By FARAH SOLHI
THE ASEAN bloc will continue standing by multilateralism principles in response to US tariffs, says Investment, Trade and Industry Minister Tengku Datuk Seri Zafrul Abdul Aziz.
Speaking to the press after chairing the 25th ASEAN Economic Community Council (AECC) meeting today, he added that the council believed in the rule-based multilateral global trading order with the World Trade Organisation (WTO) at its core.
“We also discussed (during the meeting) about the importance that we continue to have a dialogue with the US, especially when it comes to engaging the current (President Donald) Trump administration and do not have a policy of retaliation.
“So, we don’t plan to have any measures that will represent a retaliation to what has been introduced,” he said.
ASEAN, he added, is also looking at engaging other economic blocs, including considering leveraging on its relationship with the European Union (EU) or Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), as well as possibilities to expand on regional comprehensive economic partnership.
The meeting also touched on improving trading activities inter-state members within ASEAN as the current trading level stood at 23%.
“When we look at other economic blocs, they trade with each other internally more than what ASEAN is doing today.
“For ASEAN, as you know, we have various FTAs (Free Trade Agreement) that we have signed. And it’s for the same reasons we want to try and conclude or at least start engaging (with other economic blocs), which is why we’re holding the ASEAN–Gulf Cooperation Council GCC and the ASEAN-GCC-China summits.
Tengku Zafrul reiterated ASEAN’s position in continuing to support the principle of multilateralism and the need for engagement with the US in this matter.
Earlier, he noted ASEAN’s measure and wise response to the tariff debacle, where instead of retaliation, the bloc collectively chose to hold dialogue and cooperation with clear commitment among ASEAN Member States (AMS) to not impose retaliatory measures.
“The emphasis on open communication is key to a balanced and sustainable relationship. This prudent stance has already averted escalation and preserved the foundation for engagement between ASEAN, not just with the US but with other major economies as well.
“Malaysia as the Chair of ASEAN for 2025, will try our best in steering the right conversations to transpire at the right time, with the right partner economies, for the remainder of this year.
“At the same time, we also internally need to look into ways to increase intra-ASEAN trade so as to reduce our dependencies towards external partners,” he said.
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