Latest news with #ASEANEconomicMinisters'Meeting
GMA Network
27-05-2025
- Business
- GMA Network
Marcos back in PH after ASEAN Summit in Malaysia
President Ferdinand Marcos Jr. is back in the country after attending the ASEAN Summit in Malaysia. (Photo from PCO) President Ferdinand Marcos Jr. has returned to the Philippines after taking part in the 46th ASEAN Summit and Related Summits in Malaysia. The plane carrying the President and his delegation landed at 3:19 a.m. During the summit, Southeast Asian leaders reached an understanding that any bilateral agreements they might strike with the United States on trade tariffs would not harm each others' economies, Malaysia's premier Anwar Ibrahim said. Anwar, the current chair of the Association of Southeast Asian Nations (ASEAN), said there was consensus during a leaders' summit in Kuala Lumpur that any deals negotiated with Washington would ensure the interests of the region as a whole were protected. Marcos has backed ASEAN's non-retaliatory measures as regards the recent shifts in the United States' tariff policy. ''We commend Malaysia's leadership in convening this special ASEAN Economic Ministers' Meeting and welcome the consensus to avoid retaliatory measures. This measured and unified approach upholds ASEAN's commitment to dialogue, diplomacy, and a rules-based multilateral trading system,'' Marcos said in his intervention at the ASEAN plenary. He said that the ''unexpected trade barriers'' could disrupt communities, supply chains, and the bloc's hard-earned progress. During the 2nd Association of Southeast Asian Nations (ASEAN) - Gulf Cooperation Council (GCC) Summit, Marcos Jr. highlighted the need to ensure freedom of navigation to guarantee the flow of commerce in the South China Sea and the Arabian Sea. "The South China Sea and the Arabian Sea cover vital seabeds that serve as lifelines for regional and international commerce in both our regions. As such, it is necessary to provide the freedom of navigation to guarantee unimpeded commerce and to protect the marine environment through compliance to established international law, specifically UNCLOS," Marcos said Marcos said the summit was a testament to the Philippines' strong commitment to a shared vision of peace, security, and prosperity between the two interconnected regions. Marcos also urged for a greater political will in the Brunei Darussalam-Indonesia-Malaysia-Philippines East ASEAN Growth Area (BIMP-EAGA) at the sidelines of the summit Marcos said the joint initiatives in connectivity, trade and investment facilitation, food and energy security, ecotourism, and green development have advanced significantly, ''reinforcing our commitment to narrowing the development gap in our sub-region.'' —LDF, GMA Integrated News
GMA Network
26-05-2025
- Business
- GMA Network
Marcos supports ASEAN's non-retaliatory measures on US tariffs
KUALA LUMPUR — President Ferdinand ''Bongbong'' Marcos Jr. on Monday backed the ASEAN's non-retaliatory measures as regards the recent shifts in the United States' tariff policy. ''We commend Malaysia's leadership in convening this special ASEAN Economic Ministers' Meeting and welcome the consensus to avoid retaliatory measures. This measured and unified approach upholds ASEAN's commitment to dialogue, diplomacy, and a rules-based multilateral trading system,'' Marcos said in his intervention at the ASEAN plenary. He said that the ''unexpected trade barriers'' could disrupt communities, supply chains, and the bloc's hard-earned progress. ''Yet by working together, strengthening our institutions, and building the resilience and capacities of our people, we can better navigate this increasingly uncertain future and turn challenges into opportunities for shared growth and stability,'' Marcos said. In his departure speech on Sunday, the Philippine President highlighted the need for a proper response of the regional bloc as regards Washington's new tariff schedule. The Philippines has already made informal consultations with fellow ASEAN member states as regards the matter, according to Marcos. Philippine officials already met with US Trade Representative Jamieson Greer and tackled 'mutually beneficial ways to strengthen the bilateral relations' amid the 17% tariff rate imposed by Washington on Manila. During the ASEAN Economic Community Council Meeting, its chairman, Tengku Datuk Seri Utama Zafrul Tengku Abdul Aziz, said the US reciprocal tariff policy has prompted the bloc to collectively understand, adapt to, and strategically engage with the shifts. ''Instead of retaliation, we have chosen dialogue and cooperation with a clear commitment among ASEAN member states to not impose retaliatory measures, emphasizing that open communication is key to a balanced and sustainable relationship,'' Aziz said. ''This prudent stance has already averted escalation and preserved the foundation for engagement between ASEAN, not just with the US, but with other major economies as well,'' he added. —AOL, GMA Integrated News
