Economic ministers from the Association of Southeast Asian Nations ( Asean ) have vowed to expand ties with existing dialogue partners as well as “new partners” to address US President Donald Trump’s unilateral tariffs.

“The unprecedented imposition of tariffs by the United States will disrupt regional and global trade and investment flows, as well as supply chains, affecting businesses and consumers worldwide, including those of the US,” says a joint statement issued after a ministerial video conference chaired by Malaysia on April 11.

“It will also impact economic security and stability, affect livelihoods of millions of people in the region, and hinder economic progress in Asean, particularly less developed economies and the long-standing Asean-US economic and trade relationship.”

The statement says the association “will continue to uphold our commitments in Asean agreements and progress initiatives vital to driving trade in our region”.

These include upgrading the Asean Trade-In-Goods Agreement signed in Thailand in 2009 and moving forward with an Asean Digital Economy Framework Agreement expected to be adopted later this year.   

“We will also strengthen and expand our economic links with Asean’s external partners, including our dialogue partners, and seek out opportunities for economic cooperation with new partners,” the statement says.

Asean already has “comprehensive strategic partnerships” with Australia, China, India, Japan, South Korea and the US. Its other dialogue partners are Canada, the European Union, New Zealand, Russia and the United Kingdom.

According to the statement, “Asean commits to not impose any retaliatory measures in response to the US tariffs.”

Need for greater predictability

At the same time, the Asean economic ministers call for greater predictability in global and regional trade.

“We reaffirm our support for a predictable, transparent, free, fair, inclusive, sustainable, and rules-based multilateral trading system with the World Trade Organization ( WTO ) at its core,” the statement says.

“Asean will remain steadfast in deepening our regional economic integration, capturing opportunities amidst global challenges and maintaining a predictable, transparent, non-discriminatory, fair, inclusive, and open regional economic environment which has underpinned growth in regional trade and development.”

The statement came a day ahead of China’s announcement that President Xi Jinping would visit Vietnam, Malaysia and Cambodia from April 14 to 18.  

According to Xinhua News Agency,  Xi “called for building a community with a shared future with neighbouring countries” during a meeting in Beijing on April 8 and 9.

“Chinese ambassadors say they are upbeat about building on historic achievements to open new prospects for China's relations with neighbouring countries,” the Chinese news agency says.

Chinese ambassador to Asean Hou Yanqi says China is urging Asean to forge close ties with the Shanghai Cooperation Organization ( SCO ) and Brics countries centered on Brazil, Russia, India, China and South Africa, according to the report.

The SCO is a Eurasian organization set up in 2001 by China and Russia along with Kazakhstan, the Kyrgyz Republic, Tajikistan and Uzbekistan.