Latest news with #intra-ASEAN
The Sun
3 days ago
- Business
- The Sun
ASEAN leaders concerned by US tariffs, eye dialogue
KUALA LUMPUR: ASEAN leaders have voiced deep concern over the United States' (US) recent move to impose unilateral sweeping tariffs, during the 46th ASEAN Summit. According to the Chairman's statement issued following the conclusion of the summit on Tuesday, the leaders had affirmed that they will continue to engage the US in a frank and constructive dialogue on the matter and commit not to impose any retaliatory measures in response to US tariffs. 'We express deep concern over the recent announcement by the US to impose unilateral tariffs and their potential impact on our economies. 'The uncertainties arising from these tariffs and potential retaliation could heighten volatility in both capital flows and exchange rates,' the statement read. ASEAN leaders reaffirmed the bloc's commitment towards regional unity, economic stability and practical cooperation in navigating external challenges, it said. They also reaffirm commitment to strengthen financial resilience and accelerate financial integration within ASEAN, thus supporting greater intra-ASEAN trade and Investment integration, amid rising global trade tensions. 'We remained committed to ASEAN as a reliable economic partner and will work to foster a strengthened economic cooperation framework with the US, particularly in high-value and future-oriented sectors,' the statement read. They also pledged to strengthen and expand economic links with ASEAN's external partners, including with Dialogue Partners, and to seek out opportunities for cooperation with new partners. The ASEAN Summit, which drew leaders and high-level delegations from ASEAN and partner countries, was held under Malaysia's 2025 ASEAN Chairmanship theme 'Inclusivity and Sustainability'. This year marks Malaysia's fifth term as ASEAN Chair, following previous chairmanships in 1977, 1997, 2005 and 2015.
The Sun
3 days ago
- Business
- The Sun
ASEAN voices deep concern over US tariffs, commits to regional economic unity
KUALA LUMPUR: ASEAN leaders have voiced deep concern over the United States' (US) recent move to impose unilateral sweeping tariffs, during the 46th ASEAN Summit. According to the Chairman's statement issued following the conclusion of the summit on Tuesday, the leaders had affirmed that they will continue to engage the US in a frank and constructive dialogue on the matter and commit not to impose any retaliatory measures in response to US tariffs. 'We express deep concern over the recent announcement by the US to impose unilateral tariffs and their potential impact on our economies. 'The uncertainties arising from these tariffs and potential retaliation could heighten volatility in both capital flows and exchange rates,' the statement read. ASEAN leaders reaffirmed the bloc's commitment towards regional unity, economic stability and practical cooperation in navigating external challenges, it said. They also reaffirm commitment to strengthen financial resilience and accelerate financial integration within ASEAN, thus supporting greater intra-ASEAN trade and Investment integration, amid rising global trade tensions. 'We remained committed to ASEAN as a reliable economic partner and will work to foster a strengthened economic cooperation framework with the US, particularly in high-value and future-oriented sectors,' the statement read. They also pledged to strengthen and expand economic links with ASEAN's external partners, including with Dialogue Partners, and to seek out opportunities for cooperation with new partners. The ASEAN Summit, which drew leaders and high-level delegations from ASEAN and partner countries, was held under Malaysia's 2025 ASEAN Chairmanship theme 'Inclusivity and Sustainability'. This year marks Malaysia's fifth term as ASEAN Chair, following previous chairmanships in 1977, 1997, 2005 and 2015.
The Sun
3 days ago
- Business
- The Sun
Member states agree to strengthen ASEAN centrality
KUALA LUMPUR: ASEAN member states agreed to strengthen the regional bloc's centrality by promoting strategic trust among nations through dialogues, diplomacy and goodwill. According to the chairman's statement issued today following the conclusion of the 46th ASEAN Summit, they also emphasised the importance of further enhancing the bloc's external relations and expanding its mutually beneficial partnerships in the region and beyond. 'We reaffirmed the importance of ASEAN's centrality and unity in shaping a peaceful, stable and inclusive regional architecture. 'We stressed the need to strengthen strategic trust and mutual confidence among ASEAN member states and external partners through dialogue, diplomacy and adherence to international laws, while deepening ASEAN's external engagements through mutually beneficial partnerships,' the statement read. The statement noted that ASEAN leaders underscored the importance of deeper economic integration and intra-ASEAN trade and investment flows, with a focus on inclusive, resilient and sustainable growth. In this regard, they agreed to advance cooperation in areas such as green finance, sustainable investment, digital transformation and supply chain connectivity, to ensure ASEAN's competitiveness in a rapidly evolving global economy. Held under the theme 'Inclusivity and Sustainability', this year's summit marks Malaysia's fifth time chairing ASEAN, following its leadership in 1977, 1997, 2005 and 2015. In conjunction with the summit, two major engagements — the 2nd ASEAN-Gulf Cooperation Council (GCC) Summit and the inaugural ASEAN-GCC-China Summit — will be held to further strengthen ASEAN's strategic inter-regional partnerships.
Barnama
4 days ago
- Business
- Barnama
ASEAN Voices Deep Concern Over US Tariffs, Commits To Regional Economic Unity
GENERAL KUALA LUMPUR, May 27 (Bernama) -- ASEAN leaders have voiced deep concern over the United States' (US) recent move to impose unilateral sweeping tariffs, during the 46th ASEAN Summit. According to the Chairman's statement issued following the conclusion of the summit on Tuesday, the leaders had affirmed that they will continue to engage the US in a frank and constructive dialogue on the matter and commit not to impose any retaliatory measures in response to US tariffs. 'We express deep concern over the recent announcement by the US to impose unilateral tariffs and their potential impact on our economies. 'The uncertainties arising from these tariffs and potential retaliation could heighten volatility in both capital flows and exchange rates,' the statement read. ASEAN leaders reaffirmed the bloc's commitment towards regional unity, economic stability and practical cooperation in navigating external challenges, it said. They also reaffirm commitment to strengthen financial resilience and accelerate financial integration within ASEAN, thus supporting greater intra-ASEAN trade and Investment integration, amid rising global trade tensions. 'We remained committed to ASEAN as a reliable economic partner and will work to foster a strengthened economic cooperation framework with the US, particularly in high-value and future-oriented sectors,' the statement read. They also pledged to strengthen and expand economic links with ASEAN's external partners, including with Dialogue Partners, and to seek out opportunities for cooperation with new partners. The ASEAN Summit, which drew leaders and high-level delegations from ASEAN and partner countries, was held under Malaysia's 2025 ASEAN Chairmanship theme 'Inclusivity and Sustainability'.
The Sun
4 days ago
- Business
- The Sun
ASEAN leaders share desire to fully tap opportunities, ensure benefits reach ordinary citizens
KUALA LUMPUR: Southeast Asian economies have expressed a shared desire to unlock the region's economic potential by leaving no stone left unturned in tapping to the fullest the opportunities in both intra and external trade. Prime Minister Datuk Seri Anwar Ibrahim said that the benefits from increased trade must accrue to all ASEAN citizens. Declaring that ASEAN means business, Anwar said efforts will be galvanised by its 10-member economies to form linkages with themselves and the world at large – including regions like the European Union and oil-rich Middle East countries. 'Whether it's through Free Trade Agreements (FTAs) with the Gulf Cooperation Council (GCC) countries and the European Union (EU), or in strengthening economic and intra-ASEAN trade, everyone (ASEAN leaders) agrees that more needs to be done and in more concrete terms.' Anwar, who is also Finance Minister, said this at a press conference at the end of the ASEAN-GCC Summit and the ASEAN-GCC-China Summit, held at the Kuala Lumpur Convention Centre (KLCC) here, today. The region's joint economic potential was relatively large as ASEAN's total trade improved significantly to US$3.8 trillion in 2024 from US$2.3 trillion in 2015, but intra-ASEAN trade only increased to US$0.8 trillion from US$0.5 trillion during the period. Earlier today at discussions during the summit, Anwar said ASEAN plans to launch FTA talks with GCC countries comprising Saudi Arabia, Qatar, United Arab Emirates, Bahrain, Kuwait and Oman. Anwar added that ASEAN is also moving forward with regional frameworks like Brunei Darussalam–Indonesia–Malaysia–Philippines East ASEAN Growth Area (BIMP-EAGA) and Indonesia Malaysia-Thailand Growth Triangle (IMT-GT), and these discussions are no longer just about making broad pronouncements but definitive projects. 'They are about implementing meaningful changes that will directly benefit the ordinary ASEAN citizen. What I'm sensing now is a dramatic shift in mindset; there is a genuine urgency and a commitment to action. We want these outcomes achieved (but) everything must be done in the name of ASEAN.'
