KUALA LUMPUR: ASEAN economic ministers will convene next week for crucial meetings to finalise the agenda for enhancing intra- and extra-regional trade and investment.
The 57th ASEAN Economic Ministers’ Meeting and related sessions will focus on deepening economic integration and reducing trade barriers across Southeast Asia.
Investment, Trade and Industry Minister Tengku Datuk Seri Zafrul Abdul Aziz will chair these timely discussions to consolidate regional unity against global trade order challenges.
Malaysia’s ASEAN chairmanship has successfully secured regional cooperation to address tariffs and resolve conflicts between Thailand and Cambodia.
Senior Economic Officials Meetings beginning this Monday will prioritise implementing the 18 Priority Economic Deliverables endorsed by member countries.
The ASEAN-Gulf Cooperation Council Economic Cooperation declaration stands as the only fully completed deliverable among the 18 PEDs.
Other PEDs covering regional integration, sustainability, and digital trade remain in various stages of completion.
Ministers will also prepare the Regional Comprehensive Economic Partnership agenda for October’s ASEAN Summit.
RCEP represents the world’s largest trade pact encompassing 15 countries and 30% of global GDP.
ASEAN members will hold consultations with US Trade Representative Jamieson Greer regarding US tariff implementation.
Malaysia, Cambodia, Philippines, Thailand, and Indonesia face US tariffs of up to 19% since the Liberation Day announcement.
Vietnam confronts a 20% tariff rate while Brunei deals with 25% and Singapore maintains the lowest at 10%.
Laos and Myanmar experience the highest impact with 40% tariffs affecting their economies.
Intra-ASEAN trade currently represents only 22-23% of regional trade despite significant growth potential.
Malaysia’s leadership aims to galvanise political will for bold initiatives that position Southeast Asia as a global trade and investment destination. – Bernama
