ASEAN Vows Strategic Shift Amid US Tariffs
(MENAFN) Top financial policymakers from Southeast Asia’s ASEAN bloc convened on Sunday to confront escalating global political strains and the repercussions of US-imposed tariffs on regional commerce and investment.
During the gathering, the officials consented to initiate responsive strategies designed to cushion the effects of the duties.
The economic chiefs concurred that the region must "break away from business as usual," emphasizing that intensifying Western protectionist tactics could hinder the bloc’s economic momentum.
This assertion was included in a formal statement following the economic assembly of the 10-nation alliance held in Kuala Lumpur, the capital of Malaysia, in advance of the 46th ASEAN summit scheduled for Monday, according to a news agency.
At a press briefing following the ASEAN Economic Community Council (AECC) session, Malaysia's Minister of Investment, Trade, and Industry, Zafrul Abdul Aziz, underscored the necessity for the region to be more "agile" and "bolder" given the unpredictability of the current international environment.
"At the meeting this morning, the AECC deliberated on several pressing issues, including the rising geopolitical tension and the impact of US tariff measures on the ASEAN trading and investment landscape," Aziz told journalists, as cited by the media outlet.
He further noted that “The AECC council collectively acknowledged that ASEAN would need to break away from the business-as-usual approach. We need to be bolder and more agile with more forward-looking strategies in order to advance and safeguard ASEAN’s socioeconomic interests."
US duties ranging from 10 percentto 49 percent have already impacted ASEAN economies, though a recent 90-day suspension of these levies by Leader Donald Trump spurred the regional bloc to swiftly initiate discussions with US counterparts.
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