Latest news with #TreatyofAmityandCooperation
Malaysian Reserve
6 days ago
- Business
- Malaysian Reserve
ASEAN reaffirms unity and centrality as key to regional peace and prosperity
by FARAH SOLHI ASEAN member countries have reaffirmed their stance of practising unity and centrality as the key to regional peace, stability and prosperity After the conclusion of the 46th ASEAN Summit on May 27, the association collectively stated that it remained committed to being a reliable economic partner to all, that will continue to advance its regional economic integration while strengthening and expanding its existing economic partnerships. Apart from this, the association members will continue to seek opportunities for economic cooperation with new partners that are anchored in mutual respect, shared values and a common goal of peace and prosperity. 'We stand ready to work constructively with all partners to advance and support a resilient, inclusive and rules-based multilateral trading system for the benefit of our people and economies. 'We stress our strongest resolve to stand together, as ASEAN, in safeguarding the region's economic stability, resilience and long-term growth trajectory,' they said in a joint statement. They also emphasised that unilateral and retaliatory trade actions are counterproductive and risk exacerbating global economic fragmentation, especially when these actions create indirect impacts on ASEAN. The members have instructed their respective officials to monitor the potential risk of trade diversion and to engage with partners through established platforms to seek constructive solutions, while remaining committed to a peaceful and constructive resolution through consultative dialogue, mutual respect and adherence to international law. These are in line with the fundamental principles under the Treaty of Amity and Cooperation in South-East Asia. 'To this end, we reaffirm ASEAN's commitment towards regional unity, economic stability and practical cooperation in navigating external challenges,' they said in the statement. ASEAN is also committed to maintaining an open and secure trade flow, as well as working with partners to strengthen supply chains resilience and promote sustainable development, in recognising that business certainties and resilient supply chains are crucial for global economic stability and recovery. The member countries also adopted several shared commitments to strengthen ASEAN's resilience by deepening intra-regional trade and investment, including by accelerating priority initiatives such as the ASEAN Digital Economy Framework Agreement (DEFA) and the upgrade of the ASEAN Trade in Goods Agreement (ATIGA). They expressed confidence that these efforts will reinforce regional integration, boost business certainty and competitiveness, and ensure ASEAN remains cohesive, agile and responsive to emerging challenges. 'We affirm shared resolve to leverage, modernise and upgrade ASEAN Plus One Free Trade Agreements (FTAs) and the Regional Comprehensive Economic Partnership Agreement (RCEP) in mitigating the risk of global trade uncertainties and supply chain disruptions, while ensuring they remain modern, comprehensive, inclusive, whilst, in parallel, strengthen and boost intra-ASEAN trade and investment, and responsive to 21st-century economic realities.' ASEAN is also committed to intensify its economic engagements by deepening cooperation with external partners and expanding engagement with new and emerging partners, including region-to-region linkages such as with the Gulf Cooperation Council (GCC). 'Together, these efforts will reinforce ASEAN's resilience, expand and enhance economic opportunities, and secure its position as a dynamic and forward-looking hub of global trade and investment,' the member countries added. ASEAN will also enhance its internal coordination, making full use of existing cross-sectoral mechanisms and the newly established ASEAN Geoeconomic Task Force. To this end, the association had tasked relevant ministers to monitor the current global economic challenges and to coordinate as appropriate for a strategic and coherent ASEAN response. It has also avowed to undertake timely and targeted domestic measures to mitigate the impact of high tariffs, including safeguards to support the region's industries and workers more broadly, especially those who are vulnerable to trade disruptions. 'At the same time, we will work collectively to ensure that ASEAN is well prepared to embrace future, transformative change that drives innovation, foster resilience and enhance regional competitiveness. 'In doing so, we are determined to ensure that no one is left behind in our journey towards a more inclusive, sustainable and digitally empowered ASEAN.' ASEAN, which stands for the Association of South-East Asian Nations, also reiterated resolute pledge to upholding the multilateral trading system, as it underscores the importance of predictable, transparent, inclusive, free, fair, sustainable and rules-based multilateral trading system with the World Trade Organisation (WTO) at its core. The bloc is ready to engage constructively with WTO members to advance necessary reforms and ensure that the global trading system remains predictable, transparent, non-discriminatory, open and capable of addressing contemporary challenges. 'As the ASEAN Economic Community (AEC) Blueprint 2025 enters its final phase, we reaffirm our unwavering commitment to delivering and advancing a bold and forward-looking ASEAN Community Vision 2045. 'We are determined to leverage the full benefit of our economic integration to reinforce regional resilience and act collectively in the face of external disruptions, including unilateral trade measures that threaten the integrity and stability of the global trading system.' The member states also acknowledged the ASEAN Outlook on the Indo-Pacific (AOIP) as a vital instrument and primary framework that guides ASEAN's engagement of all its partners with openness, inclusivity, transparency and resilience in accordance with international law. The 46th ASEAN Summit took place on May 26 and 27 at the Kuala Lumpur Convention Centre (KLCC) alongside the second ASEAN-Gulf Cooperation Council (GCC) Summit and the inaugural ASEAN-GCC-China Summit.
![[UPDATED] Asean: Retaliatory trade moves risk worsening global fragmentation](/_next/image?url=https%3A%2F%2Fassets.nst.com.my%2Fimages%2Farticles%2FHQ260525AA085_1748354075.jpg&w=3840&q=100)
![[UPDATED] Asean: Retaliatory trade moves risk worsening global fragmentation](/_next/image?url=https%3A%2F%2Fassets.nst.com.my%2Fassets%2FNST-Logo%402x.png%3Fid%3Db37a17055cb1ffea01f5&w=48&q=75){kind=small}
New Straits Times
6 days ago
- Business
- New Straits Times
[UPDATED] Asean: Retaliatory trade moves risk worsening global fragmentation
KUALA LUMPUR: Asean has underscored that unilateral and retaliatory trade actions are counterproductive and risk exacerbating global economic fragmentation. In a joint statement following the 46th Asean Summit, the bloc said it had instructed relevant officials to monitor the potential risk of trade diversion and engage with partners through established platforms for constructive solutions. The statement comes amid the United States' (US) imposition of unilateral tariffs on Asean members. "Asean underscores that unilateral and retaliatory trade actions are counterproductive and risk exacerbating global economic fragmentation, especially when these actions create indirect impacts on Asean. "We also remain committed to a peaceful and constructive resolution with our partners through consultative dialogue, mutual respect, and adherence to international law, in line with the fundamental principles under the Treaty of Amity and Cooperation in Southeast Asia. "To this end, we reaffirm Asean's commitment to regional unity, economic stability and practical cooperation in navigating external challenges," it said. It said member states were committed to maintaining open and secure trade flows, and working with partners to strengthen supply chain resilience and promote sustainable development. It reaffirmed the bloc's unwavering commitment to upholding the multilateral trading system, highlighting the importance of a predictable, transparent, inclusive, free, fair, sustainable and rules-based framework, with the World Trade Organisation (WTO) at its core. "We are ready to engage constructively with WTO members to advance necessary reforms and ensure that the global trading system remains predictable, transparent, non-discriminatory, open, and capable of addressing contemporary challenges," it said. It said member states were also determined to leverage the full benefit of regional economic integration to reinforce resilience and act collectively in the face of external disruptions, including unilateral trade measures that threaten the integrity and stability of the global trading system. "Asean stands ready to lead with unity, ambition, and a firm belief in a rules-based multilateral trading system." As the Asean Economic Community (AEC) Blueprint 2025 enters its final phase, Asean reaffirmed its commitment to delivering and advancing a bold and forward-looking Asean Community Vision 2045. The bloc also reaffirmed Asean's unity and centrality as key to regional peace, stability and prosperity. Asean leaders said they would undertake timely and targeted domestic measures to mitigate the impact of high tariffs, including safeguards to support the region's industries and workers, particularly those most vulnerable to trade disruptions. "At the same time, we will work collectively to ensure that Asean is well prepared to embrace future transformative change that drives innovation, fosters resilience, and enhances regional competitiveness. "In doing so, we are determined to ensure that no one is left behind in our journey towards a more inclusive, sustainable and digitally empowered Asean."
The Sun
6 days ago
- Business
- The Sun
ASEAN members to monitor trade diversion risk, engage constructively with partners amid global uncertainty
KUALA LUMPUR: ASEAN leaders, in a united response to rising global economic and trade uncertainties, have directed relevant officials to monitor the risk of trade diversion and engage constructively with partners through established platforms. According to the ASEAN Leaders' Statement released at the conclusion of the 46th ASEAN Summit, member states reaffirmed their commitment to resolving trade issues through peaceful, consultative dialogue grounded in mutual respect and international law, consistent with the Treaty of Amity and Cooperation in Southeast Asia. 'To this end, we reaffirm ASEAN's commitment towards regional unity, economic stability and practical cooperation in navigating external challenges,' the statement said. Gathering in Kuala Lumpur on May 26, 2025, ASEAN leaders acknowledged the escalation of unilateral actions such as tariffs and trade restrictions, and the increasing risk of global economic fragmentation. They stressed the bloc's strongest resolve to safeguard regional economic stability, resilience and long-term growth, while calling out the counterproductive nature of retaliatory trade actions that could further impact ASEAN economies. In a joint call to action, ASEAN leaders outlined a series of commitments, starting with strengthening ASEAN's internal trade and investment. These efforts include fast-tracking key initiatives such as the ASEAN Digital Economy Framework Agreement (DEFA) and the upgrade of the ASEAN Trade in Goods Agreement (ATIGA), aimed at boosting business certainty and competitiveness. The bloc also committed to modernising ASEAN Plus One Free Trade Agreements (FTAs) and the Regional Comprehensive Economic Partnership (RCEP), while intensifying economic cooperation with existing and new partners. This includes region-to-region linkages such as with the Gulf Cooperation Council (GCC). 'We are determined to secure ASEAN's position as a dynamic and forward-looking hub of global trade and investment,' the leaders said. Internally, ASEAN pledged to enhance coordination by making full use of cross-sectoral mechanisms and the newly established ASEAN Geoeconomic Task Force. Relevant ministers were tasked with closely monitoring global economic conditions and coordinating strategic ASEAN-wide responses. In managing immediate impacts of high tariffs, the statement noted the need for targeted domestic measures, including safeguards to support industries and vulnerable workers ASEAN also aims to prepare for future transformative changes that drive innovation and competitiveness without leaving anyone behind. The bloc reaffirmed its firm support for the multilateral trading system, underscoring the importance of fair, inclusive, rules-based trade with the World Trade Organisation (WTO) at its core. 'ASEAN expressed readiness to engage with WTO members to pursue reforms and maintain a system that is transparent and capable of addressing modern challenges,' according to the statement. Meanwhile, with the ASEAN Economic Community (AEC) Blueprint 2025 nearing completion, the leaders pledged to advance the ASEAN Community Vision 2045, leveraging economic integration to reinforce resilience and confront external disruptions such as unilateral trade measures. The statement also reaffirmed ASEAN's Outlook on the Indo-Pacific (AOIP) as the region's guiding framework for partnerships, emphasising ASEAN centrality, openness, and adherence to international law. 'As we approach the 60th anniversary of ASEAN in 2027, ASEAN unity and centrality remain key to regional peace, stability and prosperity,' the leaders said. Despite global uncertainties, ASEAN remains committed to being a reliable economic partner to all, continuing efforts to deepen integration, strengthen existing ties and forge new economic partnerships based on shared values and mutual prosperity.
The Sun
6 days ago
- Business
- The Sun
ASEAN to watch trade shifts, maintain global engagement
KUALA LUMPUR: ASEAN leaders, in a united response to rising global economic and trade uncertainties, have directed relevant officials to monitor the risk of trade diversion and engage constructively with partners through established platforms. According to the ASEAN Leaders' Statement released at the conclusion of the 46th ASEAN Summit, member states reaffirmed their commitment to resolving trade issues through peaceful, consultative dialogue grounded in mutual respect and international law, consistent with the Treaty of Amity and Cooperation in Southeast Asia. 'To this end, we reaffirm ASEAN's commitment towards regional unity, economic stability and practical cooperation in navigating external challenges,' the statement said. Gathering in Kuala Lumpur on May 26, 2025, ASEAN leaders acknowledged the escalation of unilateral actions such as tariffs and trade restrictions, and the increasing risk of global economic fragmentation. They stressed the bloc's strongest resolve to safeguard regional economic stability, resilience and long-term growth, while calling out the counterproductive nature of retaliatory trade actions that could further impact ASEAN economies. In a joint call to action, ASEAN leaders outlined a series of commitments, starting with strengthening ASEAN's internal trade and investment. These efforts include fast-tracking key initiatives such as the ASEAN Digital Economy Framework Agreement (DEFA) and the upgrade of the ASEAN Trade in Goods Agreement (ATIGA), aimed at boosting business certainty and competitiveness. The bloc also committed to modernising ASEAN Plus One Free Trade Agreements (FTAs) and the Regional Comprehensive Economic Partnership (RCEP), while intensifying economic cooperation with existing and new partners. This includes region-to-region linkages such as with the Gulf Cooperation Council (GCC). 'We are determined to secure ASEAN's position as a dynamic and forward-looking hub of global trade and investment,' the leaders said. Internally, ASEAN pledged to enhance coordination by making full use of cross-sectoral mechanisms and the newly established ASEAN Geoeconomic Task Force. Relevant ministers were tasked with closely monitoring global economic conditions and coordinating strategic ASEAN-wide responses. In managing immediate impacts of high tariffs, the statement noted the need for targeted domestic measures, including safeguards to support industries and vulnerable workers ASEAN also aims to prepare for future transformative changes that drive innovation and competitiveness without leaving anyone behind. The bloc reaffirmed its firm support for the multilateral trading system, underscoring the importance of fair, inclusive, rules-based trade with the World Trade Organisation (WTO) at its core. 'ASEAN expressed readiness to engage with WTO members to pursue reforms and maintain a system that is transparent and capable of addressing modern challenges,' according to the statement. Meanwhile, with the ASEAN Economic Community (AEC) Blueprint 2025 nearing completion, the leaders pledged to advance the ASEAN Community Vision 2045, leveraging economic integration to reinforce resilience and confront external disruptions such as unilateral trade measures. The statement also reaffirmed ASEAN's Outlook on the Indo-Pacific (AOIP) as the region's guiding framework for partnerships, emphasising ASEAN centrality, openness, and adherence to international law. 'As we approach the 60th anniversary of ASEAN in 2027, ASEAN unity and centrality remain key to regional peace, stability and prosperity,' the leaders said. Despite global uncertainties, ASEAN remains committed to being a reliable economic partner to all, continuing efforts to deepen integration, strengthen existing ties and forge new economic partnerships based on shared values and mutual prosperity.
Malaysian Reserve
25-05-2025
- Politics
- Malaysian Reserve
ASEAN to review Ukraine's bid for dialogue partner status
By AUFA MARDHIAH & HIDAYATH HISHAM ASEAN will review Ukraine's application to become a Sectoral Dialogue Partner, with further deliberations to be undertaken at the senior officials' level. Foreign Minister Datuk Seri Mohamad Hasan (picture) said the matter had been referred to the ASEAN Senior Officials Meeting (SOM) to explore how the grouping can engage with Ukraine moving forward. 'We want to explore how best we can work in Ukraine in the agreement,' he told reporters during a press conference in Kuala Lumpur today. According to official meeting documents, Mohamad on behalf of Malaysia as ASEAN Chairman, noted that the review process is ongoing and requested the SOM to proceed accordingly. No timeline has been set for a decision, but the matter may be discussed at the ASEAN Ministerial Meeting scheduled for July. Ukraine's push to formalise relations with ASEAN follows its accession to the Treaty of Amity and Cooperation (TAC) in 2022, which marked a key step towards institutional engagement with the regional bloc. In 2023, Ukraine submitted a draft Priority Plan to the ASEAN Secretariat proposing cooperation in areas such as food security, digital economy, energy, trade, disaster management, and socio-cultural exchange. The application for Sectoral Dialogue Partner status is part of Kyiv's broader strategy to deepen ties in the Asia-Pacific amid its ongoing conflict with Russia. The move is seen as an effort to diversify diplomatic engagement and secure support from emerging regions.
