Latest news with #25thAseanEconomicCommunityCouncilMeeting
New Straits Times
25-05-2025
- Business
- New Straits Times
Asean sticks to dialogue amid US tariff pressures
KUALA LUMPUR: Asean is doubling down on dialogue and diplomacy in response to rising tariff pressures from the United States, choosing engagement over escalation to preserve stability in global trade. Investment, Trade and Industry Minister Tengku Datuk Seri Zafrul Abdul Aziz said the 10-nation bloc remains committed to a multilateral, rules-based trading system, with no plans to impose retaliatory measures. He said Asean will maintain its unified, neutral stance, even as individual members may pursue bilateral talks with Washington. "Each country is sovereign and has the right to pursue bilateral negotiations. However, we all agree on Asean's neutral stance and support for the principles of multilateralism," the minister added. Following initial discussions on the US tariff measure on April 10, Tengku Zafrul said Asean also has engaged in successive rounds of dialogue with key partners, including China, Japan, Australia and New Zealand. "We believe in the principles of multilateralism and a rules-based global trading system, with the World Trade Organisation at its core. Therefore, Asean will not implement any retaliatory tariff measures," he said at a press conference today following the 25th Asean Economic Community Council Meeting. Tengku Zafrul added that Asean is also focusing on strengthening economic ties with other blocs such as the European Union (EU), the Comprehensive and Progressive Agreement for Trans-Pacific Partnership and the Regional Comprehensive Economic Partnership. He noted that several Asean countries also see potential in joining the BRICS economic group, with Indonesia already a member of the bloc. "We believe that cooperation with the EU and BRICS can drive global trade and investment growth, which in turn will contribute to regional prosperity and stability," he said. He said that Asean places emphasis on increasing intra-regional trade, noting that intra-Asean trade currently accounts for only around 23 per cent.
New Straits Times
25-05-2025
- Business
- New Straits Times
Asean growth outlook stays resilient at 4.7pct in 2025
KUALA LUMPUR: Asean's economic outlook for 2025 remains resilient, with growth projected at 4.7 per cent and inflation expected to hover around three per cent, according to Investment, Trade and Industry Minister Tengku Datuk Seri Zafrul Abdul Aziz. He said the forecasted growth remains high compared to the global average, driven by strong exports and public spending in major Asean economies. "Last year, the gross domestic product growth was 4.8 per cent, higher than the global average, supported by exports and public sector capital spending in key economies," he said at a press conference today following the 25th Asean Economic Community Council Meeting. However, Tengku Zafrul cautioned that the outlook faces downside risks due to ongoing global uncertainties, citing revised projections by the International Monetary Fund and the World Trade Organisation. While no new targets for intra-Asean trade have been set, he expressed optimism that meaningful progress on the Asean Trade in Goods Agreement and the Digital Economy Framework Agreement would significantly boost regional trade. Meanwhile, the ministry's Deputy Secretary-General (Trade) and Chief US Tariff Negotiator, Mastura Ahmad Mustafa, said issues concerning goods in transit would be addressed by the coordinating committee under the upgraded agreement. She said Asean maintains a shared discipline to avoid implementing measures that could lead to non-tariff barriers among member states. Mastura was responding to questions regarding market protection by some Asean countries, particularly Thailand, in relation to goods in transit. "Matters such as implementation and transit restrictions will be discussed technically through existing agreement channels, including dedicated committees," she said.
