the Non-farm Payroll (NFP) report due on Friday. Consensus estimates expect May's NFP to reach 130,000, down from 177,000 in April, while the unemployment rate is forecast to hold steady at 4.2 per cent. At the close, the ringgit traded mostly higher against a basket of major currencies. It slipped against the Japanese yen to 2.9495/9531 from Wednesday's 2.9444/9486 but strengthened versus the euro to 4.8235/8292 from 4.8300/8362 and appreciated against the British pound to 5.7301/7369 from 5.7427/7502. The local currency also traded higher against most of its Asean peers. It appreciated versus the Singapore dollar to 3.2881/2922 from 3.2906/2951, advanced against the Indonesian rupiah to 259.3/259.8 from 260.4/260.8, and edged higher against the Philippine peso to 7.59/7.61 from 7.60/7.62. However, it fell against the Thai baht to 12.9925/13.0138 from 12.9679/12.9911. -- BERNAMA
The Sun
2 hours ago
- The Sun
MACC first enforcement agency to step forward as HAWANA 2025 strategic partner
KUALA LUMPUR: The Malaysian Anti-Corruption Commission (MACC) is the first enforcement agency to step forward to become a strategic partner for the National Journalists Day (HAWANA) 2025, marking a significant step in strengthening collaboration between the media and public institutions. The strategic partnership was announced during the HAWANA 2025 Strategic Partners Appreciation Ceremony held at Wisma Bernama last Tuesday. Representing Chief Commissioner Tan Sri Azam Baki, MACC Director of Strategic Communications Hisyam Mohd Yusoff handed over a mock sponsorship cheque to Communications Minister Datuk Fahmi Fadzil, who officiated the event. Hisyam said the sponsorship reflects MACC's recognition of the media's critical role in disseminating accurate and timely information to the public. 'This strategic partnership is a gesture of support to media organisations for their contribution and collaboration in delivering important information to society. 'Insya-Allah, although this is MACC's first time as a strategic partner, it will set a benchmark for broader and deeper cooperation between the Commission and media organisations in the future,' he said in a statement. HAWANA 2025 has attracted the participation of 79 public and private entities as its strategic partners, including the Malaysian Technology Development Corporation (MTDC), Federal Land Development Authority (FELDA), Human Resources Ministry (KESUMA), Department of Veterinary Services, Malaysian Foundation for Innovation, Dewan Bahasa dan Pustaka, National Art Gallery, as well as MK Curtain Berhad and GM Klang. HAWANA 2025 will take place at the World Trade Centre Kuala Lumpur from June 13 to 15, with the highlight of the celebration, to be officiated by Prime Minister Datuk Seri Anwar Ibrahim, scheduled for June 14. More than 1,000 media practitioners, representatives of local journalist associations, and media delegates from ASEAN member states are expected to attend, bringing together the professional media fraternity and industry experts to exchange ideas and forge strategic partnerships. HAWANA 2025, organised by the Ministry of Communications through Bernama as the implementing agency, will feature various events, including a media forum jointly organised with the Malaysian Press Institute (MPI) on June 14 and a two-day HAWANA carnival and exhibition at Sunway Putra Mall starting June 13. There will also be sporting activities incorporating traditional elements, as well as visits to leading polytechnics in Selangor, Perak and Johor. HAWANA, now in its fifth edition since its debut in 2018, is organised annually to recognise the essential role of journalists in national development.
Barnama
2 hours ago
- Barnama
MACC First Enforcement Agency To Step Forward As HAWANA 2025 Strategic Partner
KUALA LUMPUR, June 5 (Bernama) -- The Malaysian Anti-Corruption Commission (MACC) is the first enforcement agency to step forward to become a strategic partner for the National Journalists Day (HAWANA) 2025, marking a significant step in strengthening collaboration between the media and public institutions. The strategic partnership was announced during the HAWANA 2025 Strategic Partners Appreciation Ceremony held at Wisma Bernama last Tuesday. Representing Chief Commissioner Tan Sri Azam Baki, MACC Director of Strategic Communications Hisyam Mohd Yusoff handed over a mock sponsorship cheque to Communications Minister Datuk Fahmi Fadzil, who officiated the event. Hisyam said the sponsorship reflects MACC's recognition of the media's critical role in disseminating accurate and timely information to the public. 'This strategic partnership is a gesture of support to media organisations for their contribution and collaboration in delivering important information to society. 'Insya-Allah, although this is MACC's first time as a strategic partner, it will set a benchmark for broader and deeper cooperation between the Commission and media organisations in the future,' he said in a statement. HAWANA 2025 has attracted the participation of 79 public and private entities as its strategic partners, including the Malaysian Technology Development Corporation (MTDC), Federal Land Development Authority (FELDA), Human Resources Ministry (KESUMA), Department of Veterinary Services, Malaysian Foundation for Innovation, Dewan Bahasa dan Pustaka, National Art Gallery, as well as MK Curtain Berhad and GM Klang. HAWANA 2025 will take place at the World Trade Centre Kuala Lumpur from June 13 to 15, with the highlight of the celebration, to be officiated by Prime Minister Datuk Seri Anwar Ibrahim, scheduled for June 14. More than 1,000 media practitioners, representatives of local journalist associations, and media delegates from ASEAN member states are expected to attend, bringing together the professional media fraternity and industry experts to exchange ideas and forge strategic partnerships.
