Latest news with #ASEANLeaders
Zawya
28-05-2025
- Business
- Zawya
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. All KUNA right are reserved © 2022. Provided by SyndiGate Media Inc. (
Bloomberg
27-05-2025
- Business
- Bloomberg
Southeast Asia Leaders Make a Veiled Jab at US Tariff Actions
Southeast Asian leaders called out unilateral trade actions in a joint statement late Tuesday, without specifically mentioning the US — the region's largest export customer. 'We note the continued rise in unilateral actions relating to tariffs and other trade and investment restrictions and the growing risk of global fragmentation,' the leaders of the Assocation of Southeast Asian Nations said in a statement. Asean leaders had been meeting in Kuala Lumpur, Malaysia.
CNA
27-05-2025
- Business
- CNA
ASEAN faces ‘moment of truth' to step up or risk losing relevance in a changed world: PM Wong
KUALA LUMPUR: An uncertain and turbulent world is 'a moment of truth' for the Association of Southeast Asian Nations (ASEAN) to deepen the grouping's integration or risk losing its relevance, Singapore's Prime Minister Lawrence Wong said on Tuesday (May 27). At the latest summit for ASEAN leaders, which was taking place amid a world upended by United States President Donald Trump's 'Liberation Day' tariffs, there were 'candid discussions' on the new realities of the world and a 'renewed sense of urgency' for closer integration, he said. These include aiming for the 10-member bloc to be completely tariff-free and with lower non-tariff barriers, pushing for more seamless trade in both goods and services, and forging cooperation in new growth areas such as the digital economy. 'There are many things that ASEAN can do to accelerate our integration and this task is more urgent than before, particularly in this new global environment,' Mr Wong told the Singapore media at the end of the two-day summit in Kuala Lumpur. 'In many ways, this is a moment of truth for ASEAN. We have to either step up and carve out a clear, purposeful role for ourselves in this changed world, or ASEAN will lose its relevance.' He added: 'So, there is a full agenda ahead for ASEAN, and we had very good discussions in this meeting to make sure that we make good progress.' At the summit, ASEAN leaders have reiterated the call for the regional grouping to stay united but flexible as it tackles the pressing challenges caused by the US tariffs. Mr Wong himself had said that ASEAN should respond to the new global environment by continuing to 'constructively engage the US, individually as countries but more importantly, collectively as ASEAN'. Responding to a question, he said this is not a contradictory approach given the region's diversity, with individual ASEAN members at various levels of economic development and having different trade balances with America. This is why ASEAN member states will want the flexibility to engage America individually. Likewise for the same reason, the US may also prefer to engage countries individually. There is also a benefit to engage the US as a group, Mr Wong said, adding that the approaches are hence 'complementary', rather than being mutually exclusive. 'Whether engaging as individual member states or engaging as ASEAN, our objective is to reduce (trade and investment) barriers with America,' he said. 'So, we will continue to work on both fronts.' Asked about his meeting with Chinese Premier Li Qiang just before the summit's gala dinner on Monday, Mr Wong said he had 'a short conversation' with Premier Li on recent US-China discussions. The 90-day truce between both superpowers marked a walk 'back from the brink', although concerns remain about the way forward, Mr Wong said. 'Even at today's levels of tariffs, we are talking about a tariff rate which is much higher than what used to exist pre-Liberation Day. So, you can be sure that there will still be impact on both sides,' he told reporters. With the US and China being key growth engines of the global economy, there may be spillover impact on the rest of the world, including ASEAN and Singapore. This means that Singapore will have to redouble efforts in strengthening trade and investment linkages with like-minded partners and find ways to steer its economy through these challenging times, he said. TIMOR-LESTE TO JOIN ASEAN Meanwhile, ASEAN is set to have a new member by the end of the year. Announcing this at a press conference on Tuesday, Malaysian Prime Minister Anwar Ibrahim whose country is this year's ASEAN chair, said Timor-Leste will become ASEAN's 11th member state, with full membership to be granted at the next regional meeting in Kuala Lumpur in October. Timor-Leste is the youngest country in Southeast Asia, having gained independence from Indonesia in 2002 after 24 years of occupation. Its president, Jose Ramos-Horta, has long campaigned for ASEAN membership and an application was first submitted in 2011. Timor-Leste was granted observer status to the regional body in 2022. Its full membership is contingent on meeting the criteria outlined in a roadmap which specifies three working plans on politics and security, economy, and social and cultural ties. Mr Wong said Timor-Leste has made good progress on that roadmap. 'There are still some issues to be resolved … but given the progress that has been made so far, the leaders agreed at this meeting that we will try and expedite the outstanding issues, provide full support to Timor-Leste. 'We look forward to welcoming Timor-Leste as a full member of ASEAN by the end of this year,' he said, adding that Singapore will do its part to support this process. The ASEAN summit marks Mr Wong's first overseas engagement since he led the People's Action Party (PAP) to victory in the May 3 General Election. The PAP garnered 65.57 per cent of the popular vote, up from 61.24 per cent in GE2020, meaning that Mr Wong bucked a trend of dips in the ruling party's vote share after a new prime minister takes office. Many leaders had congratulated him on the election results, Mr Wong told reporters. 'Almost everyone I met congratulated me, but it also means one thing that they took note of the election outcome.' 'If I had been re-elected, but with a reduced mandate, diminished standing, for example, I'm sure they would have still given some polite words … But I am also quite sure that at the back of their minds, they are making their own internal reassessments. Is this someone I should continue to engage? Is it worth engaging this person? Maybe I should wait and see,' he said. Mr Wong added that he was grateful to Singaporeans for giving him and his team a clear mandate, as it was a 'significant advantage for Singapore and for the government'. 'With this clear mandate, we have the ability to engage our counterparts with confidence, and we have the ability to … make full use of this mandate in the next five years to advance and secure Singapore's position in this changed world,' he said.
CNA
27-05-2025
- General
- CNA
Brunei sultan in Kuala Lumpur hospital for 'fatigue'
KUALA LUMPUR: Brunei's Sultan Hassanal Bolkiah was admitted to the National Heart Institute in Kuala Lumpur on Tuesday (May 27) due to fatigue, the Malaysian prime minister has confirmed. The sultan is in Kuala Lumpur with other Association of Southeast Asian Nations (ASEAN) leaders, who are meeting on Tuesday with Chinese Premier Li Qiang and dignitaries from the Gulf Cooperation Council (GCC). Asked at a news conference whether the sultan had been hospitalised, Prime Minister Anwar Ibrahim said: "Well he's feeling a bit tired, so he's resting at the (National Heart Institute)." A Malaysian government source earlier told AFP the sultan "was hospitalised in between the ASEAN-GCC and ASEAN-GCC-China summit". "The National Heart Institute is the designated hospital for VIPs during the course of this ASEAN summit and relevant meetings," they said. The hospital said it could not comment, but another Malaysian government source separately confirmed the news to AFP. Sultan Hassanal, 78, ascended the throne in 1967. He is the world's longest-reigning monarch and one of the richest people on the planet. He comes from a family that has ruled Brunei, a small Muslim nation perched on the north of the tropical island of Borneo, for more than 600 years. His decades ruling Brunei have seen the country gain full independence from Britain and living standards soar to among the highest globally. But his reign has also been marked by controversies including the introduction of tough Islamic laws legislating penalties such as severing of limbs and death by stoning.
Arab News
27-05-2025
- General
- Arab News
Brunei sultan in KL hospital for ‘fatigue': Malaysia govt sources
KUALA LUMPUR: Brunei's Sultan Hassanal Bolkiah was admitted to the National Heart Institute in Kuala Lumpur on Tuesday due to fatigue, Malaysian government sources confirmed to AFP. The sultan is in Kuala Lumpur with other Association of Southeast Asian Nations (ASEAN) leaders, who are meeting on Tuesday with Chinese Premier Li Qiang and dignitaries from the Gulf Cooperation Council (GCC). 'He was hospitalized in between the ASEAN-GCC and ASEAN-GCC-China summit,' a source told AFP. 'The National Heart Institute is the designated hospital for VIPs during the course of this ASEAN summit and relevant meetings.' The hospital said it could not comment, but another Malaysian government source separately confirmed the news to AFP. AFP has contacted Brunei's embassy in Malaysia for comment. Sultan Hassanal, 78, ascended the throne in 1967. He is the world's longest-reigning monarch and one of the richest people on the planet. He comes from a family that has ruled Brunei, a small Muslim nation perched on the north of the tropical island of Borneo, for more than 600 years. His decades ruling Brunei have seen the country gain full independence from Britain and living standards soar to among the highest globally. But his reign has also been marked by controversies including the introduction of tough Islamic laws legislating penalties such as severing of limbs and death by stoning.
