While other regions and countries have retaliated against United States President Donald Trump’s imposition of increased tariffs on foreign goods, the Association of Southeast Asian Nations (ASEAN) will instead seek “a frank and constructive dialogue” to address trade-related concerns.
Flags of ASEAN members (Photo courtesy of ASEAN)
A joint statement of the ASEAN Economic Ministers on the Introduction of Unilateral Tariffs of the US via video conference on April 10 said that ASEAN will not impose any retaliatory measures against the US tariffs and will instead seek “open communication and collaboration” to ensure a sustainable and balanced relationship.
“We regard the US as a longstanding and valued economic partner of ASEAN. We remain committed to safeguarding ASEAN’s economic interests as well as maintaining strong and mutually beneficial trade relations with the US,” the statement read.
The regional bloc, composed of 10 countries including the Philippines, also reaffirmed its readiness to work with the US under the ASEAN-US Trade and Investment Framework Agreement (TIFA) and Expanded Economic Engagement (E3) Workplan “to explore mutually acceptable solutions on issues of common interest.”
These common interests include, among others, “two-way trade and investment, deepening strategic trade partnerships, and enhancing supply chain connectivity and resilience through digital technology and innovation, that can promote stronger regional cooperation.”
But while global markets were shaken by the imposition of the tariffs and their subsequent suspension, ASEAN said it will deepen its regional economic integration to expand opportunities amid global challenges to maintain a regional economy that’s “predictable, transparent, non-discriminatory, fair, inclusive, and open.”
These, it said, will ensure the region’s growth in trade and development.
“In this context, as a group, we will continue to discuss ways on how to further strengthen and boost intra-ASEAN trade and investment within the region. Therefore, this will send a strong signal of our commitment and resolute to advancing regional economic integration,” the statement said.
“In response to the economic repercussions that may arise, we will continue to work together more closely, with greater unity and solidarity and remain committed to ASEAN's rule-based trade. This collective effort will enable ASEAN to cope with and overcome the global trade crisis, minimize the impact on our people, and continue to grow sustainably,” it added.