KUALA LUMPUR: ASEAN has received overwhelming support from the United States-ASEAN Business Council (US-ABC) to convey key messages to Washington that its tariffs can severely impact businesses in Southeast Asia with the fallout inevitably jeopardising American trade and investments in the region.
Addressing a group of American businesses and investors in the region, Finance Minister II Datuk Seri Amir Hamzah Azizan said ASEAN has called upon US-ABC to help in tackling the tariffs issue as it would impact the council’s business operations in the region.
“Our message to the US-ABC is that you must help us because you are the representative of companies in ASEAN (and) if this new regime is actually quite difficult, we will face challenges and it will also affect your companies.
“We want (US-ABC) to represent ASEAN in your discussions with your government and we want to help businesses prosper in ASEAN,” he told reporters after co-chairing major meetings with business councils, here today.
All ASEAN member states were hit by tariffs with Indo-Chinese countries Cambodia, Laos and Vietnam being the hardest hit with import levies of 49 per cent, 48 per cent and 46 per cent respectively.
Amir Hamzah and Bank Negara Malaysia (BNM) Governor Datuk Seri Abdul Rasheed Ghaffour co-chaired three meetings with business councils — the US-ABC, European Union (EU) – ASEAN Business Council (EU-ABC), and the ASEAN Business Advisory Council (ABAC).
The US-ABC was led by senior vice president and regional managing director Brian D. McFeeters at the meetings.
Commenting on the outcome of the meetings, Amir Hamzah said the business councils have renewed confidence towards ASEAN, citing the region’s strong economic resilience and its efforts to boost inter-regional trade.
“The good thing we saw today is that there is a renewed confidence that ASEAN is still one of the better growing regions with potential to enhance inter-regional trade.
“All ASEAN countries are encouraging efforts to increase inter-regional trade and power Malaysia’s initiative under the finance track,” he said.
As for the EU-ABC meeting, Amir Hamzah said ASEAN seeks support from the council to drive sustainable changes in line with the region’s drive towards future sustainable energy transition.
“Energy transition continues to be a big topic (item) and we will get support particularly from the EU to help with ASEAN’s push towards climate change.
“This will include technical support, financing mechanisms, joint-ventures from the EU as we push forward with this initiative,” he said.
He said that in response, the EU was keen to increase and diversify commercial linkages via more free trade agreements (FTAs), cooperation, and trade missions.
Furthermore, he said the meetings with US-ABC and EU-ABC resulted in a positive outcome with good dialogues and support from business councils.
