Joint Statement by ASEAN Ministers of Economy: US Tariff Policy Disrupts Regional and Global Trade

According to CCTV News, on the morning of April 10, ASEAN held a special meeting of ASEAN Economic Ministers via video conference to discuss how to respond to the latest US tariff policies. The meeting was chaired by Malaysia's Minister of Investment, Trade, and Industry, Zafrul, and a joint statement was issued afterward.

The statement expressed that ASEAN, as the world's fifth-largest economy, is deeply concerned about the recent unilateral tariff policies implemented by the US, which have introduced uncertainty and will pose significant challenges to businesses, especially small and medium-sized enterprises, as well as the global trade landscape. The unprecedented imposition of tariffs by the US will disrupt regional and global trade, investment flows, and supply chains, affecting global businesses and consumers, including US companies. It will also impact economic security and stability, the livelihoods of millions of people, and the long-standing economic and trade relations between ASEAN and the US.

ASEAN reaffirmed its support for a predictable, transparent, free, fair, inclusive, sustainable, and rules-based multilateral trading system with the World Trade Organization (WTO) at its core. It encouraged the WTO to play a role as a platform for dialogue to prevent the escalation of trade conflicts and to engage constructively within the WTO to seek cooperative solutions.

The statement said that ASEAN will steadfastly deepen regional economic integration, seize opportunities amid global challenges, and maintain a predictable, transparent, non-discriminatory, fair, inclusive, and open regional economic environment, laying the foundation for the growth of regional trade and development.