As the Association of Southeast Asian Nations (ASEAN) foreign ministers convened their annual meeting, Malaysia played a pivotal role in shaping the discourse around the changing dynamics of global trade. Malaysian Prime Minister Anwar Ibrahim spotlighted a crucial transformation, emphasizing that mechanisms traditionally used to promote growth are now increasingly leveraged for strategic influence and economic advantage.
Prime Minister Anwar highlighted that today’s international climate sees geopolitical power heavily influencing long-standing trade norms. He stressed the urgent need for ASEAN countries to build collective strength by boosting intra-ASEAN trade, deepening regional economic integration, and reducing dependencies on external economic forces. He described these shifts not as fleeting obstacles, but as “the new weather of our time,” calling for sustained unity and forward-thinking strategies from the region.
Recent policy shifts suggest that several nations could soon face tariffs ranging from 25% to 40% on exports, potentially starting August 1st. These impending measures have encouraged many ASEAN members to initiate bilateral negotiations and work toward a cohesive position through an ASEAN-centric summit. So far, Vietnam has achieved a tariff reduction through these efforts, while other ASEAN countries, such as Thailand, Cambodia, Indonesia, Malaysia, and Laos, are closely evaluating and responding to the possible changes.
The International Trade Council strongly supports continued dialogue, partnership, and pragmatic solutions to uphold a fair and open global trading system. Malaysia, together with ASEAN, remains committed to economic resilience and cooperation as they navigate these uncertain but promising times.
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