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New Straits Times
an hour ago
- Business
- New Straits Times
Asean should shift to strategic firmness to realise 'centrality' concept
ON May 26, 2025, Malaysia's Prime Minister Datuk Seri Anwar Ibrahim, in his role as Asean Chair, announced that he had reached out to US President Donald Trump to propose a summit at the bloc level between the United States and Asean ( Association of Southeast Asian Nations). This initiative comes in response to Washington's recent implementation of a 15 per cent tariff on electronics and a 10 per cent levy on agricultural exports from Southeast Asia, measures that are expected to reduce Asean's collective gross domestic product (GDP) growth by up to 0.7 percentage points in 2025. Such unilateral restrictions challenge the principles of multilateralism and undermine Asean's central role in shaping economic, regional, and strategic agendas. This essay argues that as the 46th Asean Summit concluded, the bloc should abandon a deferential stance and instead leverage its economic strength, institutional unity, and commitment to a rules-based order to negotiate with strategic firmness and mutual respect. Asean's foundational concept of "centrality" positions the bloc as a key forum for regional dialogue and crisis management. However, this centrality relies on the ability to influence outcomes. If member states allow internal divisions to hinder decisive action, Asean risks relinquishing authority to other actors, especially China, which has strengthened its regional influence through initiatives like the Belt and Road Initiative (BRI) and the Regional Comprehensive Economic Partnership (RCEP). To maintain its negotiating leverage, Asean should avoid a conciliatory approach that relies on piecemeal requests and lobbying for exemptions. Instead, it should adopt a unified stance that emphasises legal remedies, utilises the World Trade Organisation (WTO) dispute settlement, and highlights the disproportionate impact on small and medium-sized enterprises across member states. Confronting these challenges requires a two-pronged strategy. First, Asean must advocate for a formal Asean Special Summit, allowing all the heads of government to present synchronised data on tariff impacts, propose practical solutions such as tariff quotas and rates, and reaffirm their commitment to mutual market access. This approach leverages Asean's combined market of 680 million consumers and a total GDP of US$4 trillion to compel US recognition of the bloc as an indispensable partner. If Asean falters, it should authorise the appointment of a Secretariat in coordination with national trade ministries to file a consolidated complaint with the WTO. The bloc must accelerate market integration under the Asean Economic Community framework by reducing non-tariff barriers, harmonising standards, and promoting regional value in higher-value industries. Additionally, diversifying export markets through engagement with the European Union, India, and Japan will help mitigate dependence on the US market. Strengthening financial safety nets, such as the expanding Chiang Mai Multilateralisation Initiative and exploring Asean sovereign bond issuance, will bolster resilience against external shocks. By adopting these measures, Asean will demonstrate that centrality is not a passive status but an active choice to lead principled, secure engagement and shape its economic future. Integrating recommendations with concluding reflections, Asean's next steps must strategically combine assertiveness with pragmatic adaptation. This involves demanding a US Special Summit framed by data-driven analysis, invoking WTO mechanisms when necessary, and fostering deeper economic cooperation. Asean should focus on rolling back punitive tariffs while simultaneously deepening intra-regional integration, diversifying external partnerships, and reinforcing financial contingency arrangements. By doing so, the bloc can transform its centrality from mere aspiration into operational strength, safeguarding its regional relevance and advancing a stable, rules-based Indo-Pacific order.
Korea Herald
4 days ago
- Business
- Korea Herald
Xinhua Silk Road: 4th CICEE concludes with fruitful results
BEIJING, May 28, 2025 /PRNewswire/ -- The fourth Changsha International Construction Equipment Exhibition (CICEE) concluded on May 18 in Changsha, capital of central China's Hunan Province. According to the organizer, the event yielded fruitful cooperation outcomes. During the event, overseas buyers have struck tentative deals with over 600 exhibitors and six Changsha-based construction machine enterprises have secured purchase orders worth over 13 billion yuan (about 1.81 billion U.S. dollars). Besides, an agreement on the standards of construction machinery has been signed between Standard and Industrial Research Institute of Malaysia (SIRIM) and China Construction Machinery Test Center, which has laid foundation for a more standardized and highly-efficient trade environment for the two sides. The four-day event has brought together more than 1,800 exhibitors, up 20 percent year on year, including global industry leaders such as Caterpillar and Hitachi Construction Machinery, as well as Chinese construction machinery giants like Sany and Zoomlion. This year's exhibition drew around 350,000 representatives from 110 countries and regions, among which the number of overseas buyers has grew remarkably. It also invited buyer delegations from RCEP partner countries and held six themed international business matchmaking events. Hailing Changsha's role as China's leading machinery manufacturing powerhouse and CICEE's rising global influence, Tsunetaka Mori, Japanese heavyweight Hitachi Construction Machinery's representative in China, said with the rising global demand for intelligent, electric and large-scale construction machinery, Hitachi has accelerated research and development and technological upgrades and continues to introduce cutting-edge solutions to China.
Borneo Post
4 days ago
- Business
- Borneo Post
Sarawak records RM16.8 bln trade surplus in Q1 2025, says Awang Tengah
Awang Tengah noted that with Malaysia assuming the Asean chairmanship, efforts are being made to enhance the bloc's role in talks with the US, aiming to mitigate trade disruptions and safeguard regional economic stability. KUCHING (May 28): Sarawak maintained strong trade relationships with its major partners and recorded a trade surplus of RM16.8 billion despite facing challenges in the first quarter of 2025, said Deputy Premier Datuk Amar Awang Tengah Ali Hasan. The International Trade, Industry and Investment Minister stated that while trade volumes fluctuated, the surplus underscores the state's economic resilience and ability to adapt to shifting global trade dynamics. 'Sarawak is expected to face minimal direct impact from the United States (US) reciprocal tariff. 'However, increasing trade tensions and uncertainties could pose risks to external trade and domestic demand. 'Nevertheless, Sarawak's trade ties with key Asian economies remain robust, underpinned by Free Trade Agreements (FTAs) that help diversify and expand export markets,' he said when delivering his ministerial winding-up speech at the State Legislative Assembly (DUN) Sitting today, Awang Tengah noted that with Malaysia assuming the Asean chairmanship, efforts are being made to enhance the bloc's role in talks with the US, aiming to mitigate trade disruptions and safeguard regional economic stability. 'Concurrently, Sarawak is intensifying its global trade engagement, particularly with the European Union and Middle East. 'By leveraging regional agreements such as the Regional Comprehensive Economic Partnership (RCEP) and the Asean-China Free Trade Agreement, the state aims to penetrate new markets. 'In line with this, local small and medium enterprises are encouraged to optimise resources, enhance efficiency and explore trade opportunities through business-matching initiatives,' he added. Awang Tengah emphasised that Sarawak's trade continues to be a key driver of economic growth, demonstrating resilience amid global uncertainties. 'The state's major trading partners remain Japan, China, South Korea and India,' he said. Awang Tengah said for 2024, exports grew by 2.3 per cent to RM133.8 billion, driven mainly by natural gas, crude petroleum and vegetable oils. 'Imports, on the other hand, grew by 3.1 per cent to RM64.5 billion, fuelled by higher demand for petroleum products, motor vehicles and aluminium ore. 'This led to a 1.5 per cent expansion in the trade surplus, reaching RM69.3 billion, reflecting stable growth in Sarawak's key traded goods,' he added. Awang Tengah Ali Hasan export import lead trade
Malaysian Reserve
4 days ago
- Business
- Malaysian Reserve
Xinhua Silk Road: 4th CICEE concludes with fruitful results
BEIJING, May 28, 2025 /PRNewswire/ — The fourth Changsha International Construction Equipment Exhibition (CICEE) concluded on May 18 in Changsha, capital of central China's Hunan Province. According to the organizer, the event yielded fruitful cooperation outcomes. During the event, overseas buyers have struck tentative deals with over 600 exhibitors and six Changsha-based construction machine enterprises have secured purchase orders worth over 13 billion yuan (about 1.81 billion U.S. dollars). Besides, an agreement on the standards of construction machinery has been signed between Standard and Industrial Research Institute of Malaysia (SIRIM) and China Construction Machinery Test Center, which has laid foundation for a more standardized and highly-efficient trade environment for the two sides. The four-day event has brought together more than 1,800 exhibitors, up 20 percent year on year, including global industry leaders such as Caterpillar and Hitachi Construction Machinery, as well as Chinese construction machinery giants like Sany and Zoomlion. This year's exhibition drew around 350,000 representatives from 110 countries and regions, among which the number of overseas buyers has grew remarkably. It also invited buyer delegations from RCEP partner countries and held six themed international business matchmaking events. Hailing Changsha's role as China's leading machinery manufacturing powerhouse and CICEE's rising global influence, Tsunetaka Mori, Japanese heavyweight Hitachi Construction Machinery's representative in China, said with the rising global demand for intelligent, electric and large-scale construction machinery, Hitachi has accelerated research and development and technological upgrades and continues to introduce cutting-edge solutions to China. Original link:
Yahoo
4 days ago
- Business
- Yahoo
Xinhua Silk Road: 4th CICEE concludes with fruitful results
BEIJING, May 27, 2025 /PRNewswire/ -- The fourth Changsha International Construction Equipment Exhibition (CICEE) concluded on May 18 in Changsha, capital of central China's Hunan Province. According to the organizer, the event yielded fruitful cooperation outcomes. During the event, overseas buyers have struck tentative deals with over 600 exhibitors and six Changsha-based construction machine enterprises have secured purchase orders worth over 13 billion yuan (about 1.81 billion U.S. dollars). Besides, an agreement on the standards of construction machinery has been signed between Standard and Industrial Research Institute of Malaysia (SIRIM) and China Construction Machinery Test Center, which has laid foundation for a more standardized and highly-efficient trade environment for the two sides. The four-day event has brought together more than 1,800 exhibitors, up 20 percent year on year, including global industry leaders such as Caterpillar and Hitachi Construction Machinery, as well as Chinese construction machinery giants like Sany and Zoomlion. This year's exhibition drew around 350,000 representatives from 110 countries and regions, among which the number of overseas buyers has grew remarkably. It also invited buyer delegations from RCEP partner countries and held six themed international business matchmaking events. Hailing Changsha's role as China's leading machinery manufacturing powerhouse and CICEE's rising global influence, Tsunetaka Mori, Japanese heavyweight Hitachi Construction Machinery's representative in China, said with the rising global demand for intelligent, electric and large-scale construction machinery, Hitachi has accelerated research and development and technological upgrades and continues to introduce cutting-edge solutions to China. Original link: View original content to download multimedia: SOURCE Xinhua Silk Road Sign in to access your portfolio
